Obama’s Budget Heads To Congress [VIDEO]
President Barack Obama is proposing an increase in taxes on wealthy individuals and some corporations, putting him at odds with all the Republican presidential hopefuls.
The budget also sets the stage for an ideological battle that won’t be resolved until after the November election — if then.
Obama’s proposal released Monday calls for a tax reform package that would increase revenue by $1.5 trillion over the next decade. Obama says he wants to simplify the tax code, lowering marginal tax rates while eliminating or reducing tax breaks enjoyed by wealthy individuals and U.S.-based multinational corporations.
Obama’s GOP rivals, including former Massachusetts Gov. Mitt Romney, have proposed tax plans that independent experts say would result in lower taxes for corporations and the wealthy.
Obama promotes job training at NORTHERN VIRGINIA community college
Obama is calling on Congress to create an $8 billion fund to help connect community college students with businesses looking to hire workers for high-growth industries.
Obama says the fund could train 2 million workers in sectors like health care, transportation and advanced manufacturing. The fund is part of the new budget Obama released on Monday.
Even as the U.S. struggles to emerge from the economic downturn, some high-tech industries have a shortage of workers. And it is anticipated there will be 2 million job openings in manufacturing nationally through 2018.
As he promoted the community college fund and other proposals in his budget, Obama urged Congress not to stand in the way of “America’s comeback.”
(Copyright 2012 by The Associated Press. All Rights Reserved.)