Obama's Budget: Brand New Taxes For You

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The White House is trying to portray Obama’s budget as a spending cut. Liberals claim the President’s budget will reduce 2012 discretionary spending by 5 percent. The real numbers tell a different story.

Obama’s Slick Budget Gimmicks

  • Redefining Pell grants as mandatory spending. If you get rid of this trick, discretionary spending rises by $14 billion in 2012.
  • Calling $54 billion dollars of surface transportation spending mandatory spending.
  • Reclassifying spending for military operations in Iraq and Afghanistan as discretionary spending instead of “overseas contingency operations.” In reality Obama’s budget reduces funding for defense by $38.2 billion in 2012.
  • Obama’s budget is a gigantic shell game. He’s grabbing funding from much needed operations such as our military and funneling the money to projects so outrageous they’ll make your jaw drop. During a time of war, when American men and women are sacrificing their lives for our freedoms, Obama has decided to cut $78 billion dollars from the defense budget. You won’t believe what I’m going to tell you next.

Obama’s Train To Nowhere

Obama wants to use $58 billion dollars (that’s more than half the defense budget he’ll cut) to build a high speed bullet train! Even though almost no one rides trains anymore, (except for Amtrak-enthusiast Joe Biden,) Obama wants to reconstruct an 18th century invention to be used as a symbol of American dedication and innovation.

To pay for new projects like his multi-billion dollar train to nowhere, Obama’s stuffed his budget full of countless hidden taxes that will hit regular Americans like you and me – hard. According to Americans For Tax Reform (ATR):

Secret Obama Budget Taxes

Will raise the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike

  • Will raise the capital gains and dividends rate from 15% to 20%
  • Will raise the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike.
  • Will cap the value of itemized deductions Americans at the 28% tax bracket rate can make. This will cut tax deductions for mortgage rates, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses.
  • Will raise new bank taxes totaling $33 billion over ten years.

Obama’s Budget: The Enormous Clandestine Tax Hike

Obama knows that there’s no way a tax hike this would fly, so he snuck it into the budget – completely under the radar! But that doesn’t concern Obama and his wealthy DC friends, because they won’t be affected! Americans who make up the backbone of this country will get crushed. Here’s who will be affected:

  • Americans who own their own businesses.
  • Americans who are self-employed.
  • Americans who have mutual funds, stocks, bonds, retirement accounts, CD’s and/or other investments.
  • Americans who own their own home.
  • Americans who have a job and Americans who pay taxes.

That’s pretty much everyone except the top 5% — Obama’s friends.

I don’t know about you, but with the cost of everything from gas to bread and milk on the rise, I can’t afford to pay any new taxes. Can you?

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