To help subsidize the $3.8 trillion proposed budget for fiscal year 2011, President Obama will increase taxes on some businesses and upper-income households by nearly $2 trillion during the next decade, a plan that will still leave the nation with $8.5 trillion in added debt in 2020, The Wall Street Journal reports.
By allowing the cuts introduced by the previous administration to expire, Obama will increase taxes on families with a household annual income above $250,000 by as much as 3.6 percent. Oil companies will also lose $35.5 billion in tax breaks over the next 10 years.
Some of Obama’s other initiatives include limiting the tax deductions that the wealthy can claim for charitable donations, mortgage payments and local taxes, according to Fox News.
The president’s new increases have drawn the ire of many fiscal conservatives, including several top Republicans in the House.
"This budget features too many new taxes, too much new spending and too much new debt," said Representative Dave Camp of Michigan, the lead Republican on tax-writing for the House Ways and Means Committee, quoted by the news source.
Through various programs and credits, the current administration will also cut taxes for some workers and other businesses by approximately $330 billion.