Massachusetts Fair Share

We stand up for a Massachusetts where everyone gets a fair shot, does and pays their fair share, and plays by the same rules.

What you need to know about Obama’s tax announcement

One elements of President Obama’s State of the Union address that is drawing controversy are his new tax rules.

Here’s what you need to know about this plan, and what it means.
charttaxes2

One thing is clear from a cursory glance: The revenue raised comes exclusively from the wealthiest individuals and big banks, and the investment goes toward programs that help more Americans get ahead.

We know that investing in early education helps give more children the strong start they need to be successful in school and life, and a college degree is one of the most important gateways to the middle class. These programs will help more people succeed and make the economy stronger as a result.

Much of the booming economic growth represented by soaring stock markets on Wall Street hasn’t reached families on Main Street. It would seem that President Obama’s plan is designed to address this trend.

And this is a trend that must soon be addressed. On Sunday, a report by Oxfam found that by 2016 the top 1% of wealthiest people in the world would own as much as the other 99% combined. It is estimated that the 80 richest people own more than half of the world combined. This is not a sustainable path for our nation or our world.

For more, the White House has detailed analysis posted here.

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This entry was posted on January 20, 2015 by in Economy.
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