Obama's New Budget Targets Wealthy
Obama's 2014 Budget Increases Taxes on Wealthy
President Obama reelased his 2014 budget this week. The budget will begin in October and it focuses on increasing taxes on the wealthy. President Obama said that he wants to replace the forced budget cuts with his new budget which he thinks will be less damaging. His new budget would allow him to spend $3.77 trillion and cut the deficit by $1.8 trillion. President Obama called his budget "fiscally responsible" for the middle class and said that it would not add a dime to the deficit.
However, President Obama fails to realize that his budget will be more damaging to the economy. For every $2 in spending there will be a $1 tax increase on the rich. He also claims that he has met Republicans more than halfway on deficit spending, but he has not done anything to significantly add more jobs to avoid more tax increases.
President Obama needs to find other ways to bring in revenue besides taxing the wealthy. If increasing taxes on the wealthy is the only way that he can bring in more revenue, then there will be less jobs. Big companies will not hire more people when they have to pay more taxes and also pay their employees more money.
President Obama also wants to increase the minimum wage. The one good thing in his budget is the use of increased taxes on tobacco products to fund universal pre-K. He also wants to reform the tax code and close loopholes. It will need revenue for gun legislation and immigration reform bills.