This will hurt the economy, and is the most clear sign that Obama hopes to move the United States on a socialist healthcare program.
President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said, WaPo is reporting.
The budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that Obama hopes to enact later this year, WaPo added.
Obama proposes "a fairly aggressive effort on tax enforcement" that would target tax havens and corporate loopholes, among other provisions. Overall, tax collections under the plan would rise from about 16 percent of GDP this year to 19 percent in 2013.
Even some non-partisan observers question the wisdom of announcing a plan to raise taxes in the midst of a recession,WaPo adds.
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