President’s Final Budget Proposes Taxing Banks

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President Barack Obama’s proposed budget for 2017 would pour billions into education, clean energy, and Medicaid by increasing taxes on big banks and America’s wealthiest citizens. The $4 trillion proposal includes hundreds of billions of dollars in new taxes on capital gains and a newly imposed “Buffett Rule,” which would require millionaires to pay nearly 30 percent in income taxes. The plan includes $11 billion over the next ten years to help end family homelessness.