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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Sue Sturgis
Sue is the former editorial director of Facing South and the Institute for Southern Studies.