Monday, February 14, 2011 11:30 AM

Obama Seeks Huge Array of Tax Hikes

In a move that proves that the President does not have any grasp of the sweeping changes in the mid-term elections, Rejected Tax Increases Make a Return in Obama Budget Proposal.
http://www.bloomberg.com/news/2011-02-1 ... posal.html

President Barack Obama proposed a budget that calls on Congress to raise the taxes of the highest U.S. earners, multinational corporations and oil and gas companies, reviving revenue provisions that Congress has rejected or brushed aside before.

The budget, released today in Washington, would bring back pre-2001 tax rates for individuals earning more than $200,000 annually and married couples making more than $250,000. The estate tax would return to 2009 levels with a $3.5 million per- person exemption and a 45 percent top rate. Under a law Obama signed in December, lower tax rates expire at the end of 2012.

“These policies were unfair and unaffordable when enacted and remain so today,â€