I pulled this off of the Heritage Organization's website. I could not have stated the hidden excessive taxation and regulations emanating from Obama and his minions any better. Please do enjoy it as I have.
EXCLUSIVE: It could be said that President
Obama has never seen a tax hike he doesn’t like — whether it’s letting
the 2001 and 2003 tax cuts expire, insisting on higher taxes for job
creators, and yesterday
calling on Congress to raise taxes
on the oil industry. But as much as the President wants to raise taxes,
Heritage has discovered that there are even more tax hikes hidden in
his budget, adding up to a total of $2 trillion in higher taxes.
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.
On top of the $128 billion in hidden taxes, the President takes credit for tax cuts when he really doesn’t deserve it. Dubay
reports
that the budget includes $317 billion in pre-existing tax cutting
policies, including the payroll tax holiday ($31 billion), the American
Opportunity Tax Credit ($137 billion), the Research and Experimentation
Credit ($109 billion), the group of tax-reducing policies known as the
“tax extenders” ($34 billion), along with a handful of other provisions
totaling $6 billion — even though these policies were already part of
the tax code. In other words, the President wants to get all the credit,
while dodging the blame.
Take away those wrongly counted cuts and the President actually wants to raise taxes by more than $2 trillion!
Dubay
says the White House has some explaining to do:
Congress should disregard the misleading tax hike figure
from OMB’s table and use the correct $2 trillion amount when referring
to the total tax hikes in the President’s budget. And Members of
Congress should question OMB as to why they chose to mislead readers
about the total tax hike that President Obama has called for on American
taxpayers.
Why does all this tax talk matter? Take a look at the economy. America is experiencing a
historically slow recovery,
the likes of which haven’t been seen since World War II. Private-sector
employment is 4.5 percent below pre-recession levels, unemployment
remains at 8.3 percent — the highest since the 1981-1982 recession — and
only 63.7 percent of adult Americans are active in the labor force, the
lowest since 1983. Meanwhile, small businesses say taxes are among
their most important problems — they fear Washington will raise taxes in
order to pay for even more spending, so they’re sitting on the
sidelines and not producing jobs. Now it appears that their worst fears
are coming true.
Instead of raising taxes through the roof and hiding a chunk of those
tax hikes from the American people, Washington should pursue policies
that encourage growth and will help put the unemployed back to work. One
way to do it is with
Heritage’s “New Flat Tax” which simplifies the tax system and encourages investment.
America doesn’t need $2 trillion in higher taxes, especially in a
time of a weak recovery. And it certainly doesn’t need them slipped
through under their noses. The President’s budget claims credit for tax
cuts he doesn’t deserve, hides the true cost of the tax hikes he
imposes, and punishes job creators instead of encouraging them to
expand. Consider it the President’s secret recipe for a weak economy.
