A majority of Americans believe taxes will have to be raised and government services will have to be reduced in order to cut the federal deficit. President Obama on Monday announced a plan to freeze the pay of government workers in order to save as much as $60 billion over the next decade. The CNBC poll said that 54% of Americans believe that taxes will be raised in order to lower the federal deficit. “Most poll respondents (54 percent) say changes made to close the deficit should be evenly distributed among all Americans-a shared burden with shared sacrifices and shared costs. But, more than a third (38 percent) say the changes should be targeted to impact the wealthy. Only six percent say the changes should focus on low-income citizens.”
This is unfortunate news for us graduating from college in the next few years. Most likely all of us will fall into one of the higher tax brackets. The tax expenditures proposed are taking money away from us before we ever start to work As young adults we have mostly relied on our parents for financial support. Everyday we see new taxes being created which is going to heavily lower our income.
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