New President…New Tax Plan? What Obama can do for you

We all cheered and clapped in Grant Park when Barack Obama was elected our 44th President of the United States. Staring at the Jumbotron, we knew a new America was coming. Even now, as the President-Elect, Obama’s team is talking tax reform. They want to boost the middle and lower classes, which could mean more money in your pocket.

Especially in this time with our economy in a rocky state, Obama wants to light a fire under congress to distribute another round of stimulus checks to those who need it most. Yes, it’s true that he wants to get the funding for this from the wealthier Americans, who, in turn, would be back to the tax rates they paid under President Bill Clinton. But isn’t that part of what America is about? Helping out those in need when they need it most?

Under Obama’s plan, 95% of us would be getting a break. Seniors would be totally exempt from taxes if they make less than 50K. If you own a home and don’t itemize deductions, you would be eligible for a tax break. Are you a student? Talk about a decrease for those pursuing a higher education. Obama also intends to try to extend the decreases on capital-gains tax. Isn’t it time we all save a little money?