Obama budget plan to tax the rich (unveils budget today, prompting election year spen

Discussion in 'Politics' started by Matthew, Feb 19, 2012.

  1. Matthew
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    Matthew Blue dog all the way!

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    Obama budget plan to tax the rich (unveils budget today, prompting election year spending showdown)
    BBC ^ | 02/13/2012


    US President Barack Obama will seek to raise taxes on the wealthy as he unveils his budget later, prompting an election year spending showdown with Republicans.

    The 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 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.

    I think there is pretty broad agreement that the time for austerity is not today”

    But Republican leaders, who portray Mr Obama as a tax-and-spend liberal stoking class warfare, have already pronounced the budget dead on arrival.

    Mr Obama's plan to allow George W Bush-era tax cuts to expire would affect families making $250,000 or more per year.


    (Excerpt) Read more at bbc.co.uk ...
    BBC News - Obama budget plan to tax the rich
     
  2. Oddball
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    Oddball BANNED Supporting Member

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    It's not a budget, it's a campaign prop.
     
  3. syrenn
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    syrenn BANNED

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    So buffet makes tax laws now does he...... interesting.
     
  4. IndependntLogic
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    IndependntLogic Senior Member

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    Actually, this is pretty slick politics by Obama. I don't think he really expects this thing to pass. I think it's bait.
    Even FOX News reports that the majority of Americans want to see a combination of reduced spending AND tax on the rich / corporations. He's pandering to those folks and when the GOP kills this, he can play off it.
    "See? I wanted to reduce the deficit, tax the rich, educate our children and have unicorns bring us all porterhouse steaks!! If it wasn't for those evil Republicans, all of this would have come true! I'm jsut a victim of those who don't care about the middle class."
    Not bad posturing and a lot of people will buy it.
    Personally, I think that any proposed budget that doesn't include a serious reduction in spending is just bs anyway. The increased taxes are a drop in the bucket of spending. But like I said, it's slick politics.
     

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