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Obama’s 2014 budget plan includes tax increases for the rich

FXstreet.com (Barcelona) - Later today US President Barack Obama is due to announce the 2014 budget, which includes a tax increases for the wealthiest citizens and some expenditure cuts aimed at reducing deficit in the course of the next two years.

The draft of the budget, which Obama will present at 15:15 GMT, foresees imposing a 30% tax on people who earn 1 million dollars or more. Additionally, government sources said that tax breaks would be limited to 28% and that some spending cuts will be implemented, although it was not specified which sectors would be affected.

If the proposal is met with Republican support and is approved, it could reduce the US budget deficit to 2.8% GDP in 2016.

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