$1,500,000,000,000 In New Taxes

September 19, 2011

By JIM KUHNHENN, Associated Press

WASHINGTON (AP) — President Barack Obama will propose $1.5 trillion in new taxes as part of a plan to identify more than $3 trillion in long-term deficit reduction and slow the nation’s escalating national debt.

Obama’s tax plan is aimed predominantly at the wealthy and draws sharp contrasts with congressional Republicans.

It comes just days after House Speaker John Boehner ruled out tax increases to lower deficits. It also comes amid a clamor in his own Democratic Party for Obama to take a tougher stance against Republicans. And while the plan stands little chance of passing Congress, its populist pitch is one that the White House believes the public can support.

The core of the president’s plan totals just more than $2 trillion in deficit reduction over 10 years. It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare.

The administration also counts savings of $1 trillion over 10 years from the withdrawal of troops from Iraq and Afghanistan.

To read more, visit:  http://hosted.ap.org/dynamic/stories/U/US_OBAMA_DEFICITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-18-23-33-29

1 Comment - what are your thoughts?

  • Cheryl says:

    You do a disservice to the public in proposing that a raise in taxes would be detrimental to our economy. The facts speak for themselves, that in times when taxes have been high, there was actually more job growth!!! Our country has always been a place where we took care of each other (Be your brother’s keeper). If the upper crust of our society paid their fair share and recognized that it is on the sweat of labor that our country has grown great, then maybe we could pull out of this mess. Saying no to higher taxes is like putting your head in the sand and hoping that this will all go away. We are all responsible for our countries well being–ALL of us–not just a select few!!!

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