Obama budget to seek to stabilize deficit, address income inequality - Nation - The Bos... - 12 views
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WASHINGTON — President Obama will propose a 10-year budget Monday that stabilizes the federal deficit but does not seek balance, instead focusing on policies to address income inequality as he adds nearly $6 trillion to the debt.The budget — $4 trillion in fiscal 2016 — would hit corporations that park profits overseas, raise taxes on the richest of the rich, and increase the incomes of the middle class through new spending and tax credits. Continue reading below Obama will challenge the Republican Congress to answer his emphasis on wage stagnation, according to congressional aides briefed on the details.The central question that Obama’s budget will pose to Congress is this: Should Washington worry about what may be the defining economic issue of the era — the rising gap between the rich and everyone else — or should policy makers primarily seek to address a mountain of debt that the White House hopes to control but only marginally reduce as a share of the economy?The proposed budget includes an ambitious $478 billion public works program for highway, bridge, and transit upgrades, which would be partly paid for with a one-time tax on overseas corporate profits.
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"WASHINGTON - President Obama will propose a 10-year budget Monday that stabilizes the federal deficit but does not seek balance, instead focusing on policies to address income inequality as he adds nearly $6 trillion to the debt. The budget - $4 trillion in fiscal 2016 - would hit corporations that park profits overseas, raise taxes on the richest of the rich, and increase the incomes of the middle class through new spending and tax credits. Obama will challenge the Republican Congress to answer his emphasis on wage stagnation, according to congressional aides briefed on the details. The central question that Obama's budget will pose to Congress is this: Should Washington worry about what may be the defining economic issue of the era - the rising gap between the rich and everyone else - or should policy makers primarily seek to address a mountain of debt that the White House hopes to control but only marginally reduce as a share of the economy? The proposed budget includes an ambitious $478 billion public works program for highway, bridge, and transit upgrades, which would be partly paid for with a one-time tax on overseas corporate profits." This article explains the way President Obama plans to close the income gap, and how he plans to do it. In short, Obama plans to raise taxes on the rich, and increase incomes for the middle class, making the income gap decrease. Hopefully, doing this will result in a lesser income gap between the rich and the poor, and make the democracy run more smoothly.