President Obama's budget proposal includes new tax increases that hit everything from deductions for top earners to packs of cigarettes.
Though the president's newly released plan claims to include $580 billion in new revenue over the next decade, when all taxes and fees are counted the real number is slightly higher than $1 trillion.
Republicans already have said they will not countenance new tax increases, after they already agreed to raise rates on top earners as part of the fiscal crisis deal. But both sides are sure to engage in an exhaustive debate in the weeks and months ahead, particularly as a looming debt-ceiling deadline forces Congress to try to reach a deal.
Here are a few of the notable tax increases in Obama's 2014 budget blueprint that are likely to prove controversial in that debate:
"If you're serious about deficit reduction, then there's no excuse to keep these loopholes open," he said.
But Republicans argued Wednesday that Obama should not hold those entitlement changes "hostage" to calls for tax increases.
House Republican Leader Eric Cantor urged Obama to drop the call for tax increases and work together with Republicans on entitlements.
Republicans also complained that, despite $1.8 trillion in claimed deficit reduction, the budget would still not balance under the president's plan.
Rest of the story: Obama budget proposes more than $1 trillion in taxes, fees | Fox News
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