Important information on the upcoming budget negotiations you won’t here in the media
Last week, President Obama released his proposed budget for FY2014. This budget proposes significant spending cuts, including a controversial proposal to change the cost of living adjustments made to Social Security (known as Chained CPI), as well as additional increases in revenue, in order to reduce the Federal deficit.
While this proposed budget does not go as far as the Congressional Progressive Caucus’s Back to Work Budget in terms of stimulus spending aimed at job creation or revenue increases as a result of ending individual and corporate tax loopholes, it does go much further than does the budget plan produced by Paul Ryan and the House Budget Committee that was passed in the House of Representatives.The Administration includes stimulus spending on infrastructure, to boost job creation, as well as funding for universal preschool programs.
On the tax side, this budget proposal includes instituting the Buffett rule for a minimum tax…
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