September 22, 2011
CCH Tax Briefing on President Obama's Deficit Reduction Plan
"President Obama unveiled a $3 trillion federal budget Deficit Reduction Plan on September 19, 2011 including $1.5 trillion in tax increases. Th e Presidentís Deficit Reduction Plan (ďLiving Within Our Means and Investing in the Future: The Presidentís Plan For Economic Growth and Deficit ReductionĒ) makes good on his pledge to produce a balanced deficit reduction package, one that combines spending cuts with revenue raisers. Increased taxes on higher income individuals would account for a significant portion of the revenue raised under the Presidentís Deficit Reduction Plan. Other areas targeted for tax hikes include the oil, gas and coal industries, certain international activities and more."