President Obama just released his budget proposal for the year 2013. In addition to a number of other changes, Obama is recommending an increase of hundreds of billions of dollars from large, global corporations and eliminating previous tax breaks.
Many people have been urging the president to raise taxes on the wealthy and lift the burden from blue collar citizens, and it seems that he is listening for the moment. The plan does resemble previous White House proposals, but makes its point in a more focused and aggressive manner.
The plan would significantly increase taxes on big businesses, who have been riding high by taking advantage of tax breaks and putting pressure on politicians. The plan would also eliminate deductions for oil companies, and decrease the frequency of tax breaks.
As well as ending previous tax incentives, Obama is introducing some new ones. For example, the new hire initiative offers businesses a ten percent tax credit for hiring new employees and giving raises to old employees.
There is a large group of people who don’t think that this proposal will actually make it past Congress. Like similar attempts in the past, Congress is likely to support the rights of big business, and we use the word “rights” very loosely here.
It is about time that large corporations started to contribute their share to this country’s financial crisis. It is due to large businesses and outsourcing that Americans are struggling to find work, while other nations are making everything we need and want.
The bill was just released and we will have to wait and see exactly how Congress will respond. Either way, there is still more work to be done to ensure corporate social responsibility!