President Obama released a new budget for Fiscal Year 2013 and the $3.8 trillion plan has special interests all over town trying to find benefits. K Street is worried this year about upcoming debates on corporate taxes, sequestration, and the end of the Bush tax cuts.
National Journal reports:
Obama’s spending blueprint proposes eliminating a dozen oil, gas and coal tax breaks worth $41 billion over the next decade. The American Petroleum Institute is launching TV, print and online ads this week in Illinois, Michigan, Missouri, New York, Ohio, Pennsylvania and inside the Beltway that outline the negative effects increased energy taxes will have on consumers and business. The ads, which are scheduled to run through the end of the month, are in addition to the Vote 4 Energy ads that will continue to run nationally.
Financial institutions, who have been getting a lot of flack recently from protesters up to the president, are also on edge:
Making a return appearance to the budget this year is a $61 billion tax on the largest financial institutions to offset the costs of the bank bailouts and Obama’s mortgage refinancing program. The so-called “bank tax” has made an appearance in the president’s last three budgets, said American Bankers Association executive vice president James Ballentine.
The Republic Report, the blog associated with United Republic, reports today that Ballentine is threatening to “mobilize the grassroots” if any of these tax policies gain traction.
What grassroots support do Big Banks have anyway?