On the bright side, there’s a snowball’s chance in hell it will pass Congress.
Via Washington Examiner:
President Obama’s 2014 budget calls for a trillion dollars in new taxes, almost twice as much as previously thought, The Washington Examiner has learned.
“Of the more than $1 trillion in new taxes, about $800 billion is raised through the individual income tax system, about $125 billion comes from new excise taxes — including new taxes on tobacco and financial companies,” a source familiar with the president’s budget explained. “The remainder comes from reverting back to the 2009 estate tax parameters and other miscellaneous tax increases.” […]
The New York Times reported last week that the budget “would reduce deficits more than $600 billion further in that time by additional tax increases on the wealthy and some corporations.”