Obama Wants $1.7 TRILLION Tax Increase
Jul 12, 2011 21:36:08 GMT -5
Post by PrisonerOfHope on Jul 12, 2011 21:36:08 GMT -5
July 11, 2011
Obama Wants $1.7 TRILLION Tax Increase
...Aides to Boehner and Obama had spent much of the past week discussing an ambitious budget deal that would have reformed the tax code and popular social spending programs and scaled back annual defense and domestic spending.
The goal was the $4 trillion in budget savings, measured over 10 years, that budget experts say is needed to keep the national debt at a sustainable level.
Obama wanted between $1.3 trillion and $1.7 trillion of that total to come from new tax revenue, according to a Republican source. That would have come in part by allowing the current lowered tax rate for the highest earners to rise back to its 1990s levels in 2013, while keeping the lower rates in place for middle- and low-income earners.
Republicans felt that what Democrats offered in return -- a promise to lower tax rates across the board by closing a range of tax breaks -- was not enough.
Read more (including comments): www.reuters.com/article/2011/07/11/usa-debt-idUSN1E7690AM20110711#ixzz1RwtZuVmU
