Explaining Southern California's economy

Obama's 2013 budget: The part rich people should read

Gulfstream V

Phil Vabre/Wikimedia Commons

Sorry, wealthy corporate folk. President Obama wants to take away your precious private jet depreciation schedule.

President Obama released his 2013 budget today. Conveniently, the U.S. Treasury emailed me a summary of the so-called "Green Book," its explanation of the President's recommendations. It's fairly dense. But if you're rich, this is the part you'll want to study, because it's all about how the wealthy in America are taxed, right down to their private jets and interest on hedge-fund earnings (I've edited for length):

Allow the 2001 and 2003 income tax cuts to expire (including the low tax rate on dividends) for households making more than $250,000 per year and restore the estate tax to 2009 levels....Sustaining these unaffordable high-income tax cuts would require either borrowing more, increasing taxes on the middle-class, or deep cuts in other parts of the Budget that help seniors, the middle-class, and the most vulnerable.  The President’s Budget would instead reflect shared sacrifice by allowing income tax rates that exclusively affect upper-income households to return to the levels they were at throughout most of the 1990s...

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