By: Cory Perrin - Staff Writer
Feb 14, 2021
Obama’s Budget Plan For Tax Hikes. Obama’s plan is to increase taxes, according to a new budget released today. The President has proposed a tax increase for oil, coal producers, gas, and even investment managers.
The budget plan is said to be active in 2012. It is expected to decrease the deficit by $1.1 trillion through the course of a decade. ”We have more work to do to live up to our promise by repairing the damage this brutal recession has inflicted on our people,” Obama stated.
“Presidents are elected to lead and address big challenges. The big challenge facing our economy today and our country tomorrow is the debt crisis. He’s making it worse, not better,” Republican House Budget Committee Chairman Paul Ryan of Wisconsin said in a statement. The budget plan also suggests that Obama’s deficit commission and himself are not on the same page.
The commission has proposed things such as increasing Social Security retirement age, reforming the Medicare program, and doubling the federal tax on gasoline as some of the few. Their lack of communications was seen when none o f these proposals were seen in the plan. Overall, it is evident that the proposal still needs to be revised.
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