President Obama want you to think he’s a tax cutter. Remember that little bitty payroll tax holiday he fought so hard for? It’s not even permanent, and to make matters worse, it shortchanges Social Security which is already underfunded. Not to mention that it’s getting eaten up by the high cost of food and fuel.
What he doesn’t want you to know is how much taxes are going to increase. Ask Heritage details how he’s hiding his tax increases using tricky accounting.
In a new report, Heritage’s Curtis Dubay uncovers Obama’s hidden tax hikes and finds that the President’s proposed $1.561 trillion tax increase over 10 years is much bigger than advertised. In fact, the President wants to raise taxes by $1.689 trillion – that’s $128 billion more than was reported by the White House Office of Management and Budget (OMB) in the President’s FY 2013 budget proposal.
What’s to account for the discrepancy? Dubay explains that OMB reports the tax hikes in areas other than the tax section, misleading readers into believing that the President’s tax hikes are smaller than they are in reality. Among them are the “Financial Crisis Responsibility Fee,” better known as the bank tax, which adds another $61 billion to the President’s tax hike total; a $44 billion tax hike from allowing the IRS to adjust a program integrity cap; a $48 billion increase of the unemployment tax; and a $1 billion hike of user fees for commercial navigation of inland waterways.
How’s that for “the most transparent White House in history”?
But wait, there’s even more.
Read the whole thing and share it with your friends and family. Is it any wonder the economic “recovery” has been so slow and sluggish? The last thing we need is another four years of Obama in the White House.