Candidate Obama promised to raise more taxes from Americans making over a quarter-million a year, and reduce them for everyone else, while fixing the financial system, subsidizing health care and fighting land wars in Asia.
Sure enough, President Obama's new $3.5 trillion budget for 2010 calls for $200 billion in higher tax collection this year, mostly from erasing Bush income and capital gains cuts on Americans making over $250,000, and higher corporate and oil taxes. The deficit is still over $1 trillion, though it's down from this year's $1.7T.
See the 2010 budget here -- as with President Bush's budgets you have to dig through the rhetoric to get to the policy changes -- for the big picture, summary tables begin on Page 113.
Over the next 10 years, "President Barack Obama proposed almost $1 trillion in higher taxes on the 2.6 million highest- earning Americans, Wall Street financiers, U.S.-based multinational corporations, and oil companies to pay for permanent tax breaks for lower earners," writes Bloomberg here.
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