Obama proposes $4T budget with tax hikes on the rich
Source: The Hill
President Obama on Monday sent Congress a nearly $4 trillion budget blueprint for 2016 that would raise taxes on the wealthy and businesses while boosting spending on infrastructure and education.
“These proposals will put more money in middle-class pockets, raise wages and bring more high-paying jobs to America,” Obama said in a message to Congress. “To pay for them, the budget will cut inefficient spending and close tax loopholes to make sure that everyone pays their fair share.”
Administration officials cast the plan as balancing the need for “investment” with fiscal discipline, but the Republican Congress will almost certainly reject the spending and tax hikes out of hand.
The proposal busts through the spending limits that were introduced under a 2011 budget deal, requesting $74 billion more in spending for domestic programs and the Pentagon than the caps would allow.
Read more: http://thehill.com/policy/finance/231432-obama-proposes-4t-budget-with-tax-hikes-on-the-rich
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