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Be “Patriotic” And Pay Up!

- April 18, 2011

You’ve Paid Your Taxes For The Year,

But Obama Has Plans To Dig Deeper

Then-Sen. Joe Biden: "It's Time To Be Patriotic ... Time To Jump In, Time To Be Part Of The Deal, Time To Help Get America Out Of The Rut." (“Biden Calls Paying Higher Taxes A Patriotic Act,” The Associated Press, 9/18/09)

OBAMA’S BINGE SPENDING AND RECORD DEFICITS

ARE TOMORROW’S TAX INCREASES

YOUR TRUE FEDERAL TAB: Each American’s Share Of The National Debt Is $46,484. (TreasuryDirect, “The Daily History Of The Debt Results,” Department Of The Treasury, Accessed 4/15/11 ; U.S. Census Bureau, Accessed 4/15/11)

The Debt Has Increased By $3.5 Trillion On Obama’s Watch. “Just as President Obama signed and sent his annual Economic Report to Congress, the Treasury Department posted numbers that show the national debt has increased $3.5 trillion so far on Mr. Obama's watch.” (Mark Knoller, “Debt Has Grown $3.5 Trillion On Obama’s Watch,” CBS News2/23/11)

  • “And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.”  (Stephen Dinan, “Debt Now Equals Total U.S. Economy,” The Washington Times,2/14/11)
  • In 2021, Gross Debt Will Total $26.3 Trillion, Equaling 107 Percent Of GDP.   (Fiscal Year 2012 Budget Of The U.S. Government" Office Of Management And Budget, 2/14/11)

The United States Will Need To Borrow 43 Cents For Every Dollar It Spends In FY2011. (Office Of Management & Budget, “FY2012 Budget Of The U.S. Government – Table S-1,” WhiteHouse.gov, 2/14/11)

The United States Will Borrow Nearly $5 Billion A Day This Fiscal Year To Fund Obama’s Binge Spending. (Office Of Management & Budget, “FY2012 Budget Of The U.S. Government – Table S-1,” WhiteHouse.gov, 2/14/11)

RATHER THAN LEADING, OBAMA IS LEAVING SPENDING ON AUTOPILOT AND PROPOSING MORE TAX INCREASES

Since February, President Obama Has Proposed $2 Trillion In New Taxes. “In the case of the new White House proposal, its baseline starts with the assumption that the Bush-era tax cuts for higher earners are allowed to expire after 2012. That puts about $1 trillion in revenues into the White House estimate of future tax revenues right off the bat, even before the $1 trillion in new tax revenues that the president now is proposing to raise.” (John D. McKinnon, “Battle Of The Baselines,” The Wall Street Journal’s “Washington Wire” Blog, 4/15/11)

Over Half Of The Savings From Obama’s New Deficit “Plan” Come From Tax Increases. “So of the 3.4 percentage points of savings, more than half — 1.9 points — comes from taxes. That’s 56 percent, not the one-third or one-quarter that Obama was talking about. And I am assuming that Goldman is using the White House’s rosier economic forecasts when evaluating Obama’s plan.” (James Pethokoukis, “Obama’s New Plan May Actually Rely 60 Percent On Tax Increases,” Reuters, 4/15/11)

The President’s FY2012 Budget Proposes A Series Of Tax Increases That Were Already Rejected By The Democrat-Controlled Congress. “President Barack Obama's budget proposal resurrects a series of tax increases on certain corporations and the wealthy that were largely ignored by Congress when Democrats controlled both chambers.” (Stephen Ohlemacher, “Obama Budget Resurrects Rejected Tax Increases,” The Associated Press, 2/14/11)

  • And Obama’s New Plan Will Go Further And “Aim Its Firepower” At Taxes. “But in addition to suggesting cuts—the current focus of debate—the White House looks set to aim its firepower on a more divisive topic: taxes.” (Carol E. Lee And Damian Paletta, “Obama Puts Taxes On The Table,” The Wall Street Journal,4/11/11)

ALL THIS AFTER OBAMACARE SADDLED AMERICANS WITH $570 BILLION IN TAXES

Obama Pays For His Government Takeover Of Health Care With Nearly $570 Billion In Job-Destroying Taxes On Small Businesses, Investments And Innovation. (Douglas W. Elmendorf, Letter To Nancy Pelosi, Congressional Budget Office, 3/20/10; “Estimated Revenue Effects Of The Amendment In The Nature Of A Substitute To H.R. 4872: JCX-17-10,” Joint Committee On Taxation, 3/20/10)

“One-Third Of Employers Subject To Major Requirements Of The New Health Care Law May Face Tax Penalties…” “About one-third of employers subject to major requirements of the new health care law may face tax penalties because they offer health insurance that could be considered unaffordable to some employees, a new study says.” (Robert Pear, “Study Points to Health Law’s Penalties,” New York Times, 5/23/10)

  • “If An Employer With 50 Full-Time Employees Offers Coverage And 10 Of Those Workers Receive Premium Credits, Or Subsidies, The Employer Would Face A Penalty Of $30,000. If 30 Workers Receive Subsidies, The Penalty Would Be $40,000.” (Robert Pear, “Study Points to Health Law’s Penalties,” New York Times, 5/23/10)

ObamaCare’s Individual Mandate Will Hit Middle Class Americans, Breaking Obama’s Promise Not To Raise Their Taxes. “Nearly 4 million Americans — the vast majority of them middle class — will have to pay a penalty if they don’t get insurance when President Barack Obama’s health care overhaul law kicks in, according to congressional estimates released Thursday. The penalties will average a little more than $1,000 apiece in 2016, the Congressional Budget Office said in a report. Most of the people paying the fine will be middle class ... In his 2008 campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000.” (Stephen Ohlemacher, “Nearly 4m People Could Pay Without Health Coverage,” The Associated Press, 4/22/10)


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