President Obama’s budget proposal includes $478 billion public works program

On Sunday it was announced that President Obama on Monday will send a $4 trillion dollar budget to Congress, which will include a questionable $478 billion public works program for highway, bridge and transit upgrades. According to White House officials, the funding for the program will come from a one-time 14% transition tax on the up to $2 trillion dollars of untaxed foreign earnings that American companies have accumulated overseas. The tax on accumulated foreign profits would be set at 14 percent, significantly lower than the current top corporate rate of 35 percent.

The budget plan begins early October will also include proposals he highlighted during the State of the Union in January. The spending will be supported by $3.5 trillion dollars in revenue according to the Associated Press. The budget proposal will include a handful of spending programs and tax increases that Republicans have labeled as “nonstarters.” Obama’s budget does not include any changes to Social Security and Medicare. Obama’s public works proposal would provide upgrades to the country’s highways, bridges, and public transportation systems. The White House is also proposing an overhaul to corporate taxes by stopping certain tax breaks and lowering tax rates, a tough challenge that both President Obama and Republicans have agreed to tackle. Continue reading at


Have you checked out our book of the month?


Follow Ms. Dana Perino on Twitter


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.