Having destroyed any credibility that this budget could possibly have yesterday, President Obama has outdone himself with the predictions in this $3.9 trillion budget…
- *OBAMA BUDGET PREDICTS FASTEST GDP GROWTH THIS YEAR SINCE 2005Â (US GDP estimates collapsing)
- *OBAMA BUDGET SAYS ECONOMY MOVING FORWARD, HOUSING `COMING BACK’(home sales plunge at fastest pace since 2011)
- *OBAMA BUDGET CITES ‘ENCOURAGING SIGNS’ ACROSS INDUSTRIESÂ (US Macro worst start to year since 2008)
But apart from that, yeah, “nailed it”
As WSJ reports,
President Barack Obama proposed a $3.9 trillion budget package Tuesday peppered with new taxes on upper-income Americans and businesses, plus numerous spending initiatives aimed at bolstering education, research and low-income work programs.
The president’s spending plan for the fiscal year that begins Oct. 1 doesn’t rest on new or lofty policy goals, reflecting a town hibernating from budget exhaustion and girding for midterm elections in November. Instead, it offers targeted and familiar proposals, including an overhaul of corporate taxes, which it says would boost job growth and make U.S. businesses more competitive.
…
Many of the proposals are likely to meet a cool reception on Capitol Hill, where both parties are preparing for November elections that could change the balance of power on Capitol Hill.
As Bloomberg adds,
President Obama proposed raising $104b over next 10 yrs in his fiscal plan for 2015 with new restrictions and taxes on multinational cos. that weren’t included in last yr’s budget.
* Changes would affect digital goods, deductions for “excessive†interest and so-called hybrid arrangements that can lead to income not taxed in any country, according to budget; Obama also wants to make it harder for cos. to expatriate
* In all, Obama’s budget wants to raise $276b over next 10 yrs from international tax changes, 75% more than it sought last yr
* Wants to dedicate revenue to lowering corporate tax rate to 28%
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