W.H. Admits 2017 Budget Has Tax Hikes on Upper Income Earners; Calls Them Spending Cuts

RUSH TRANSCRIPT:
"In answer to your question on taxes the budget proposals $277 billion of tax cuts for middle-class families that helps everything from child care, triple the child tax credit, pro work by having tax credit for secondary earners, simplifies and expands tax credits for college, expands the tax breaks to encourage small businesses to offer savings plans and people to take them up and also expand the the itc for people without qualifying children, and non custodial, take this together and the main experience most Americans would get in terms of their taxes as a result of this budget would be a tax cut for things like child care, college, retirement savings, work and low-income households. As part of the deficit plan the budget does as a whole curb instead of tax breaks for high-income households, one of those for example limits the tax deduction for high-income households to 28% that would only affect households making above $250,000 a year and that is something my predecessors felt described as more akin to a spending cut because that takes place to that tax code that is being cuts, another example is a loophole for high-income households on net investment income which we would propose to close here. The revenue for high-income households, coming from cutting back on tax expenditures, closing tax loopholes, not raising rates."