Monday, February 14, 2011

Obama's New Budget Plan Resurrects The Tax Increases He Wanted

People still don't get it. you can't raise taxes in times like we have right now.

Yahoo!/AP: President Barack Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers. Republicans, who now control the House, are signaling they will be even less receptive.

The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000. Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.

"These policies were unfair and unaffordable when enacted and remain so today," Obama said in his budget message.


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