President Barack Obama’s latest budget is his most populist ever, seeking big tax hikes to pay for ambitious new spending on education and infrastructure in a dare to Republicans to find common ground.
Here are the biggest and boldest among his tax proposals. All estimates are for revenue raised or spent over 10 years.
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9. TOBACCO TAX: The administration proposes to nearly double taxes on cigarettes and small cigars to about $1.95 per pack from about $1.01 per pack, and index the tax for inflation.
The hikes would pay for two politically powerful initiatives: an extension of the Children’s Health Insurance Program — which is due to end this year if Congress doesn’t extend funding — and Obama’s ongoing proposals to guarantee universal access to preschool.
Would raise $95 billion.
