What's Obama Doing?
source: http://news.yahoo.com/s/ap/20090226/ap_on_go_pr_wh/obama_budget
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WASHINGTON – President Barack Obama is asking Congress to raise taxes on the wealthy and cut Medicare costs to provide health care for the uninsured while making the just-enacted $400 tax cut for most workers permanent. In his first budget blueprint, Obama proposes setting aside $634 billion over the next decade to expand government subsidized health coverage — a little more than half the money needed to ensure that every American gets medical care.
Obama is also expected to ask Congress for an additional $75 billion to cover the costs of wars in Iraq and Afghanistan through September.
The disclosures came from three administration officials, who spoke on condition of anonymity because the budget won't be made public until Thursday.
Obama's budget proposal would effectively raise income taxes and curb tax deductions on couples making more than $250,000 a year, beginning in 2011. By not extending former President George W. Bush's tax cuts for such wealthier filers, Obama would allow the marginal rate on household incomes above $250,000 to rise from 35 percent to 39.6 percent, said an administration official.
The plan also contains a contentious proposal to raise hundreds of billions of dollars by auctioning off permits to exceed carbon emissions caps Obama wants to impose on users of fossil fuels to address global warming. Some of the revenues from the pollution permits would be used to extend the "Making Work Pay" tax credit of $400 for individuals and $800 for couples beyond 2010 as provided in the just-passed economic stimulus bill.
Obama is also expected to ask Congress for an additional $75 billion to cover the costs of wars in Iraq and Afghanistan through September.
The disclosures came from three administration officials, who spoke on condition of anonymity because the budget won't be made public until Thursday.
Obama's budget proposal would effectively raise income taxes and curb tax deductions on couples making more than $250,000 a year, beginning in 2011. By not extending former President George W. Bush's tax cuts for such wealthier filers, Obama would allow the marginal rate on household incomes above $250,000 to rise from 35 percent to 39.6 percent, said an administration official.
The plan also contains a contentious proposal to raise hundreds of billions of dollars by auctioning off permits to exceed carbon emissions caps Obama wants to impose on users of fossil fuels to address global warming. Some of the revenues from the pollution permits would be used to extend the "Making Work Pay" tax credit of $400 for individuals and $800 for couples beyond 2010 as provided in the just-passed economic stimulus bill.
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