President Obama’s soon to be released 2017 budget proposal contains a $320 billion tax hike over ten years to fund a new “clean transportation” plan. This massive new spending plan calls for a tax increase on the American people – a $10 tax per barrel of oil that will be passed onto drivers in the form of higher prices at the pump.
Obama’s budget will propose over $200 billion in new spending on “bullet trains” and other transit systems, $100 billion on a “climate smart fund,” and $20 billion research into clean transportation including self-driving cars.
The new $10 tax will be phased in over five years. The tax could increase the cost of gas by as much as 25 cents, according to Politico.
Obama’s new tax hike violates 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.
Obama has already broken his middle class tax pledge when he signed Obamacare into law, and when he vetoed legislation that repealed 16 Obamacare taxes, including seven that directly raise taxes on middle-income Americans.
This latest proposal continues in this direction and will leave middle class Americans again on the hook for a massive, wasteful new spending program.