Reuters The reason president obama’s 2013. 1.5 trillion in tax hikes that won’t happen and $350 billion in immediate stimulus that can’t pass. The White House’s budget matters for two other reasons.
1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.
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Much of the growth in annual budget deficits for which Obama was blamed, however, was due to the Great Recession and the Bush tax cuts– things he had no control over. Stopping "out-of-control spending," in the form of the president’s stimulus package and other policies, became one of the nascent tea party’s rallying cries.
· As of Monday, the proposed 2017-2018 school year budget shows 8,889,735 in expenses and $134,400,991 in revenues. While officials said the district is working to continue to reduce costs, Board President Angela Nober confirmed a tax increase is on the table. The district could raise taxes by as much as 3.3 percent, which is the Act 1 index.
WASHINGTON – Higher taxes have been missing from the fierce budget battle that nearly shut down the federal government. But President Barack Obama is about to put them on the table – at least a modest.
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President Obama released his fiscal year 2015 budget yesterday. Overall, the president proposes to increase revenue by $1.759 trillion over ten years. This new revenue comes in the form of a couple large tax changes, numerous small tax changes, and new fees (which we don’t discuss in this post).
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· Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases, the impact of tax cuts, specific events such as the United States fiscal cliff, the effectiveness of stimulus, and the impact of the Great Recession, among others.
President Obama will propose a number of new tax increases in his budget to be released next Wednesday, according to the Washington Post. These include: Raising the cigarette tax to fund a new federal universal pre-school program, Capping tax-free retirement accounts at $3 million, Limiting the.