In Obama Tax Plan, A Shift of Wealth From the Top Down
It has been called a Robin Hood budget: The spending plan President Obama sent to Congress last week would give the poor new tax cuts, new college loans and a new health care system by taking nearly $1 trillion from the rich in new taxes....
Tax analysts say Obama is taking a page out of the playbook of former president Bill Clinton, whose administration supplied many of the key players on Obama's economic team, including Lawrence H. Summers, director of the National Economic Council, and Gene B. Sperling, a top aide at the Treasury Department.
Clinton, like Obama, argued that the rich had benefited disproportionately from tax cuts enacted by previous Republican administrations. When he took office, Clinton raised the top tax rate on families making more than $140,000 a year from 31 to 36 percent and created a new 39.6 percent tax bracket for families earning more than $250,000 a year.
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Tax analysts say Obama is taking a page out of the playbook of former president Bill Clinton, whose administration supplied many of the key players on Obama's economic team, including Lawrence H. Summers, director of the National Economic Council, and Gene B. Sperling, a top aide at the Treasury Department.
Clinton, like Obama, argued that the rich had benefited disproportionately from tax cuts enacted by previous Republican administrations. When he took office, Clinton raised the top tax rate on families making more than $140,000 a year from 31 to 36 percent and created a new 39.6 percent tax bracket for families earning more than $250,000 a year.