Obama's budget calls for big tax hike on the rich

02/21/2012 | InvestmentNews (free registration)

President Barack Obama proposed $1.4 trillion in new taxes on wealthy Americans as part of his $3.8 trillion budget proposal released last week. The plan would tax dividends -- now taxed at 15% -- as ordinary income, raising the top tax rate to 39.6%. Before 2003, dividends were taxed as oridinary income. "We don't need to be providing additional tax cuts for folks who are doing really, really, really well," the president said.

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