Obama Proposes $1.6 Trillion in New Taxes

Wednesday November 14, 2012 7:32 PM - One Comment

obama2President Obama is taking a hard line with congressional Republicans heading into negotiations over the year-end “fiscal cliff,” making no opening concessions and calling for far more in new taxes than Republicans have so far been willing to consider.

Obama plans to open talks using his most recent budget proposal, which sought to raise taxes on corporations and the wealthy by $1.6 trillion over the next decade, White House press secretary Jay Carney said Tuesday. That’s double the sum that House Speaker John A. Boehner (R-Ohio) offered Obama during secret debt negotiations in 2011.

Obama has been pressing to let the George W. Bush-era tax cuts expire at the end of the year for the wealthiest 2 percent of the nation’s households, a tax hike adamantly opposed by Republicans. But Carney suggested that even the revenue generated by letting those tax cuts end would not be enough to tame the national debt and reenergize the economy.

Read more at The Washington Post.

{Matzav.com Newscenter}

Email This Post Email This Post Print This Post Print This Post

Top Of Page

One Response to “Obama Proposes $1.6 Trillion in New Taxes”

1. Comment from Rabbaim
Time November 15, 2012 at 1:03 AM

That would get him a lot more bang for the buck on his vacations and would enable him to send his wife on trips all over the world!

Leave a Comment