We often get the question at ATR, "how much has Obama supported in new taxes?" This new study seeks to answer that question.
For the first time ever, the tax increases signed into law, as well as proposals for tax hikes made by or supported by President Obama have been pieced together. It combines three elements:
- The tobacco tax hike he signed into law in February 2009
- His budget proposal, also from February of 2009, and
- The latest version of healthcare reform, which he has endorsed
The results are shocking. All told, these tax hikes total $2 trillion over the next decade. This does not even count his 2010 trial balloons, such as a value-added tax (VAT) or a new bank tax.
This is more in taxes than was ever supported by any past President since World War II, even after indexing for inflation.
Click here to read the full report.