Heritage.org posted an article yesterday about the hidden tax increases in President Obama’s proposed budget. Hang on to your wallet.
The article reports:
EXCLUSIVE: It could be said that President Obama has never seen a tax hike he doesn’t like — whether it’s letting the 2001 and 2003 tax cuts expire, insisting on higher taxes for job creators, and yesterday calling on Congress to raise taxes on the oil industry. But as much as the President wants to raise taxes, Heritage has discovered that there are even more tax hikes hidden in his budget, adding up to a total of $2 trillion in higher taxes.
In a new report, Heritage’s Curtis Dubay uncovers Obama’s hidden tax hikes and finds that the President’s proposed $1.561 trillion tax increase over 10 years is much bigger than advertised. In fact, the President wants to raise taxes by $1.689 trillion – that’s $128 billion more than was reported by the White House Office of Management and Budget (OMB) in the President’s FY 2013 budget proposal.
What’s to account for the discrepancy? Dubay explains that OMB reports the tax hikes in areas other than the tax section, misleading readers into believing that the President’s tax hikes are smaller than they are in reality. Among them are the “Financial Crisis Responsibility Fee,” better known as the bank tax, which adds another $61 billion to the President’s tax hike total; a $44 billion tax hike from allowing the IRS to adjust a program integrity cap; a $48 billion increase of the unemployment tax; and a $1 billion hike of user fees for commercial navigation of inland waterways.
As long as you don’t work, drive, go boating, have a bank account, or use energy to heat or cool your house, these new taxes won’t effect you.
Please follow the link to Heritage.org to read the entire article.