WASHINGTON (AP) - President Barack Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controlled both chambers. Republicans, who now control the House, are likely to be even less receptive.
The plan includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000. Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.
Obama's proposal would extend tax credits for college expenses and child care, as well as a more generous Earned Income Tax Credit for the working poor.
(Copyright 2011 by The Associated Press. All Rights Reserved.)