ATR Reviews Obama's Budget
Where to begin?
I think Dick Cheney must have edited the definition of "change" in the White House dictionary before he left to read: "Change: higher taxes and increased spending." At least Obama kept his word...his policies are a change from those that cut taxes and stimulated the economy by creating jobs.
The President's proposed FY 2010 budget (Excel document viewed here) (PDF document viewed here), is almost four trillion dollars. Approximately one trillion is additional new taxes on consumers and businesses.
Perhaps most glarring is that the majority of the 2010 budget outline is specifically dedicated to forcing Americans off domestic energy such as gas and oil. Obama is proposing levying new additional taxes on 40 percent of all U.S. oil and natural gas production and discontinue an energy program that will produce 1.2 million new jobs per year.
Not to mention the plan relies on $646 billion in “climate revenues” anticipating that Congress would enact a cap and trade system.
Additionally, Obama wishes to increase taxes on families with incomes of more than $250,000 per year and reinstate the 36 percent and 39.6 percent rates. He wants to reinstate the personal exemption limitation on itemized deducations for familes earning over $250,000. Obama's budget will also tax investments and economic activity by imposing a 20 percent capital gains and dividends tax.
At a time of economic uncertainty, Obama wants to punish those who have the most expendable capital to reinvest in our ecnomy by raising their taxes. He wants to tax the profits of American-based companies who have overseas opperations when they bring their money back to the US to inject in the economy. He wants to kill a energy plan that will create an estimated 1.2 million new jobs every year...and the list goes on and on.
ATR urges you to contact President Obama and express your concerns:
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500