President Obama announced his budget plan to cut $3 trillion over the next decade. The President's plan includes setting the minimum tax for millionaires, whose income exceeds more than a million, to adjust the tax rates to that at least are comparable to the middle class tax rates. The US tax codes are not progressive and unfair to the middle class earners. The social security tax is capped is the same for all those who earn more than $106,800, the Social Security Wage Base. The new revenues are estimated to amount to $1.5 trillion.
In negotiating a deal with the opposition party, the President proposed to cut Medicare and Medicaid by $580 billion.
In negotiating a deal with the opposition party, the President proposed to cut Medicare and Medicaid by $580 billion.