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Ernst & Young Challenge’s Obama’s Approach on Taxes
July 27, 2012
The tax cuts implemented by President Bush are scheduled to expire at the end of the year. Many economists are concerned on how the economy will be impacted if they expire. President Obama argues that extending the tax cuts to the middle class and raising tax cuts on wealthier citizens will benefit the United States economy. However, Ernst & Young disagrees with his analysis.
The auditor has released a report that called the president’s statements misleading and factually incorrect. Ernst & Young analysts said that Obama’s strategy could cost the country as many as 710,000 jobs.
The report also stated that Obama’s tax initiative wouldn’t just be focused on redistributing wealth from the upper class. It would also call for a number of tax initiatives that would encourage younger Americans to take on more debt. This is a concern when the unemployment and underemployment rates are highest among citizens in their 20s and 30s.
Ernst & Young further attacked Obama’s statement that he would call to remove all taxes on unemployment insurance and among senior citizens with annual revenue under $50,000 a year. Analysts said these were clear political measures to appeal to voters among those demographics, but would come at the expense of other Americans and the economy as a whole.