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Investors.com
Obama
Budget Shows Middle-Class Tax
Pledge Was Fraud
04/23/2013
Taxes:
A new study shows President
Obama's budget would significantly boost taxes on the middle class.
Funny, we
seem to recall him promising voters that only the rich would pay for
his
grandiose spending plans.
According
to the analysis from the
nonpartisan but liberal-leaning Tax Policy Center, Obama's budget would
hit
wealthy families hardest, with the top 20% of income earners
shouldering almost
90% of the tax hike.
But
families at every income level
would end up paying more if Obama's budget were enacted, including
those making
less than $10,000 a year.
Among
other things, the TPC
explains, Obama wants to nearly double the federal cigarette tax,
raising it to
$1.95 a pack and indexing it for inflation, to pay for his universal
preschool
plan. That hike would be paid for almost entirely by lower-income
families.
In
addition, Obama wants to change
the government's inflation gauge to what's called a "chained CPI,"
which would in effect lower the official inflation number.
Since
tax brackets are indexed to
the CPI, this would push middle-class families into higher tax brackets
more
quickly. The Tax Policy Center's Joseph Rosenberg called it a
"backdoor" tax hike of $100 billion.
Then
there's Obama's proposal to
limit the tax break from deductions to 28%, which would raise taxes on
families
with incomes down to $183,250 — well below Obama's no-new-tax threshold
of
$250,000.
This
will be a shock to those who
thought Obama was being honest when he promised during his re-election
campaign
that he could spend more money and cut the deficit simply by asking the
"wealthiest families to pay a little more" and closing some corporate
loopholes.
The
fact is, Obama long ago
violated his no-new-middle-class-tax pledge, not that anyone noticed,
since the
press gave him a free pass.
Almost
as soon as he took office,
Obama signed a law that nearly tripled the federal cigarette taxes — a
$33
billion tax hike paid mainly by lower-income families…
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