President Obama's budget would raise taxes on high earners by nearly $1 trillion over the next decade and impose new taxes worth nearly $500 billion on big businesses. Meanwhile, the vast majority of taxpayers and smaller businesses would be in line for tax cuts. But with congressional elections coming this fall, Obama's tax agenda may face rough sledding.
SOURCE: Office of Management and Budget | Lori Montgomery and Kenneth W. Smith Jr./The Washington Post - February 3, 2010
Dour forecast underpins budget plan Article | President Obama's proposed budget rests on a series of gloomy economic projections, which suggest that the administration does not foresee a quick leap out of the deepest downturn in generations.