U.S. President Barack Obama's $4-trillion budget proposals, which include a major overhaul of the corporate tax system, are dividing opinion among investors and political experts, who question whether U.S. businesses can stomach reforms.
Obama's 2016 budget plan, revealed Monday, included tax hikes for corporations and wealthy Americans in order to support the country's middle class.
But influential investor Dennis Gartman told CNBC the budget was "dead on arrival" in Congress. "It's an old pantomime game that goes on every time," the founder and author of The Gartman Letter said Tuesday.
Among the more controversial proposals in the budget is a one-time 14 percent tax on an estimated $2 trillion in earnings it believes U.S. firms have amassed overseas and a 19 percent tax on future foreign earnings.