2003 Tax Cut vs Obama Reform Plan

Each election cycle the implementation of taxes onto United States citizens is heavily debated. Most conservatives focus on tax cuts while most liberals argue the need to have there is a need an increase in taxes, primarily on the wealthy. This issue has been argued on almost every political stage over time but has seen increased attention in the last few decades alone. My paper will focus on two distinct national tax plans and there effect on a slow economy. In 2003, President Bush initiated a package of tax cuts with the intent of stimulating what already was a slow economy. The focus of this tax plan was to eliminate taxes investors pay on dividend income. This tax plan was heavily debated, some believing its design would help a damaged economy and stock market, others would argue it only benefited wealthy investors while hurting the middle and lower class. I will compare these tax cuts to the tax plan under the current administration. My paper will focus on the two different tax plans and attempt to prove how each one will effect different social classes of individuals. I will break down my research into low, middle, and high income class of people while also examining the effects these tax plans have on corporations. I will provide an economic analysis on how the dividend tax cut affected the top 10% versus everyone else in the world, as well as look at the effect on corporations specifically. I will compare these effects to the tax plan under the Obama administration, specifically focusing on the Dividend tax increase, an increase that was much of a much higher rate than capital gains. I will create an economic model to illustrate the immediate and long-term effects these proposals have on the American people.

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