President Obama is reaching out to you, the future of America, to help him address tax issues in the United States which are resulting in a perception of “class warfare”, and the creation of a “welfare state”.
The President, while a very intelligent man and constitutional scholar from the University of Chicago, has had limited experience with the business community. During this spring break he is asking you, the business students, to reach out to your family and friends, old and young, educated and uneducated, wealthy, middle class and struggling Americans and have a dialogue on the following topics.
There is no right or wrong answer. You are to evaluate each of the topics listed below and formulate a “pro” and “con” opinion regarding each of the issues. You as the future of America, need to understand both sides of the issue and support those opinions.
1. Was the “Extension(s) of the Payroll Tax Cut for 2012 a good tax policy? Should it be continued after the elections or is it just a political toy?
2. Herman Cain proposed a “Value Added Tax (VAT), which is effect a National Sales Tax on all products and services sold. Very popular in Europe. Is this a good idea?
3. Should the wealthy (you define wealthy) pay higher taxes (than paid today) and/or should everyone pay some federal income taxes?
4. Are the “Bush Tax Cuts” that were extended for 2011 and 2012 a good idea? They will expire as of 12/31/12 should they be extended and renamed the “Obama Tax Cuts”?
5. Should your “estate” be taxed upon your death?
6. Would you support paying more state income taxes to provided state employees pensions when you do not have a pension?
7. Should income from investments (dividends, interest, capital gains) be taxed at a higher, lower or same rate as wages?