White House budget includes tax on big banks

The final budget proposal from the White House looks to add $4 trillion in new spending and pay for it by taxing the wealthy, oil companies, and big banks. The proposed budget includes a new fee “on the largest financial firms on the basis of their liabilities.” This was one of a number of taxes […]

The final budget proposal from the White House looks to add $4 trillion in new spending and pay for it by taxing the wealthy, oil companies, and big banks. The proposed budget includes a new fee “on the largest financial firms on the basis of their liabilities.” This was one of a number of taxes that were included in the budget including a $10 dollar per barrel tax on oil, raising capital gains tax to 28 percent, and requiring millionaires to pay 30 percent of income in taxes.

Among the more interesting pieces of the budget, the White House calls for $19 billion to use for federal cybersecurity resources which includes updating federal computers and infrastructure. The budget also calls for a new position, the Federal Chief Information Security Officer.

“The budget makes critical investments in our domestic and national security priorities while adhering to the bipartisan budget agreement signed into law last fall, and it lifts sequestration in future years so that we continue to invest in our economic future and our national security,” the White House said in a statement.

This is for fiscal year 2017 which begins in October. The Republican led House and Senate have already come out in opposition of the budget. Read more analysis in Politico and  the New York Times.

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