Obama's Budget Raises Taxes On All, Not Just The Rich
Fiscal Policy: President Obama’s top economic adviser says the U.S. should join other nations in creating a “global minimum tax.” One way or another, this administration means to shove a big tax hike down Americans’ throats.
Discussing President Obama's new budget, Gene Sperling, the White House's top economist, said "we need a global minimum tax" so no one escapes paying "their fair share."
This idea is not just bad; it's likely unconstitutional. In any event, it starkly reveals the underlying premise behind Obama's latest budget plan: To hike taxes massively on all Americans to pay for an unprecedented expansion of federal government.
One way to make sure everyone pays "their fair share" is to give them no choice, as with a global minimum tax. This is a big part of Obama's strategy to increase the size and reach of government to record levels.
To pay for it, the president and his aides are using class-warfare to build a case for a big tax hike on "the rich." But beware: The Obama budget includes a $2.8 trillion jump in total taxes over the next 10 years, $1.5 trillion coming from income taxes alone. That amount is so large it can't come solely from the well-off. It will require huge new taxes on all Americans.
It's not hard to see why: Obama has jacked up spending to record levels, and it will continue rising in the coming decade. A quick look at the numbers shows a $2.2 trillion jump in annual spending, from $3.6 trillion last year to $5.8 trillion in 2022.
And even with the rosiest of scenarios painted by the White House budget, the government will add $9.4 trillion in new debt over the decade, nearly doubling our total to $19.49 trillion by 2022.
Americans for Tax Reform has just totaled up the tax increases in Obama's budget. It makes for scary reading:
• Tax rates on most small businesses are expected to go up to 39.6% from 35%.
• Tax rates on capital gains, the fuel for economic and job growth, will jump to 23.8% from 15%.
• Rates on dividends surge to 43.4% from 15%.
• The death tax will jump to 45% from 35%.
• Large businesses will take a job-killing $147 billion tax hit as the U.S. double-taxes overseas profits.
• Families will pay a $100 billion energy tax over the next decade as oil, gas and coal companies get hit with new levies that they will simply pass on to consumers.
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