Obama’s Proposed Budget Targets Economic Inequality

President Obama released his $3.901 trillion budget proposal Tuesday, providing a benchmark of the principles of his party despite the prospect that little of it will become law.

Politico: “It seeks $651 billion in new revenue from the rich, would formalize in the tax code a rule named for billionaire investor … Warren Buffett, cuts the size and pay of the military, and expands or creates a series of social programs the president has long touted.”

According to The New York Times, Obama’s tax package will embody one of his central themes — economic inequality — through the proposal of expanding the Republican-inspired earned-income tax credit.

“By including the new tax-credit proposal and emphasizing its limited Republican pedigree, Mr. Obama is underscoring his struggle to set an agenda that stands a chance to become law, at least in part — in this case, to try to reduce inequality of incomes and economic opportunity.”

Obama: “Our budget is about choices. It’s about our values … As a country, we’ve got to make a decision if we’re going to protect tax breaks for the wealthiest Americans or if we’re going to make smart investments necessary to create jobs and grow our economy and expand opportunity for every American.”