President Obama releases a $4 trillion budget today that calls for middle class tax cuts and major investment in infrastructure. The plan would rely on taxing rich Americans by closing tax loopholes on capital gains and trust funds.
Republicans are not on board. Rep. Paul Ryan of Wisconsin said Obama was exploiting “envy economics.” The president’s proposal included a child care tax credit, a $500 credit for “second-earners” in a household and more money for a preschool development program.
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- Marilyn Geewax, senior business editor for NPR. She tweets @geewaxnpr.
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