Snap Fact #102

Post date: Feb 15, 2012 4:13:6 PM

Snap Fact #102

President Obama’s 2012 Budget Boldly Opts For Tax Fairness For All Americans!

In the Presidents' final budget request of his first term, President Obama specifically asks Congress for two items that help draw the stark contrast between his party's platform and that of the Republicans. In essence, the President's budget will bring in revenue from logical sources to ease the burden on the poor and middle classes who have been hit hard by the Bush recession while business and the wealthy have thrived out of all proportion.1) The President calls for an increase taxes on the wealthiest in the country to close the huge gap between the rich and the poor in the United States and to have those who can afford it most pay their fair share to help the country get back on track.

 2) The President calls for targeted spending cuts, especially for the bloated, and oft times wasteful, military budget. President Obama’s plan would raise $1.5 trillion over 10 years not only by increasing taxes and cutting loopholes for the rich, his budget would also eliminate tax breaks for big corporations such as the $4 billion subsidy to the oil companies. In addition the President proposes limiting lobbyists’ access to the White House. 

These two items alone will have a huge impact to cut the national debt and deficit. At the same time, bringing in this revenue will financially support critical social programs such as education, alternative energy, research, Social Security, and public works, as well as help to stimulate job creation as a consequence. 

Will congress again stonewall his well conceived budget? If they don't, the electorate will have another piece of evidence that will help the public understand how important The President's reelection is for the future of our country.