- Category: Politics
Presidential Candidate Already Getting Grilled About Wealth
With the recent passing of what has been dubbed the Warren Buffet law, the richest people working in the United States will soon be forced to pay more in income taxes. The signing of this tax legislation was discussed by current United States President, Barack Obama, when he released his personal income figures for the last couple years to the public. What was surprising about the documentation was that according to the figures in the income tax paperwork, Obama will not be paying the new Buffet tax because his personal income is not at the upper elite level. Although the Obama income tax information may not seem like anything newsworthy, personal income is very much likely to be a key argument on the political front in what is certain to be a brutal campaign for the Oval Office come this November.
When the President released his income tax information, his re-election campaign team was very quick to point out that republican Presidential nominee Mitt Romney has continued to drag his feet to release his most current income tax figures. Although the Romney camp will surely provide some clarification about the Presidential hopefuls' income tax records in the near-future, it is clear that the Obama camp is going to paint the politician from Massachusetts as a mega-rich corporate suit that simply could never relate to the struggles and hardships of the common American worker.
Phrases such as "corporate bailout", "Occupy Wall Street" and "corporate greed" are all likely to be tossed around frequently in the coming months as the race heats up closer to November. This will put Romney at a distinct disadvantage because many poor and middle-class voters will simply refuse to cast their voter ballots for a person who has made hundreds of millions of dollars without basically ever breaking a sweat. Not to say that the incumbent himself is a rags to riches story, but Romney is likely to be painted as the face of what is wrong with America, an intelligent/cunning corporate suit with the type of wealth that is unimaginable to 99% of Americans.
People wanted change after the financial crisis, housing crash, years of war and a tanked economy that was rightfully or wrongfully tagged on republican President Bush during his two terms at the White House. Obama offered that change, and sold it like a pair of crocs to middle-aged folks too lazy to put on socks. America drank the proverbial Kool-Aid, and the end result the past four years has been continued war, a flat economy, more government debt and a job market that is still in a coma. What this means is that many Americans really will struggle deciding what candidate actually has the ability and tools necessary to take this country out of the hole it is in. That means something as trivial as personal income could actually play a role in the way voters cast their ballots.
This is what Obama is hoping for at least, as his camp will most certainly fuel rhetoric about a man who has made hundreds of millions of dollars while the country has faced economic challenges not seen in decades.
Will the personal fortune of Romney impact the way you will vote?
Regardless who wins in November, do you believe that the economy will bounce back strongly from 2012-2016?