United States – President Releases Budget for FY 2014

United States – President Releases Budget for FY ...

On April 10, 2013, U.S. President Barack Obama proposed additional tax revenue as a part of his $3.77 trillion budget proposal for fiscal year 2014, including several new proposals. Among the more controversial of the president’s proposed spending cuts is a change to the cost of living allowance for Social Security benefits to the less generous “chained CPI.” That change, which would also affect indexation of income tax brackets, among other things, would raise $230 billion over 10 years.

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