Facing South

INSTITUTE INDEX: A budget for the 99 percent?

Amount of new revenue that the budget plan unveiled this week by President Obama would collect from the wealthiest Americans: $1.4 trillion

Current top tax rate for the wealthiest U.S. individuals: 35%

Top rate proposed in the budget: 39.6%

Current tax rate for capital gains, the profits from investments in assets such as stocks, bonds or real estate: 15%

Capital-gains tax rate proposed in the budget: 20%

Amount the budget would raise over a decade by taxing dividends paid to high-income* corporate shareholders at the same rate as wage income: $206.4 billion

Additional tax on unearned income of the wealthiest Americans that takes effect next year as part of the health-care reform law: 3.8%

Given the proposed new taxes, rate that some taxpayers could pay on dividends next year: 43.4%

Percent increase that represents over what they now pay: almost 300

Minimum tax rate that the budget would impose on millionaires' unearned income: 30%

Amount the budget would save over 10 years by eliminating a dozen tax breaks to the oil, gas and coal industries: $41 billion

Percent of the Bush tax cuts that Obama's new budget plan would make permanent: 79

Amount by which those tax cuts would reduce revenue over a decade: $3.5 trillion

Number of taxes the budget plan proposes on financial transactions, which some have called for as a way of curbing speculation: 0

Percentage cut the budget would make in social spending, including home heating assistance, housing for people with disabilities, and children's mental health services: 14

Amount the budget plan would spend over the next six years on infrastructure improvements: $476 billion

On job creation: $350 billion

On modernizing schools: $30 billion

On helping states hire teachers, police and firefighters: $30 billion

Percent of gross domestic product to which deficits must shrink in order to prevent U.S. debt from growing faster than the economy: 3

Percent of GDP to which deficits are anticipated to shrink in the proposed budget: 2.8

*Individuals making more than $200,000/year or married couples making more than $250,000/year.

(Click on figure to go to source.)

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Facing South
Facing South
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