There are a lot of commentators asking if a President Obama will be able to follow through with all of his proposed tax cuts. The “cost” of his proposed tax cuts would be $2.9 trillion over 10 years. It is also likely that he will not be able to offset his tax cuts with tax increases next year due to the need to stimulate the economy. Taken as a whole the changes proposed during the campaign would substantially shift the tax burden.
However, President-elect Obama’s tax proposals are not the only ones out there. House Ways and Means Chairman Charles Rangel, D-N.Y., is proposing a corporate tax cut plan.