#1 Obama To Propose $1.5 Trillion In Tax Increases Tomorrow
09-19-2011, 12:03 AM
- Join Date
- Aug 2005
President Barack Obama will ask the Super Committee to double its mandate and cut $3 trillion from the federal deficit, according to White House officials, with half of the savings coming from tax increases on corporations the wealthy.
Republicans have already rejected a central component of the plan — the so-called "Buffett Rule," which would set a minimum tax rate for those with incomes over $1 million. This tax increase goes well above and beyond the approximately $800 billion agreed to by Speaker of the House John Boehner in the failed "grand bargain" negotiations over the debt ceiling.
Rep. Paul Ryan called the tax increase "class warfare," saying it would hurt small businesses and pledging that GOP lawmakers would rally against it.
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