$4 tn budget proposal by Obama to see tax rise on wealthy

$4 tn budget proposal by obama to see tax rise on wealthy

WASHINGTON – President Barack Obama on Monday opened his campaign for a $4 trillion budget, with significant tax rises, primarily on firms and the wealthy, as the Republicans fiercely attacked the proposals.

In the budget, Obama proposes a series of programs to help middle-income Americans that he would pay for with higher taxes on corporations and wealthy individuals.


The budget makes a case for easing Washington’s emphasis on deficit-reduction measures, given the strengthening economy. It makes no new effort to fix the swelling costs of Social Security and Medicare.

In a message to Congress that accompanied the budget release, Obama said his proposals were “practical, not partisan.”

The proposed budget calls for $3.99 trillion in spending and $3.53 trillion in revenue, while running a $474 billion deficit in the fiscal year beginning Oct. 1. The $474 billion deficit is 2.5 percent of U.S. gross domestic product.

The 2,000-page plan calls for an end to the…

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