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Wealth Gap

Obama Budget Would Hike Tax Revenue, Cut Deficits

 President  Barack Obama 's fiscal 2015 budget request would boost U.S. tax revenues by nearly $1.4 trillion over 10 years if fully enacted, slashing deficits by $1.05 trillion while funding new spending, the  Congressional Budget Office  said on Thursday.There is virtually no chance that  Congress  will advance Obama's plan in its entirety. But the CBO's latest analysis will feed campaign messaging by both Democrats and Republicans ahead of congressional elections in November.The analysis compares Obama's request to a new "baseline" estimate that CBO released last week that assumes no changes to current tax and spending laws.But Obama's budget plan is loaded with new policy changes, including an assumption that sweeping immigration reforms are enacted, producing a net 10-year deficit reduction of $158 billion.It proposes to boost revenues by limiting tax breaks for wealthy Americans and businesses, imposing a new tax on millionaires, raising tobacco taxes, and restoring estate and gif...

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  1. A look at America's unbalanced tax code

    Where is your tax money going?

  2. French economist: tax the rich!

    Steve Forbes and Steve Moore on why taxing the rich is not a good plan for improving the economy.

  3. Corporate Cash Kings Escape U.S. Taxes

    Walgreen (NYSE:WAG) isn't the only company under pressure, including by shareholders such as Goldman Sachs (NYSE:GS), to move its headquarters overseas due to high U...

  4. IRS: Do as we say, not as we do?

    CKE Restaurants CEO Andy Puzder and Economist Jerry Bowyer on the IRS targeting scandal.

  5. Consequences of high taxes?

    FBN’s Stuart Varney sounds off on income inequality and taxes.

  6. Shiller calls for more taxes to help solve income inequality

    FBN’s Charlie Gasparino, Penn Financial Group president Matt McCall, and United Advisors chief market strategist Scott Martin discuss income inequality .

  7. More destruction in America

    Talking Points 4/8

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