Please peer rewiev this and discuss: Choose post you disagree with, and provide constructive critique, supporting your opinion by researching a source to back it up.
This is post i choose
There may be a lot of interesting components to Bill Clinton's presidency in the 1990s, and a change in autonomous spending is one of them. A deficit of 4.7% of GDP was eventually turned into a surplus of 2.4% of GDP with the reduction of government spending and increased taxes. With the Omnibus Reconciliation Act of 1993, the top income tax rate raised significantly, from 28% to 36% (income over $115,000/year) to 39.6% (income over $250,000/year). It also increased corporate income tax and ended corporate support in some situations. For example, in 1992, government spending relative to GDP was 22.1%, but by 2000, it was cut down even lower to 18.4%. On the other hand, this policy also created the earned income tax credit for people earning under $30,000. To put it simply, the way this policy helped the economy was to increase taxes of the wealthy and cut the middle class a break.
Please peer rewiev this and discuss: Choose post you disagree with, and provide constructive critique, supporting your opinion by researching a source to back it up.
This is post i choose
There may be a lot of interesting components to Bill Clinton's presidency in the 1990s, and a change in autonomous spending is one of them. A deficit of 4.7% of GDP was eventually turned into a surplus of 2.4% of GDP with the reduction of government spending and increased taxes. With the Omnibus Reconciliation Act of 1993, the top income tax rate raised significantly, from 28% to 36% (income over $115,000/year) to 39.6% (income over $250,000/year). It also increased corporate income tax and ended corporate support in some situations. For example, in 1992, government spending relative to GDP was 22.1%, but by 2000, it was cut down even lower to 18.4%. On the other hand, this policy also created the earned income tax credit for people earning under $30,000. To put it simply, the way this policy helped the economy was to increase taxes of the wealthy and cut the middle class a break.
