I am so curious to see how this budget is politicized and to see who will get behind it.
So if you’ve seen the news recently, you’ve heard the big news: Obama has released his new spending proposal. Here are some details:
Total Spending: $3.8 Trillion
-Replaces the AMT with a “Buffet Rule” tax, where people with incomes over $1,000,000 will pay a 30% minimum tax.
-increases the tax on dividends to the level of the individual’s income tax.
-Eliminates many other tax rates in the same way (by equating them to the income tax rate)
-Will overhaul the corporate tax framework
-Cuts $487 billion in defense spending
-$800 million in aid to transformation in the Middle East
-new spending to boost growth.
Over all, I think this is a step in the right direction. The tax system has needed an overhaul for years now, and this is at least a symbolic step towards that end, and it will take an important stride towards eliminating the deficit. I say…
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