But that's not all. In the fiscal cliff deal earlier this year, Congress, at Obama's demand, increased the estate tax to 40 percent, with a $5 million exemption. In this budget, almost before the ink was dry on the previous deal, he's proposing to increase the rate to 45 percent and reduce the exemption to $3.5 million. Aside from gouging the rich yet again, can we ever have any stability in this tax code?
Just to prove he's not entirely discriminatory against the rich, though, Obama has proposed to stick it to those evil smokers again (are any of them also rich?) in order to pay for his Big Brother-ish "early childhood investments." And the other dirty little secret is that his Buffett rule, along with Obama's other tax hikes on the rich, would result in hurting middle-income and low-income earners because they would apply to small-business owners and investors who fund businesses. They would also further burden the economy and job creation and make it more difficult for the unemployed to get back into the workforce.
According to the Treasury Department's Green Book -- hardly a manual for Bible-thumping bitter clingers -- Obama's budget would increase taxes some $1.1 trillion over the next decade.
Adding insult to injury, this is almost twice the amount Obama claims it to be ($580 billion), according to Heritage. Statically calculated, his budget would add about $1 trillion in revenues, after subtracting the small cuts he has proposed.
There's more. Despite all the fanfare about Obama's proposed cuts in entitlement spending, he would do nothing to restructure Medicare and Medicaid to make them any more sustainable. So honestly, why play games?
He also proposes a raft of new spending increases and subsidies on infrastructure, green energy projects, welfare, a new $76 billion preschool plan (Big Brother referred to above) and, yes, Obamacare while predictably shortchanging national defense.
Worst of all, Obama's budget doesn't come close to balancing; it would add $5.3 trillion to the debt over the next decade. Nothing short of farcical.
The president's approach to fiscal and budgetary matters has been staggeringly reckless, and this budget is more of the same. We're running out of time.