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A Budget Plan for the People
The President’s populist budget will leave Republicans scrambling to explain why they don’t support it.
Feb 03, 2015
What do you need to know about the 2016 budget plan President Obama released this week? Mostly that it benefits ordinary Americans and pays for it by taxing the rich.
It's a long wish list (150-pages) but here are a few highlights:
- This is a $4 trillion budget plan packed with all sorts of things for middle-class and poor families.
- One of the big items on the wish list is a $478 billion public works infrastructure program for roads, bridges, and transit.
- Working families are a big winner as it calls for increased spending on paid leave, universal preschool, and public education.
- Another boon for families: new tax credit for working spouses and tripling of maximum child care tax credit.
If working families are the big winners here, who are the losers? The rich. Big banks. Corporations (especially when they hoard profits overseas).
Here are a few ways the rich would pay for this budget:
- Tax increases for the wealthiest (estate tax & capital gains taxes)
- Taxes on corporate profits that are held overseas.
- Fees on big banks that are overly risky.
Obama's plan is a populist political agenda very much aligned with his recent State of the Union speech. It's ambitious and bold and will leave many Republicans scrambling to explain why they don't support it.
The plan is more than just a symbolic wish list. It's a way to define and shape the debate. Aiming so clearly to lift up working families, reduce income inequality, and pay for it by taxing the rich, this agenda comes at a time when most Americans think a little wealth redistribution sounds great. Of course, Republicans have already come out strongly against it. But the Obama administration just may be betting correctly that the people will be on the President's side.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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Marjorie Elizabeth Wood
Marjorie Elizabeth ("Betsy") Wood serves as Economic Policy Associate and Managing Editor of Inequality.org at the Institute for Policy Studies.
What do you need to know about the 2016 budget plan President Obama released this week? Mostly that it benefits ordinary Americans and pays for it by taxing the rich.
It's a long wish list (150-pages) but here are a few highlights:
- This is a $4 trillion budget plan packed with all sorts of things for middle-class and poor families.
- One of the big items on the wish list is a $478 billion public works infrastructure program for roads, bridges, and transit.
- Working families are a big winner as it calls for increased spending on paid leave, universal preschool, and public education.
- Another boon for families: new tax credit for working spouses and tripling of maximum child care tax credit.
If working families are the big winners here, who are the losers? The rich. Big banks. Corporations (especially when they hoard profits overseas).
Here are a few ways the rich would pay for this budget:
- Tax increases for the wealthiest (estate tax & capital gains taxes)
- Taxes on corporate profits that are held overseas.
- Fees on big banks that are overly risky.
Obama's plan is a populist political agenda very much aligned with his recent State of the Union speech. It's ambitious and bold and will leave many Republicans scrambling to explain why they don't support it.
The plan is more than just a symbolic wish list. It's a way to define and shape the debate. Aiming so clearly to lift up working families, reduce income inequality, and pay for it by taxing the rich, this agenda comes at a time when most Americans think a little wealth redistribution sounds great. Of course, Republicans have already come out strongly against it. But the Obama administration just may be betting correctly that the people will be on the President's side.
Marjorie Elizabeth Wood
Marjorie Elizabeth ("Betsy") Wood serves as Economic Policy Associate and Managing Editor of Inequality.org at the Institute for Policy Studies.
What do you need to know about the 2016 budget plan President Obama released this week? Mostly that it benefits ordinary Americans and pays for it by taxing the rich.
It's a long wish list (150-pages) but here are a few highlights:
- This is a $4 trillion budget plan packed with all sorts of things for middle-class and poor families.
- One of the big items on the wish list is a $478 billion public works infrastructure program for roads, bridges, and transit.
- Working families are a big winner as it calls for increased spending on paid leave, universal preschool, and public education.
- Another boon for families: new tax credit for working spouses and tripling of maximum child care tax credit.
If working families are the big winners here, who are the losers? The rich. Big banks. Corporations (especially when they hoard profits overseas).
Here are a few ways the rich would pay for this budget:
- Tax increases for the wealthiest (estate tax & capital gains taxes)
- Taxes on corporate profits that are held overseas.
- Fees on big banks that are overly risky.
Obama's plan is a populist political agenda very much aligned with his recent State of the Union speech. It's ambitious and bold and will leave many Republicans scrambling to explain why they don't support it.
The plan is more than just a symbolic wish list. It's a way to define and shape the debate. Aiming so clearly to lift up working families, reduce income inequality, and pay for it by taxing the rich, this agenda comes at a time when most Americans think a little wealth redistribution sounds great. Of course, Republicans have already come out strongly against it. But the Obama administration just may be betting correctly that the people will be on the President's side.
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