Obama budget targets tax loopholes, Republicans push back
- 11 years ago
Make more, expect to pay more in taxes. That was the thrust of President Barack Obama's budget proposal.
He called for a reform of the tax code as key to reducing the defecit.
SOUNDBITE: U.S. President Barack Obama saying:
"There's no excuse to keep these loopholes open. They don't serve an economic purpose. They don't grow our economy. They don't put people back to work. All they do is to allow folks who are already well-off and well-connected game the system."
Under the White House plan, Americans earning one million dollars or more a year can expect to pay at least 30 percent in income taxes.
The plan would trim the 1.8 trillion from the deficit within 10 years.
The president's proposal is expected to meet some resistance from Republicans who oppose tax increases.
SOUNDBITE: Speaker of the House John Boehner saying:
"The President got his tax hikes in January and we don't need to be raising taxes on the American people. So, I'm h
He called for a reform of the tax code as key to reducing the defecit.
SOUNDBITE: U.S. President Barack Obama saying:
"There's no excuse to keep these loopholes open. They don't serve an economic purpose. They don't grow our economy. They don't put people back to work. All they do is to allow folks who are already well-off and well-connected game the system."
Under the White House plan, Americans earning one million dollars or more a year can expect to pay at least 30 percent in income taxes.
The plan would trim the 1.8 trillion from the deficit within 10 years.
The president's proposal is expected to meet some resistance from Republicans who oppose tax increases.
SOUNDBITE: Speaker of the House John Boehner saying:
"The President got his tax hikes in January and we don't need to be raising taxes on the American people. So, I'm h