Obama plans to raise $1.5 trln in tax revenue in 10 yrs
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Xinhua, September 19, 2011
U.S. President Barack Obama is expected to unveil a plan Monday that would raise about 1.5 trillion U.S. dollars in tax revenue over the next decade, the administration's latest effort to balance its books.
The new revenue would mainly come from higher taxes on wealthy Americans and big corporations, and would account for about half of a 3-trillion-dollar deficit reduction proposal to be made public Monday morning, local media reported.
The recommendations would be presented to a bipartisan congressional debt panel as a way to pay for Obama's 447-billion-dollar jobs bill and rein in deficit hike.
The 12-member committee, formally known as the Joint Select Committee on Deficit Reduction, was created under a bipartisan deal inked last month.
Facing sluggish growth and high unemployment, Obama unveiled the job plan on Sept. 8 that included payroll tax cuts for employers and employees as well as new investment in infrastructure projects.
But the president's upcoming higher taxes proposal stands a slim chance to pass the Congress, as it's bound to meet fierce Republican resistance.
