By Jennifer White
While media attention is currently focused on the struggle between GOP candidates, one of these candidates will go head-to-head with Obama in November.
So what is Obama doing to stay on top? Earlier this month he revealed a new budget request and tax proposals, set to begin Oct. 1, 2013, according to a Feb 13 article in The New York Times.
This plan entails a $3.8 trillion budget request, raising taxes on the rich and increasing spending on infrastructure and education reform.
It will also cause the Bush tax cuts to expire and enact the “Buffett Rule,” named after billionaire investor Warren Buffett. This rule calls for families in the highest income bracket (more than $1 million) to pay at least 30 percent in taxes, according to CNN on Feb. 13.
If Obama’s debt reduction plan succeeds, it is estimated to drop by approximately $901 billion every year, as reported by the Associated Press on Feb 13.
This tax proposal was opposed by Republican candidates, who claim it is reticent of other failed campaigns from Obama’s term, including upper-income bracket taxing and doing away with tax breaks on fuel companies.
The proposal is at odds with GOP candidates, whose debt reduction plans largely call for tax reductions that may end up actually raising the federal budget.