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.”