At a time when many Americans are struggling financially, President Obama is proposing the largest tax increase in history. Not only does the budget include $989 billion in new taxes, but it also includes another $646 billion in new tax revenue from his cap-and-trade plan. The new taxes on energy in the budget and the cap-and-trade tax would effectively increase taxes on 85 percent of the energy we use. That means higher gasoline prices, higher electricity prices, and higher costs for businesses that are already struggling. Obama’s plan is pure economic de-stimulus.
Many analysts are describing Obama’s budget as a $989 billion tax hike, but it would actually wring $1.6 trillion out of the economy over the next ten years, making it the biggest tax hike in history. What others are missing is that in addition to the $989 billion, the budget includes $646 billion in anticipated cap-and-trade tax revenues. Just this component alone would be the second biggest tax hike in history. Read More
What happen to the I will not tax anyone under $200000.00 yearly income? The poor to the middle income will be paying these taxes!
Ok lets hear that the low income, middle income and that the poor white and black Americans won’t have to pay these higher taxes. Lets hear that the poor to middle income will not have to pay higher fuel prices. Then tell me how the young Americans in school and just getting married will be able to afford that gas-elec car that cost $35000.00. What I see is the poor to the middle income will be lucky to afford the old gas cars of today and with the cap and trade we will be forced not to have a car. Young people just getting started don’t you want a car, if you do then you better stop supporting Obama just because you like him and think about what he’s going to be doing that you will not be able to afford! Think about it!