http://www.forbes.com/2010/02/01/state-income-tax-nike-obama-personal-finance-rich-tax-hikes.html?boxes=Homepagelighttop
Economic Terms
1. income tax- A much-loathed method of taxation based on earnings.
2. referendum- the idea or practice of letting the voters approve or disapprove laws
3. rate- a price or charge set accordingly to a scale or standard
Description and Explanation
Oregon voters approved tax hikes and an increase in Oregon's top individual income tax rate from 9% to 11% because Oregon is in a $773 million budget shortfall. This approval will affect couples making more than $250,000 and individuals making more than $125,000. State employee union and liberal group of Oregon hope that the tax hikes soon go into effect. Tax hikes for high income couples and individuals could occur every where in the United States. If President Obama gets his way, the Bush tax cuts would expire for those who earn more than $250,000.
Predicition
I think that voters in almost all states will approve tax hikes for the rich. Our country is in trillions dollars worth of debt and our economy is not doing so well right now. I think American citizens would want to help our country as much as they can. These tax hikes coulld help fund public schools, after school programs, or even food banks.
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I really like how this blog is set up...but who is this? :)
ReplyDeleteI figured it out...Katrina!! One thing: your definition of "income tax" is biased, and therefore is not really a true definition. Look in your Economics book first!
ReplyDeleteI like how you set up ur page! I was wondering what tax hikes were. Could you explain what they are to me? Other than that, I fully understand your topic and the dangers of what could happen when there is a shortfall in a country.
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