President Obama is issuing new tax hikes.

President Obama’s budget includes $2 trillion in tax hikes over the next decade, more than $400 billion more than previously reported, according to a new Heritage Foundation analysis.

In addition to allowing the 2001 and 2003 Bush tax cuts to expire, raising taxes on job creators and taxing the energy industry, there are $128 billion in new taxes that the media and White House neglected to report on, according to Heritage tax expert Curtis Dubay. That brings the total increase to $1.689 trillion over ten years.

On top of that, the President claims credit for $317 billion in “new” tax cuts that are already on the books. If you subtract out those “cuts”, then you end up with a tax increase of $2,006 billion.

Heritage’s Brownfield explains how the tax increases were hidden:

Dubay explains that OMB reports the tax hikes in areas other than the tax section, misleading readers into believing that the President’s tax hikes are smaller than they are in reality. Among them are the “Financial Crisis Responsibility Fee,” better known as the bank tax, which adds another $61 billion to the President’s tax hike total; a $44 billion tax hike from allowing the IRS to adjust a program integrity cap; a $48 billion increase of the unemployment tax; and a $1 billion hike of user fees for commercial navigation of inland waterways.

During this already weak recovery, the last thing America needs is $2 trillion in higher taxes. Instead, Brownfield encourages Congress to consider a pro-growth plan like Heritage’s New Flat Tax.

What do you think of the President’s tax-hike plan?

Comments (4)

Leonard Hartman - March 6, 2012

It is a sad day when the President is not challenged to do the arithmetic. Did he ever give a percent figure for a “Fair” tax the rich to pay? What is he thinking? 50%? 60%? 95%?
“A man is as good as his word!” The President’s word is not his bind.

Sheldon Rabin - March 6, 2012

Obama and his ilk have a credo of “Any means to an end”. Familiar?! That credo includes lying!

Joseph McKennan - March 10, 2012

I am not in the least surprised. Since early in 2008 I have been losing confidence in the integrity of the government at large. I fully supported the GW Bush administration but none of congress. Obama has made me lose faith in government completely. The only thing that he has said that is not a lie is his promise of change.
Unlike Michelle Obama I am not proud of my country anymore.

Jill Walton - May 22, 2012

It stinks!!!! My husband and I have worked over 20 years. We live modestly. Live within our paychecks. If we cannot afford it, we do not get it. We do not have the luxury of overspending, knowing we can just take it off the backs of others, so why should congress? Every year our taxes go up, whether it’s for food, clothes, gas, etc…………….then we have increases in health care, decreases in working benefits! How much of our hard earned money will we actually be able to keep. I think we should force every member of congress to live on, let’s say 50K a year. Which boils down to about 35K, if you are lucky, rolling “all” the taxes we pay from food to federal and see they they fair. Obviously to congress that is a buttload of cash!!!!

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