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.
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.