Obama tax scheme to put more pressure on low-paid Americans

[Charleston Chew]

Run time: 02:49 https://www.youtube.com/watch?v=y-0NJdx6l_A   Posted on YouTube: February 12, 2011 By YouTube Member: Presstvusdesk Views on YouTube: 49   Posted on DU: March 03, 2011 By DU Member: Charleston Chew Views on DU: 309

 
by Presstvusdesk on Feb 12, 2011

U.S. President Barak Obama was on the path to reduce the size of the budget deficit upon taking office but is now continuing the same economic policies adopted during his Republican predecessors, says investigative journalist and author David Cay Johnston.

"The president's budget proposals would have resulted in increased revenue and decreased spending as the economy grew over time," David Cay Johnston said in an interview with Press TV's U.S. Desk on Wednesday, February 9.

"But now at the insistence of Republicans, the American government is continuing for two more years tax cuts for the wealthy Americans and a tax increase on the lowest paid workers, 51 million of them or about one in three," he added.

"The result of this along with continuing spending on the undeclared wars in Iraq and Afghanistan is that the American government faces huge budget deficits," noted Johnston.

Johnston further said that the "solutions to get out of this are quite simple. The American government needs to specially increase taxes for those on top, those who have received more than the half of tax cuts of the Bush and Reagan."

"The government needs to spend more on things that are productive for the economy, improved infrastructure, improving rail transportation, fixing up highways and bridges in America, which are falling apart and reduce spending in unproductive areas including tax cuts for large corporations, deferrals of taxes where very wealthy people and companies are allowed to earn today but pay their taxes ten, twenty or thirty years in the future, without in many cases, incurring an interest charge and spending on the military which when looked at for all aspects and not just the defense department, works out to be 1.5 trillion dollars a year, just about the size of the American budget deficit right now," he concluded.

[Charleston Chew]

1. Thursday, March 3, 2011

Today,Sam Seder Interviews investigative journalist and author David Cay Johnston.
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