Washington: President Barack Obama on Wednesday revived a list of his favorite tax ideas, hoping to raise $580 billion in new revenues from the wealthy over a decade in a potential opening gambit to forge a deal with Congress to overhaul the tax code.
While certain not to move forward en masse, his 2014 budget blueprint has elements likely to spur discussion, including a proposal to tax derivatives more stringently, as lawmakers weigh a tax code revamp and face a deadline on the government's debt limit this summer.
"These are all opening bids in any potential grand bargain, so from that perspective they are important," said Chris Krueger, an analyst at Guggenheim Partners.
Congressional Republicans largely blasted the Democratic president's budget proposal, highlighting the difficulty policymakers have had forging a long-term deficit-cutting plan....more
05:07 AM, Apr 11, 2013