WASHINGTON (AP) — President Barack Obama's budget plan would increase taxes by $1 trillion over the next decade, including a new tax on cigarettes and familiar proposals to increases taxes on the wealthy and some corporations.
The president said his plan includes $580 billion in tax increases to help reduce government borrowing. But the tax hikes don't stop there. Obama's budget proposal would also impose an additional $400 billion in tax increases. Much of it would be used to pay for more spending.
Obama's proposal would increase the federal tax on cigarettes from $1.01 a pack to $1.95. The new cigarette tax would raise an estimated $78 billion over the next decade to pay for pre-school programs for children.
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