Sept. 12, 2008: Candidate Obama said the following:
“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.” (Dover, NH) [Transcript] [Video clip]
Feb. 4, 2009: Speaking before a joint session of Congress, Obama said:
“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.” [Transcript]
April 15, 2009: When asked if Obama’s tax pledge applies “to the health care bill”, White House spokesman Robert Gibbs replied:
“The statement didn’t come with caveats.” (White House Briefing) [Transcript]
August 3, 2009: Gibbs reiterates Obama’s tax pledge:
“I am reiterating the President’s clear commitment in the clearest terms possible, that he’s not raising taxes on those who make less than $250,000 a year.”[ Transcript]
This promise has been broken again and again.
Tobacco Tax Hike (Signed into law by President Obama on Feb. 4, 2009)
- Small cigar tax hike ($0.65 billion)
- Large cigar tax hike ($4 billion)
- Cigarette tax hike ($57.3 billion)
- Other tobacco products ($2.7 billion)
TOTAL <$250,000 TOBACCO TAXES: $64.7 billion/10 years
Obama Budget Submission (Feb. 26, 2009)
- Tax “carried interest” capital gains at ordinary income tax rates ($23.5 billion)
- Codify “economic substance doctrine” ($4.7 billion)
- Repeal LIFO accounting for inventories ($61.1 billion)
- Eliminate advanced EITC (Only outlay effects)
- “Cap and trade” energy tax ($624 billion)
TOTAL <$250,000 TAX HIKES IN OBAMA BUDGET: $713.3 billion/10 years
Senate Healthcare Bill (Supported by President Obama)
- Individual mandate tax ($15 billion)
- Employer mandate tax ($28 billion)
- Medicine cabinet tax ($5 billion)
- HSA early withdrawal tax hike ($1.3 billion)
- Special needs kids tax ($13.3 billion)
- Raise “haircut” for medical itemized deduction to 10% AGI ($15.2 billion)
- STRICKEN Botax–REPLACED Tanning salon tax ($2.7 billion)
TOTAL <$250,000 TAX HIKES IN HEALTH BILL: $80.5 billion/10 years
TOTAL <$250,000 TAX HIKES IN OBAMA’S FIRST YEAR $858.5 billion/10 years