Posts Tagged tax the rich
US President Barack Obama will seek to raise taxes on the wealthy as he unveils his budget later, prompting an election year fight with Republicans.
The spending proposal includes $1.5 trillion (£950bn) in new taxes, much from allowing Bush-era tax cuts to expire.
He will also call for a Buffett Plan tax hike on millionaires and job-creating infrastructure projects.
The budget must be agreed between the White House and Congress.
Mr Obama will address students at a college in Virginia on Monday morning as he outlines his 2013 spending proposal to Congress.
Dead on arrival?
The BBC’s Steve Kingstone says the budget will offer a clear contrast between Mr Obama’s vision and that of Republicans.
At its core will be the idea that the wealthiest Americans should pay more in tax and that, in the short-term, a chunk of that extra revenue should be spent on job creation, manufacturing and upgrading the nation’s schools.
But Republican leaders, who portray Mr Obama as a tax-and-spend liberal stoking class warfare, have already pronounced the budget dead on arrival.
Source: BBC News Read more
This could well be political suicide, but it is putting America on the right track.
The repugnicans will live up to their name and try, may even succeed, in killing this, but if it happens then America is on course.
The only problem now is that Obama can’t spend it. This has to be used to lower America’s debt, or the reasoning is flawed.