What is Obama advocating? Do you agree or disagree with his assessment? Why? “… those that have done well, including me, should pay their fair share of.

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Presentation transcript:

What is Obama advocating? Do you agree or disagree with his assessment? Why? “… those that have done well, including me, should pay their fair share of taxes.” “Do we want to keep giving tax breaks to the wealthiest Americans like me, or Warren Buffet or Bill Gates, people who don’t need them or never asked for them? Or do you want to invest in things that will grow our economy and keep us secure?” – Obama ‘12

Progressive versus Flat Tax: Progressive Tax: A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. Flat Tax: A system that applies the same tax rate to every taxpayer regardless of income bracket. Regressive Tax: A tax that takes a larger percentage from low-income people than from high-income people Which type of tax do you prefer? Why?

Source: NYT July 30, IRS

Capital Gains: Capital gains are the profits that an investor realizes when he or she sells the capital asset (such as a stock or bond) for a price that is higher than the purchase price.

2012 Brackets for single filers: Taxable incomeIncome Capital Gains $8,700 and below10% 0% $8,701-$35,35015% 0% $35,351-$85,65025% 15% $85,651-$178,65028% 15% $178,651-$388,35033% 15% Above $388,35035% 15%

Activity: Create a T chart with the pros and cons of increasing taxes on the wealthy (4 minutes)

Read the document and answer the Questions at the bottom (8 minutes)

Discussion 1) Turn to a partner in the neighboring row, move your desks together and share information from the documents (3 minutes) 2) Discuss together: Should taxes be increased on the wealthy? Did the articles change your views in any way? (3 minutes)

Class Discussion: Should taxes be increased on the wealthy?