President Obama’s Budgetary Deceptions
President Obama released the final budget plan of his presidency today, and we can all be grateful that it’s his last. It is a plan that will be, and should be, ignored in Congress because of its deceptions and implausibility.
The starting point is a massive $2.7 trillion tax increase over ten years. This tax hike would be on top of the tax increases the president pushed through Congress in previous years. In Obamacare, the tax hikes totaled $1.2 trillion over a decade. And, shortly after his re-election in 2012, the president demanded a $600 billion tax hike on upper-income earners as the price for not imposing even larger tax hikes on America’s middle class. So, if the president were to get his way with this latest budget proposal, he would have increased the tax burden on American households during his time in office by about $4 to 5 trillion over a decade, or at least $400 billion per year.