The addition to SEC funds would allow the agency to add 676 professionals next year, a 15% increase in the agency’s staffing level over 2012, stated AdvisorOne.
Treasury Secretary Timothy Geithner said the budget proposals "strike the balance between supporting growth and laying out a responsible, long-term deficit reduction plan that simplifies the tax code and asks the most fortunate to pay their fair share."
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Obama’s plan aims to renew the Bush tax cuts for families earning less than US$250,000 per year, but allow them to expire for those earning more.
Obama, in his State of the Union speech in early February, had said "Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households."
The budget also calls for US$1.5 trillion in tax increases over 10 years, an amount which is considered to strengthen the economy in the short term while reducing the federal budget deficit in the long term.
Regarding estate tax, the budget remains opposed to the extension of these high-income tax cuts past 2012 and supports the return of the estate tax exemption and rates to 2009 levels, which according to Obama would reduce the deficit by US$968 billion over 10 years.
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