Obama Aims $1.4 Trillion Tax Increase at Highest Earners
This article is for subscribers only.
President Barack Obama called for $1.4 trillion in fresh revenue from Americans at the top of the income scale, proposing higher taxes on wages and investments and limiting breaks for retirement savings and health insurance.
The tax proposals in the administration’s fiscal 2013 budget plan, released yesterday, were immediately rejected by business groups and congressional Republicans, who said the ideas are part of Obama’s re-election strategy and gave them little chance of advancing into law in 2012.