March 18, 2009 02:10 PM | Permalink |
Budget Proposal Includes Significant Progressive Initiatives & Tax Reforms, But Revenues Fall Short
(State-by-State Figures in Appendix)
On February 26, President Obama sent to Congress the blueprint for what could be one of the most progressive federal budgets in generations. The budget calls for national health care reform, expanded education funding, a program to reduce global warming, and several improvements in human needs programs. It would make the tax code considerably more progressive, and close a number of egregious tax loopholes.
But there is a huge flaw in the budget proposal: It does not raise enough revenue to pay for public services. Instead, its net effect is to cut taxes dramatically.