WASHINGTON (AP) - President Barack Obama's proposal to reduce long-term deficits with $1.5 trillion in new taxes is less an opening bid in a negotiation than it is an opening salvo in a struggle to draw sharp contrasts with congressional Republicans.
Obama's proposal is aimed predominantly at the wealthy and comes just days after House Speaker John Boehner ruled out tax increases to lower deficits. It also comes amid a clamor in his own Democratic Party for Obama to take a tougher stance against Republicans. And while the plan stands little chance of passing Congress, its populist pitch is one that the White House believes the public can support.
The core of the president's plan totals just more than $2 trillion in deficit reduction over 10 years. It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare.
The administration also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan.
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2 comments:
My goodness, it sure is interesting how a tax hike bill is named after Warren Buffett. Seems his own Berkshire Hathaway owes taxes back as far as 2002. Get your own house in order, Mr. Buffett before you start promoting more taxes on the so called rich!!!!
The dumbocrat way. Every problem in the history of the world can be solved by raising taxes.
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