Newly re-elected President Obama has plans to raise taxes for the upper class of Americans. This plan is in attempt to cut 1 trillion dollars out of the American deficit. These plans were not welcomed by all especially the upper class who would feel the full cost of this, but also by the middle class who have fears that they too will see effects to their levels of income as a result.

The American deficit is too large currently, plain and simple. There have been mass expenditures on military that are fortunately being cut, this paired with the money being raised from the taxes should cut nicely into the deficit.

Most economies of today have been both failing and, or, in steep decline. America is a country that does not stray from the long list of suffering countries. President Obama is making a proper choice in collecting extra funds from those who can afford it. As many countries should be, America is taking steps in the proper direction by implementing policy and attempting to tap funds that had been protected in the past. Tax increases, bills of health or drastic economic changes are all things that countries need to begin to attempt in  order to reverse or slow the downturn that many of them face.

Article:

http://www.bbc.co.uk/news/world-us-canada-20333066