obama proposes new taxes on wealthy for half of debt plan
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Obama proposes new taxes on wealthy for half of debt plan

Arab Today, arab today

Arab Today, arab today Obama proposes new taxes on wealthy for half of debt plan

Washington - Qna

President Obama struck a combative tone on Monday as he called for $1.5 trillion in new tax revenue as part of a proposal to tame the nation’s rocketing federal debt, drawing a sharp contrast with the Republican vision and resetting the terms of the economic debate in Washington this fall. Speaking from the White House, President Obama called for $1.5 trillion in new revenue as part of a plan to find more than $3 trillion in budget savings over a decade. Obama threatened to veto any plan to tame the debt that pairs cuts to Medicare and Medicaid with increases in taxes on the rich, reported the Washington Post. \"We can’t just cut our way out of this hole,\" Obama said. \"It’s going to take a balanced approach.\" Combined with his call this month for $450 billion in new stimulus, the proposal represents a more populist approach to confronting the nation’s economic travails than the compromises he advocated earlier this summer. It is also diametrically opposed to many of the views supported by Republicans, who want to balance the nation’s books mainly through cutting spending, particularly in Medicare and Medicaid. Republiacns argue that Obama’s plan to tax the rich is a divisive political strategy. But Obama rejected that view Monday. \"This is not class warfare,\" Obama said. \"It is math.\" Obama proposed new taxes on the wealthy, a special new tax for millionaires, and eliminating or scaling back a variety of loopholes and deductions for those making more than $250,000 a year. About half of the tax savings would come from the expiration next year of the George W. Bush administration tax cuts for the wealthy. Other cuts in domestic spending would bring the total spending savings to $580 billion. These cuts include scaling back farm subsidies, altering pensions and benefits for members of both the civil service and military service, and other changes in government operations. About $1.1 trillion in savings is also expected from winding down the wars in Iraq and Afghanistan. Obama pledged to veto any cut in entitlements that does not also include increases in tax revenue. Combined with the debt deal this summer, Obama’s plan would reduce the federal debt by $4.4 trillion over a decade

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

obama proposes new taxes on wealthy for half of debt plan obama proposes new taxes on wealthy for half of debt plan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

obama proposes new taxes on wealthy for half of debt plan obama proposes new taxes on wealthy for half of debt plan

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday