Obama's new budget plan

According to BBC, US President Barack Obama has advised to raise taxes on the rich in 2013. This involves 1.5 trillion dollars in new taxes, most of which was caused from allowing Bush-era cuts to terminate.

A Buffet Plan tax hike on millionaires is also being called for, as are infrastructure projects.

Republicans are not in agreement with this plan. They believe that the budget will not curb the deficit.

The details of the approximately 4 trillion dollar plan was shared with students at a college in Virginia on Monday morning by the president.

The budget has included saving roughly 40 billion dollars over the next ten years by exterminating tax loopholes for gas, oil and coal companies, as well as cutting healthcare spending by approximately 370 billion dollars.

Not only that, but Obama’s budget plan also includes gaining roughly 60 billion dollars over the next 10 years through a levy on financial institutions to bounce back from the cost of the bailout.  

Cuts will also be made to the US Postal Service over the next 11 years. These cuts will add up to roughly 30 billion dollars.

Approximately 470 billion dollars will be invested in infrastructure projects. 50 Billion will go towards transport, 30 billion towards an upgrade of schools and another 30 billion to hire teachers, police and firemen. 

Flickr: Intel Photos