U.S. President Barack Obama will propose tax increases worth USD 1.5 trillion for the next ten years, mainly targeting the wealthy, according to Bloomberg.com. This is part of a plan to reduce the U.S deficit by USD 3 trillion.

Barack Obama presents his plan on Monday at Washington, and the commission has November 23 deadline to reach a deal.

The proposal will put the U.S. President in direct conflict with the Republicans, such as House Speaker John Boehner, who last week said his party wouldn’t accept tax increases and asked the committee to focus on scaling back entitlement programs such as the Medicare health-insurance plan for the elderly.

Read the entire Bloomberg article here.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: The White House)