Obama’s Budget Means More Tax Hikes

You mad, bro?

After a two-month delay and missing a legally-required deadline, President Barack Obama finally unveiled his budget for FY 2014. The spending plan is, unfortunately, just more of the same from this president:

President Obama’s 2014 budget calls for a trillion dollars in new taxes, almost twice as much as previously thought, The Washington Examiner has learned.

“Of the more than $1 trillion in new taxes, about $800 billion is raised through the individual income tax system, about $125 billion comes from new excise taxes — including new taxes on tobacco and financial companies,” a source familiar with the president’s budget explained. “The remainder comes from reverting back to the 2009 estate tax parameters and other miscellaneous tax increases.”

Despite the talk of deficit reduction, President Obama’s budget doesn’t substantially reduce spending and will never balance. The only constant in is the same, old class warfare rhetoric.

“To be clear, the package I am offering includes some difficult cuts that I do not particularly like,” President Obama said in his budget message. “But these measures will only become law if congressional Republicans agree to meet me in the middle by eliminating special tax breaks and loopholes so millionaires and billionaires do their fair share to cut the deficit.”

Keep in mind that taxes were already raised on anyone making over $400,000 per year and ended the payroll tax holiday, which affected 77% of American households. Moreover, the White House has already confirmed that the budget contains a middle-class tax hike, as well. So despite the rhetoric aimed at higher-income earners, the misery will be shared by nearly all taxpayers. But even with those tax hikes, the budget deficit over the next 10 years is estimated to be over $9.4 trillion.

We don’t have a revenue problem; we have a spending problem. And President Obama’s budget simply doesn’t take that seriously.

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