by gradycarter

I am so curious to see how this budget is politicized and to see who will get behind it.

The Econocrat

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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