Photo: Flickr / 401K
The Obama Budget is going to mean tax-increases. Notice how he can’t just call them tax and revenue increases, they are “American Values” about “fairness.” You see, even budget documents are campaign documents:
AMERICAN VALUES: EVERYONE PAYS THEIR FAIR SHARE
Calls for individual tax reform that: cuts the deficit by $1.5 trillion, including the expiration of the high-income 2001 and 2003 tax cuts; simplifies the tax code, lowers tax rates, and protects progressivity; eliminates inefficient and unfair tax breaks for millionaires while making all tax breaks at least as good for the middle class as for the wealthy; and observes the Buffett Rule that no household making more than $1 million a year pays less than 30 per cent of their income in taxes.
As Republican Budget Wunderkind Paul Ryan points out this means it means $1.9 Trillion in new tax revenues.
So, repeal the Bush tax cuts, but only on the wealthy. Then Obama would institute the “Buffet rule” that no household with an income over $1 million pays less than 30 per cent in taxes. Notice that millionaires are treated to a tax-rate named after a man worth nearly is about $39 billion.
Also there will be a re-institution of estate-taxes, or “death taxes” in the Republican parlance, netting about $143 billion in more revenue.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.