Obama-Republican Deal Could Mean Tax Hike For One In Three Workers

The issue of tax cuts has become more political as time has passed. Citizens are arguing that the new deal reached between President Obama and the Republicans will only benefit those earning more than $20,000 (which is about 50million of the 150million population of the US). So technically, the poor citizens will be the one to suffer as these tax cuts will give them hardly any solace from the economic stress. Some claim that these tax cuts will benefit all citizens in a roundabout way as GDP growing by 1% will add about $2000 to the average American family. But everyone is aware of the unequal distribution of wealth. The higher-end people will get a much bigger tax cut than those who need it. At the end of this article is a table drawn out to illustrate the outcome of the extended tax cuts for the wealthiest in the next ten years.