Unlocking Word Meanings
Read the following words/expressions found in today’s article.
1. revive (v.) [ri-vahyv] – to bring something back into action
Read the following words/expressions found in today’s article.
1. revive (v.) [ri-vahyv] – to bring something back into action
Example: The government is
doing everything it can to revive the
slow economy.
2. bill (n.) [bil] – a written proposal
or suggestion that may be made into a law
Example: Politicians will soon
vote on whether to pass a new anti-smoking
bill.
3. investor (n.) [in-vest-awr] - a person who puts
money on a product or business where he expects to earn a profit
Example: Investors are buying properties in Singapore where the economy
is strong.
4. middle-class (adj.) [mid-l][klas, klahs] – consisting of a group of people in society who earn an average income
Example: The family moved into
a middle-class home after their
father was given a government position.
5. champion (n.) [cham-pee-uhn] – a person who publicly defends a person or an idea
Example: Nelson Mandela is
regarded as a champion of African
freedom because he fought for the rights of black Africans.
Article
Read the text below.
Read the text below.
US president Barack
Obama has revived his call for
Congress to pass a bill that
increases the income tax rates of American millionaires.
Also known as the
Buffett Plan, the bill proposes that people who earn $1 million or more yearly
should pay at least 30% of their income in taxes.
The bill is named
after Warren Buffett, the billionaire investor
who said middle-class taxpayers
pay too much tax, while he pays too little. Buffett said that in 2010, the tax
rate he paid was 17.4% of his income, while his employees paid 36% of their
incomes.
Obama said the
present tax system is making the rich even richer and has further increased
the financial gap between the rich and poor in America. He added that raising taxes on wealthy
people will restore fairness on the system.
The Democrat-led
Senate will soon vote on the bill. However,
analysts predict the House of Representatives, mainly composed of
Republicans, will not pass the bill.
Republicans insist the
Buffett Plan will not help solve the government’s overspending problem. They also say that since the bill will
raise taxes on small businesses, less new jobs will be created.
Republicans have accused
Obama of promoting himself as a champion
of economic changes and using the tax plan as a political strategy to earn
votes.
Obama, a Democrat,
will face Republican candidate Mitt Romney in November’s presidential elections.
Although poll results show Obama leading Romney, majority of those who answered
the survey say they are not satisfied with the way Obama has handled the economy.
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Viewpoint Discussion
Enjoy a discussion with your tutor.
Discussion A
·
Do you think raising the taxes of millionaires and
billionaires is fair? Why?
·
If you were a millionaire, would you be willing
to pay higher taxes than the ordinary income-earner? Why or why not?
Discussion B
·
Should political candidates discuss tax issues during election time? Why or why not?
·
What problems do you wish politicians would focus
on? Why are these issues important to you?