Taxes!

Obama unveils $3.8 trillion budget

The budget calls for $53 billion in tax cuts and $50 billion job-creating measures, including small-business tax cuts, as well as new investments in green technology and infrastructure programs for work on roads and bridges.

The budget proposes new tax breaks and incentives for small businesses that hire new employees or boost wages, which would cost $30 billion. There would also be tax breaks for small businesses that make new investments.

The budget includes a one-year extension of Making Work Pay tax breaks, delivered as a part of last year’s stimulus package, which would cost $22 billion. This credit resulted in slightly higher paychecks for 110 million families, according to the White House.

It would make permanent tax cuts passed during the Bush administration for all except high-income households making more than $250,000 a year.

Tea Party!