In all, Obama would increase taxes on some businesses and wealthy individuals by a total of about $1.4 trillion over the next decade, while cutting taxes for middle-class workers and other businesses by about $330 billion. The bottom line: Tax receipts would increase by about $1.1 trillion over the next decade.
Congressional Democrats praised most of Obamas initiatives, but their lukewarm response to some of the tax increases suggests a tough fight for the administration. Obamas proposal to increase taxes on international businesses would be better addressed as part of a package overhauling the entire tax system, said Sen. Max Baucus, D-Mont., chairman of the tax-writing Finance Committee.
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