President Obama is out with his final budget to Congress today, which proposes to spend $4.1 trillion in the next fiscal year.
According to the Associated Press, Obama’s budget would increase taxes by $2.6 trillion in ten years, nearly double the $1.4 trillion in new taxes Obama tried to win in his previous budget proposal.
The 182-page budget is dead-on-arrival in Congress, but it is useful to see what Obama’s priorities will be in the coming year.
The plan would include an already widely-discussed $10-a-barrel fee on oil and would spend $300 billion over a decade for green vehicles and transportation initiatives
Here are some other highlights via Bloomberg:
- $755 million for cancer research
- $6 billion to help low-income teenagers get jobs
- $4 billion for development of driverless cars
- $4 billion for computer coding classes for children
- $1.1 billion to curb the U.S. opiate-abuse epidemic
- $36 billion in new taxes on corporations
- $56 billion more taxes on wealthy individuals.
House Speaker Paul Ryan dismissed the budget soon after it was released:
“President Obama will leave office having never proposed a budget that balances—ever,” he said. “This isn’t even a budget so much as it is a progressive manual for growing the federal government at the expense of hardworking Americans.”