President Obama unveiled a $3 trillion federal budget Deficit Reduction Plan on September 19, 2011 including $1.5 trillion in tax increases. The President’s Deficit Reduction Plan (“Living Within Our Means and Investing in the Future: The President’s Plan For Economic Growth and Deficit Reduction”) makes good on his pledge to produce a balanced deficit reduction package, one that combines spending cuts with revenue raisers. Increased taxes on higher income individuals would account for a significant portion of the revenue raised under the President’s Deficit Reduction Plan. Other areas targeted for tax hikes include the oil, gas and coal industries, certain international activities and more.
Wolters Kluwer Tax and Accounting
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