Under the final budget approved by the House and Senate, the Bush tax cuts for households with income over $250,000 would expire and the estate tax would likely remain at 2009 rates.
According to John Arensmeyer of Small Business Majority, fewer than 2% of small businesses would be affected by the provision in Obama’s budget to trim the Bush-era tax cuts that have benefited the wealthiest Americans. Read the Center on Budget [...]
Chuck Collins and Sam Pizzigati voice support for Obama’s plan to increase taxes for the highest-income Americans.
President Obama intends to cut the deficit in half by the end of his term, in part by taxing the investment income of hedge fund and private equity partners at ordinary income tax rates and letting the Bush tax cuts for the highest-income households expire.