2/23/2012

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.

Related Summaries