In a similar way, both candidates running for the South Korean presidency in the 2012 presidential elections vowed to "to prioritise "national reconciliation," better "economic democracy" and social welfare" (BBC News (17 December 2012) South Korea's presidential candidates) and to do this via easing South Korea's income gap between rich and poor by adjusting tax burden appropriately. No wonder, that U.S. President Barack Obama congratulated her and stated that he "is looking forward to working closely with her administration on issues of mutual concern" (ibid). The two nations currently have a lot in common and Ms. Park seems to be treading the path that Obama has in mind.
Conclusion
Our recent recession goes by various names. It is called, in turn, the Great Recession, the Lesser Depression, the Long Recession, and the global recession of 2009 (World Economic Outlook, April 2012. April 2012. pp. 38), but it actually started in December 2007 and hit the country in 2008. The global recession affected the entire world economy, with some countries suffering more than others. Obama recently proposed the Fiscal Cliff as partial solution to the Recession and as aid to his Healthcare, but the fiscal cliff may actually aggravate the recession and hinder attempts to climb from it.
Obama's intent has been to counteract the 'trickling effect' implemented in the past that was a result of tax-cuts imposed on the super-rich and introduced by the Clinton / Bush / Reagan / Kennedy administrations. These tax-cuts, rather than profiting the poor, as planned only made the poor poorer and the rich wealthier and swelled the Government coffers.
Obama's intent, therefore, is to raise taxes in various quarters by changes that include introduction of a 2% tax increase for workers, elimination of certain tax breaks for businesses, elevation in the alternative minimum tax, elimination of tax cuts from 2001-2003, and the beginning of taxes associated with Obama's health care law.
However, as this article shows, the super-wealthy will be little touched by these tax cuts (since they are already taxed minimally and make their money from investments, capital gains and dividends; whilst it is the middle class who will be the ones who will largely suffer.
This essay argues that tax rate should be raised for both wealthy and the middle-class, but that it should be raised in different rates for unearned income and earned income....
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