While we were all focused on the New Hampshire presidential primary yesterday, President Obama introduced his final budget plan complete with a whopping $3.4 trillion dollar tax hike for American families. ATR has the details:
The President’s adjusted baseline predicts revenues of $43.1 trillion over the ten year window, while his proposed budget calls for revenues totaling $46.5 trillion – an increase of $3.4 trillion.
The Obama budget will result in massive new taxes on already overtaxed American families.
Many of Obama’s new tax hikes violate the spirit – if not the letter -- of Obama’s “firm pledge” against “any form of tax increase” on any American earning less than $250,000.
One previously announced tax hike in the Obama budget calls for a $320 billion energy tax increase on the American people. This new tax comes in the form of a $10 tax per barrel of oil that will be passed onto drivers in the form of higher prices at the pump.
Obama's budget has been met with immediate rejection from Republicans and Democrats on Capitol Hill.
"The President’s final budget is clearly about promoting his liberal legacy instead of securing America’s financial future. Why is he wasting his last opportunity in office to tackle the real challenges facing our country? While a $3.4 trillion tax increase and $2.5 trillion in new spending over the next decade might please very liberal voters, they will only make life more expensive for the vast majority of Americans. This document will not prevent American jobs from moving overseas, Medicare from going bankrupt, and healthcare spending from continuing to rise," House Ways and Means Committee Chairman Kevin Brady released in a statement. “Later this week, Ways and Means Republicans will have an opportunity to speak with Secretaries Burwell and Lew about this budget. We’re going to express our concerns on specific proposals, including the President’s new oil tax that will drive up energy bills and destroy jobs."
Texas Senator John Cornyn said Obama's budget is "unserious" and dead upon arrival.
“Rather than something that sends a signal that he wants to work with Congress, it basically is more of the same: a $4 trillion budget that is unserious, partisan, and contains reckless spending. And in it, he does include several new proposals, proposals he knows will be dead on arrival here in the United States Congress," Cornyn said in a floor speech yesterday. “At a time when our country is producing more energy domestically than it ever has and just beginning to export that energy to our friends and allies around the world, the President’s budget reveals that he has little interest in growing our energy independence and little interest in jump-starting our economy.”
Keep in mind over his tenure in the White House, all of Obama's annual budget plans have been roundly rejected, usually unanimously.