Budget Seeks to Boost Tax Revenue
By SIOBHAN HUGHES
WSJ
WASHINGTON—President Barack Obama on Monday proposed that a decades-old, widely criticized tax category be replaced by the so-called Buffett rule, which targets the wealthiest Americans.
In the election-year budget proposal, the White House also called for higher taxes on the oil and gas industry, fund managers and estates while allowing Bush-era tax cuts for the wealthy to expire. It also suggested raising dividend taxes on the wealthy to the level of ordinary income.
Journal Community
The tax proposals are part of Mr. Obama's broader budget plan, which outlines his re-election-campaign message and indicates the White House strategy for another fiscal clash looming after the November elections.
Mr. Obama backed a 30% tax on incomes of more than $1 million, embraced after billionaire Warren Buffett said the government was "coddling the super-rich." The Buffett rule would replace the alternative minimum tax, which was adopted in 1969 to target wealthy Americans who paid little or no taxes. Because the AMT was never indexed for inflation, it began affecting increasing numbers of middle-class taxpayers who had accumulated too many deductions and credits, leading Congress to enact temporary fixes.
(More here.)
WSJ
WASHINGTON—President Barack Obama on Monday proposed that a decades-old, widely criticized tax category be replaced by the so-called Buffett rule, which targets the wealthiest Americans.
In the election-year budget proposal, the White House also called for higher taxes on the oil and gas industry, fund managers and estates while allowing Bush-era tax cuts for the wealthy to expire. It also suggested raising dividend taxes on the wealthy to the level of ordinary income.
Journal Community
The tax proposals are part of Mr. Obama's broader budget plan, which outlines his re-election-campaign message and indicates the White House strategy for another fiscal clash looming after the November elections.
Mr. Obama backed a 30% tax on incomes of more than $1 million, embraced after billionaire Warren Buffett said the government was "coddling the super-rich." The Buffett rule would replace the alternative minimum tax, which was adopted in 1969 to target wealthy Americans who paid little or no taxes. Because the AMT was never indexed for inflation, it began affecting increasing numbers of middle-class taxpayers who had accumulated too many deductions and credits, leading Congress to enact temporary fixes.
(More here.)
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