News / USA

Obama 2014 Budget Proposes Tax Changes for Wealthy

In this April 8, 2013, photo, copies of President Barack Obama's budget plan for fiscal year 2014 are prepared for delivery at the U.S. Government Printing Office in Washington.
In this April 8, 2013, photo, copies of President Barack Obama's budget plan for fiscal year 2014 are prepared for delivery at the U.S. Government Printing Office in Washington.
VOA News
President Barack Obama is proposing a $3.77 trillion U.S. government budget for 2014 that would change taxes for the wealthy and adjust how Social Security benefits are calculated, a plan that fails to satisfy members of both parties.

The proposal intends to reduce the deficit by nearly $2 trillion during the next decade, through a combination of new revenues and budget cuts.  It includes a minimum 30 percent tax on people making $1 million or more a year.  

Obama is pushing for a compromise between Republicans who refuse to raise taxes and Democrats who are seeking to protect popular programs that provide pensions and health care to the elderly and poor.

President Obama's Proposed 2014 Budget

  • Includes $1.8 trillion of additional budget deficit reduction over 10 years
  • Closes tax loopholes and reduces tax benefits for the wealthiest
  • Includes $400 billion in health savings
  • Includes $1 billion investment to launch manufacturing innovation institutes
  • Provides $50 billion for infrastructure investment
     
Source: White House
The president says his proposed budget is not his ideal plan to cut the deficit, but an effort at compromise to end what he says has been a cycle of short-term, crisis-driven decision-making.

Competing budget plans have already been passed by the Republican-controlled House of Representatives and the Democratic-controlled Senate, setting the stage for contentious negotiations.

Republicans are opposed to raising more government revenue, after a deal with Democrats earlier this year that increased income-tax rates on wealthy Americans.  And lawmakers in the president's Democratic Party are angry over his suggestion to switch to a modified formula to measure inflation, which will lower annual cost-of-living increases for Social Security recipients.

Obama will host a group of 12 Republican lawmakers at a private dinner at the White House Wednesday night to discuss his budget proposals.


Some information for this report was provided by AP and Reuters.

You May Like

Video Experts Warn World Losing Ebola Fight

Doctors Without Borders says world is losing battle against Ebola, unless wealthy nations dispatch specialized biological disaster response teams More

Video Experts: Rise of Islamic State Significant Development in Jihadism

Many analysts contend the group - which grew out of al-Qaida in Iraq - has been rebuilding for years More

US-Based Hong Kongers Pledge Support for Pro-Democracy Activists

Democracy advocates call on Chinese living abroad to join them in opposing new election rules for their home territory More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Larger Than Life Chinese Lanterns Make Southern California Appearancei
X
Elizabeth Lee
September 02, 2014 8:57 PM
Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Larger Than Life Chinese Lanterns Make Southern California Appearance

Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Experts See Rise of ISIS as Significant Development

The Islamic State’s rise seems sudden. It caught the U.S. by surprise this summer when it captured large portions of northern Iraq and spread its wings in neighboring Syria. But many analysts contend that the group - which grew out of al-Qaida in Iraq - has been rebuilding for years. VOA's Jela de Franceschi takes a closer look at the rise of ISIS and its implications for the Middle East and beyond.
Video

Video Israel Concerned Over Syrian Rebels in Golan

Israeli officials are following with concern the recent fighting between Syrian rebels and government forces near the contested Golan Heights. Forty-four U.N. peacekeepers from Fiji have been seized by Syrian Islamist rebels and the clashes occasionally have spilled into Israel. VOA’s Scott Bobb reports from Jerusalem.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.

AppleAndroid