Obama's New Budget : To favor college kids ( He won this demographic in 2008 by an extraordinary margin ) - Obama to help community colleges, financial aid and tax credits for them and their students. Loans for undergraduate students

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Obama campaign’s attempts to rally the middle class, a narrative of shared responsibility including adequate taxation of the rich that are now in a wonderful paradise of extremely low taxes.

This is a proposal to strongly help American Youngsters in their Education, and to help the Middle Class and the Real Small Businesses that are creating Real Jobs. And not falling in the delusions and traps of the discredited "Trickle Down Economics" ( that is giving money to the rich, allegedly to help the Poor )

POLITICO.COM
President Obama's budget targets key voters
By CARRIE BUDOFF BROWN
Februaryh 14, 2012


President Obama's budget targets key voters

Some excerpts :

Families that earn more than $250,000 aren’t in the clear, despite the efforts of some leading congressional Democrats to raise the threshold for new taxes to the more politically palatable $1 million mark.

It turns out that Obama doesn’t just want to eliminate the Bush-era tax cuts for these upper-income families and limit the amount of charitable deductions they can take — two ideas he renews in the budget.

He also proposed taxing dividends as ordinary income, raising the top rate to 39.6 percent from 15 percent. It was a move that surprised analysts because he hasn’t advocated such a high rate in the past.

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“We simply can’t afford to devote $206 billion for lower tax rates for the highest-income Americans,” Gene Sperling, White House director of the National Economic Council, told reporters Monday. “Our system for taxing investment income for the most well-off Americans is clearly broken.”

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And Obama went to bat once again for teachers and first responders — two more key allies — by renewing his call for $30 billion to prevent layoffs at the state and local levels.

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But Obama and his team made a strategic decision months ago to put the deficit second to job creation — and it has served them well politically if not fiscally, as the unemployment rate has declined to its lowest level in three years.

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Play to the Rust Belt

Obama continues his play for the industrial Midwest and mid-Atlantic regions — crucial battlegrounds — with a series of tax incentives aimed at manufacturers.

Manufacturers that create jobs at home? They get a tax break. Communities affected by manufacturing job losses? They get $6 billion in targeted assistance. Companies that pursue advanced manufacturing? They get double the amount of deductions.

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Big banks face a $61 billion tax, which is doubled from last year and would help fund the president’s mortgage refinancing program. The financial services industry doesn’t like Obama’s Buffett Rule for a minimum 30 percent tax rate for millionaires, or his plan to hike taxes on dividends for the wealthy, or his promises to raise the carried interest rate that targets private equity and hedge fund managers. Oil and gas companies risk losing $41 billion in subsidies.

The initiatives play well with progressives, tap into the anger harnessed by the Occupy Wall Street movement and box in Republicans, particularly Romney, as defenders of the wealthy and corporations.

“With full knowledge that this will not pass or there will not be a deal, Obama is using the budget document to set up a very popular argument in the election campaign,” said Roger Hickey, co-director of the Campaign for America’s Future, a progressive advocacy group.

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