Obama Budget Spreads the Tax Pain - Yahoo! Finance

Obama Budget Spreads the Tax Pain - Yahoo! Finance

President Barack Obama's budget proposal would lead to significant tax increases on upper-income Americans, and also to moderate increases on some lower-income Americans, largely because of a new tax on tobacco products, according to an analysis by a Washington think tank.
The Tax Policy Center, a project run by the Urban Institute and the Brookings Institution, found that the budget plan would raise roughly $1.1 trillion over 10 years through a combination of limits on tax breaks, a tax on the banking industry and new estate taxes, among other things. The White House's proposed tax increases have run into stiff opposition from congressional Republicans.
Still, the plan is likely to draw attention from House and Senate leaders considering whether to pursue an overhaul of the tax code this year, particularly because the White House says that tax increases must be part of any broad deficit-reduction plan.