Question

in 2008 president obama proposed raising the incone tax on those making over $250 000 per year discuss the merits of this plan

Answer 1

A tax which is imposed on the income of individuals according to their income levels is known as income tax. In the year 2008, president Obama proposed raising the income tax on those making over $250000 per year . This plan had many merits. They were:

• This appraisal on the income level of the rich would reduce the income inequality.
• This money redistribution helped the non rich citizens.
• The revenue received by the US government increased which was further spent on the welfare of the people.