President Obama's last budget blueprint before he leaves office is a progressive dream, and includes requests to hike taxes on banks and to provide more funding for global warming.
The overall tax hike on Americans would surpass $2 trillion over the next decade. The overall budget calls for $4.1 trillion in spending, Fox Business News reported.
"The budget makes critical investments in our domestic and national security priorities while adhereing to the bipartisan budget agreement signed into law last fall, and it lifts sequestration in future years so that we continue to invest in our economic future and our national security," the White House said in a fact sheet. "It also drives down deficits and maintains our fiscal progress through smart savings from health care, immigration and tax reforms."
The administration wants expansions for early education, more money for Medicaid, clean energy and climate-change policy, and higher taxes on select Americans.
Specifically, Obama wants to impose a $10-per-barrel tax on oil, to raise $319 million over the next decade, and to raise the top tax rate on capital gains. He also wants millionaires to pay more – at least 30 percent of their income in taxes.
Republicans have already signaled their opposition, particularly to some of the more politically progressive aspects of the plan.
For instance, Obama wants to make permanent the tax credit for wind-energy development, and to increase investments in clean energy from $6.4 billion to $12.8 billion by 2021.
"While we have made significant progress in deploying clean energy technologies, accelerating clean energy innovation is essential to addressing climate change," the White House plan states.