Republicans demonstrate stern opposition to Obama’s tax increases for the wealthy and greenhouse gas polluters.
Wired PR News.com – President Barack Obama’s proposed tax hikes were met with strong opposition on Tuesday. As reported by the Associated Press (AP), Republicans in Congress as well as some Democrats opposed the increases expressing views that they might lead to tax hikes for everyone.
The plan will reportedly limit the amount high-income taxpayers can claim in itemized deductions for donations to charities and mortgage interest, as well as impose fees for industries that emit a large amount of greenhouse gases.
In response to those who oppose the measure, Treasury Secretary Timothy Geithner is quoted as stating, “This budget targets tax relief to families that have lost ground the past eight years.” Geithner, who testified during a congressional hearing on Tuesday, is further noted as stating the plan would reduce income taxes for 95 percent of families in the U.S. as well as 97 percent of small businesses.
