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  • The $1.4 Trillion Obama Tax Increase

    Heritage Foundation Senior Policy Analyst Brian Riedl details how President Barack Obama’s budget raises taxes on Americans by $1.4 trillion:

    In his recent address to Congress, President Obama promised that “if your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.” Yet even before the budget was released, he signed into law a 62-cent tobacco tax increase that does not exempt lower-income smokers. His budget proposes a $646 billion cap-and-trade tax that energy companies would immediately pass on to all consumers, including those earning less than $250,000. Consequently, President Obama’s budget would raise everyone’s taxes.

    While there is never a good time to raise taxes, President Obama’s proposal to raise taxes during a recession is especially problematic. Even if the tax increases are not implemented until 2011, many businesses planning long-term investment and hir­ing will likely begin scaling back their plans in anticipation of the coming tax hikes. Nor is an eco­nomic expansion by 2011 guaranteed.

    14trillion

    Posted in Ongoing Priorities [slideshow_deploy]

    17 Responses to The $1.4 Trillion Obama Tax Increase

    1. Franklin's Lock says:

      Wow! Great graphic!

      These kinds of policies are exactly why Obama own this recession. His policies have forced people and businesses to change their plans and create huge slowdowns in the economy. If anything proves this is the graphic on how much the total increase is. How can an economy grow with a $1.4 trillion increase in taxes? It can’t and won’t.

      http://franklinslocke.blogspot.com/

    2. Paul Rinderle says:

      How many people making less than $250,000 would have stocks and bonds?

      My experience is that the middle class in general is involved in the stock market and not just the portion if at all insulated from immediate taxes 401K.

      I would also expect a lot of people being forced to draw down their 401K's to make ends meet and pay the 10% penalty tax. Another source of tax income for the government.

    3. Pingback: Obama’s federal budget: thinking beyond stage one « Wintery Knight Blog

    4. Dennis A. Social Cir says:

      Obama talks with a forked tongue, and ignorant people lap it up like sugar. Wake up and smell the taxes, they stink.

    5. Barbara Cooper, Ariz says:

      Having just experienced the $.62 cent tax on tobacco (wound up being $10.00 per carton or $1.00 per pack), it is obvious that those of us below $250,00 are going to become aware of all these wonderful programs that won't affect us. By the way, I make much less that any $250,00 per year, but I can testify that I pay LOTS of taxes.

      How can we be such fools??

    6. Tim AZ says:

      The welfare class will be the biggest fools. They will not be able to maintain their current quality of life with the amount of money they recieve from welfare. First they will be hit with the energy taxes passed on to them from the manufactures who make everything they buy. Secondly they will be hit with inflation from all the money printed by the Govt. to prop up all this garbage called netitlements. I guess the liberals whant them to eat dog food and still vote for them.

    7. jerry louisiana says:

      I guess we will have to put another difinition in the dictionary under LIAR. That would be Obama

    8. debbie california says:

      What more can be said that what was said before we elected him. None of this is news, he said, the conservatives said it and still he was elected. The people clapped when he said we have to raise taxes. He wants to destroy the way the Americans live, and he is doing it with ease.

    9. Lynn B. DeSpain says:

      So, he lied! What did you expect? Someone promises you a brand new car for one hundred dollars, no strings attached, are you going to believe him? Evidently most of you did.

      Hozro

    10. Olathe, KS says:

      Mr. Obama's lack of governing experience is apparent, HOWEVER, 'his agenda and desire for

      'controlling' i.e. Socialism, is also apparent.

      Each American who values FREEDOM, DEMOCRACY and our REPUBLIC must stay vigilant, speak out when appropriate and 'not give up'. Our Constitution was written by Experts, we must not allow Congress and the Administration to ERASE 'any' part of it.

      Jude

    11. Pingback: Thursday morning links - Maggie's Farm

    12. Geoff Brown, Billing says:

      The chart on expected revenue enhancement includes one of the great economic errors: that increasing tax rates increases revenues. That is often wrong. Increasing tax rates will decrease (in most cases) the activity the produces the tax in the first place and reduce revenues. Increasing inelastic taxes (like property taxes — you can't "not own" your house) sucks money away that would otherwise go to transactions that generate tax revenue.

      Revenues increase when the tax base increases, which means more activity. This is old news, but the lesson never seems to take.

    13. Kent Tihlen, Indiana says:

      "And while President Bush was the one who started the bailout, nationalizing an insurance company, added a $17 trillion drug prescription entitlement program, had a government-mandated public school initiative, literally titled No Child Left Behind,' wiretapped citizens without warrants, created secret internment camps in international waters behind the reach of our justice system and allowed his vice president to live in a netherworld between the executive and legislative branch. Only now with … has tyranny come to our shores."

    14. Pingback: The Greenroom » Forum Archive » The Left does not care about you, peasants

    15. Pingback: Gun control coming soon on Obama agenda? « America, You Asked For It!

    16. Pingback: Patterico’s Pontifications » The Left does not care about you, peasants

    17. Pingback: Conservative Compendium » “I haven’t signed a bill that’s raised taxes yet.”

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