Monday, February 13, 2012

Obama Cannot Stop Spending, Cannot Project A Balanced Budget Within 10 Years: Proposes Buffet Tax, Raising The Top Individual Tax Rate, Taxing Dividends As Income And Oil Industry Tax

From The Wall Street Journal, "Budget Seeks to Boost Tax Revenue" by Siobhan Hughes:
Source: The Wall Street Journal
President Barack Obama on Monday proposed that a decades-old, widely criticized tax category be replaced by the so-called Buffett rule, which targets the wealthiest Americans.

In the election-year budget proposal, the White House also called for higher taxes on the oil and gas industry, fund managers and estates while allowing Bush-era tax cuts for the wealthy to expire. The tax proposals are part of Mr. Obama's broader budget plan, which outlines his re-election-campaign message and indicates the White House strategy for another fiscal clash looming after the November elections.
From The Wall Street Journal, "Obama Takes Aim at GOP Policies in 2013 Budget" by Jared A. Favole And Corey Boles:
With the aim of boosting economic growth, the president proposes $30 billion in new spending to upgrade schools, a new tax credit to lift hiring by small businesses, and a six-year, $476 billion plan to update roads, railways and runways. He also calls on Congress to pass, before the end of February, an extension of the payroll-tax cut and unemployment insurance for the remainder of the calendar year.
He defends the new spending in the face of significant deficits by saying, "Reining in our deficits is not an end in and of itself." He said that while that is the ultimate goal, "we also must invest in the areas that will be critical to giving every American a fair shot at success and creating an economy that is built to last."

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