Obama Budget Calls for $3.4 Trillion Tax Hike

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Posted by Alexander Hendrie on Tuesday, February 9th, 2016, 11:51 AM PERMALINK


President Obama’s final budget will increase taxes on the American people by up to $3.4 trillion over the next ten years, according to the House Ways and Means Committee.

The President’s adjusted baseline predicts revenues of $43.1 trillion over the ten year window, while his proposed budget calls for revenues totaling $46.5 trillion – an increase of $3.4 trillion.

The Obama budget will result in massive new taxes on already overtaxed American families.

Many of Obama’s new tax hikes violate the spirit – if not the letter -- of Obama’s “firm pledge” against “any form of tax increase” on any American earning less than $250,000.

One previously announced tax hike in the Obama budget calls for a $320 billion energy tax increase on the American people. This new tax comes in the form of a $10 tax per barrel of oil that will be passed onto drivers in the form of higher prices at the pump.

This tax hike would be used to finance a massive new “clean transportation” program that would spend billions on bullet trains, self-driving cars, and a “climate smart fund.”

See also:

Obama Budget Contains $320 Billion Energy Tax Hike

Obama's Final Budget: Highest Cap Gains Tax Since 1997

 

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