In the United States, when the President submits his (and some day, her) budget to Congress, the focus often is on spending. The budget allows the President to outline the Administration’s priorities, deciding how much to allocate to Big Fat Finance, say, defense or social programs. Still, contained in the budget President Obama submitted to Congress earlier this week were a number of provisions geared to the revenue, or tax, side of the equation.
Read the full article at Businessfinancemag.com.
For starters, the President’s budget message outlined his belief that those who earn more should pay a higher rate of taxes. “It is wrong for Warren Buffett’s secretary to pay a higher tax rate than Warren Buffett. This is not about class warfare; this is about the Nation’s welfare.” With this in mind, the President stated his intention to push for the expiration of tax cuts for families making more than $250,000 a year, as well as to more generous estate tax provisions than were in place in 2009. “These policies were unfair and unaffordable when they were passed Big Fat Finance, and they remain so today,” he said.
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