On September 19, President Obama sent a deficit reduction plan, which would cut the federal deficit by $3.2 trillion over the next 10 years, to the Joint Select Committee on Deficit Reduction. The tax portion of the President's plan calls for lowering the corporate tax rate, broadening the tax base, and increasing the effective tax rate of the richest Americans. The plan also plans to completely offset the tax incentives aimed at job creation from parts of the deficit reduction plan the President proposed during the summer.
See Jon Almeras, Alex Brosseau, Michael DeHoff, Joel Deuth & Victoria Glover, "President's deficit reduction plan proposes significant tax hikes for high-income individuals, businesses," Deloitte.com (Sept. 19, 2011). You can find more information on this subject including the White House Fact Sheet, the CBPP report, CTJ report, and Tax Policy Center reports at taxanalysts.org.
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal.
See Jon Almeras, Alex Brosseau, Michael DeHoff, Joel Deuth & Victoria Glover, "President's deficit reduction plan proposes significant tax hikes for high-income individuals, businesses," Deloitte.com (Sept. 19, 2011). You can find more information on this subject including the White House Fact Sheet, the CBPP report, CTJ report, and Tax Policy Center reports at taxanalysts.org.
Posted by Adam Bair, Associate Editor, Wealth Strategies Journal.
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