On Sunday, in a live, nationally televised interview just prior to the Super Bowl, President Obama made the following claim:
“I didn’t raise taxes once. I lowered taxes over the last two years. I lowered taxes for the last two years.”
Let’s break down the statement, starting with Obama’s “I didn’t raise taxes once” claim. This assertion is blatantly false, as President Obama has signed into law at least two dozen tax increases:
Feb. 4, 2009 – Obama signs federal tobacco tax hike: Just sixteen days into his presidency, Obama signed into law a 156 percent increase in the federal excise tax on tobacco– a hike of 62 cents per pack. Obama’s signature on this tax hike was a violation of his central campaign promise – a “firm pledge” that no American making less than $250,000 would see “any form of tax increase”. The median income of smokers is just over $36,000.
March 23, 2010 –Obama signs the healthcare bill into law: Obama’s signature on the health care bill enacted two dozen new or higher taxes (at least seven of which violate his “firm pledge” on taxes), including but not limited to:
— Individual Mandate Excise Tax
–Employer Mandate Excise Tax
— Small business 1099-MISC Information Reporting
–Surtax on Investment Income
–Excise Tax on Comprehensive Health Insurance Plans
–Hike in Medicare Payroll Tax
–Medicine Cabinet Tax
–HSA Withdrawal Tax Hike
–Flexible Spending Account Cap – aka“Special Needs Kids Tax”
— Tax on Medical Device Manufacturers
— "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI
— Tax on Indoor Tanning Services
— Elimination of tax deduction for employer-provided retirement Rx drug coverage
— Blue Cross/Blue Shield Tax Hike
— Excise Tax on Charitable Hospitals
— Tax on Innovator Drug Companies
— Tax on Health Insurers
— Biofuel “black liquor” tax hike
— Codification of the “economic substance doctrine”
Now let’s turn to the second part of Obama’s claim: “I lowered taxes over the last two years. I lowered taxes for the last two years.”
- President Obama’s entire claim of being a net tax-cutter rests merely upon the temporary tax relief he has signed into law. The tax increases Obama has signed into law have invariably been permanent. In fact, Obama signed into law $7 in permanent tax hikes for every $1 in permanent tax cuts
- Over 90% of the dollar value of the tax cuts Obama signed into law are only temporary
- 100% of the tax increases Obama signed into law are, however, permanent
- Permanent changes to tax law signed by Obama amount to a net tax hike of $618.7 billion