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Raising Taxes: The Promise Obama Keeps

RNC Communications - February 22, 2012

Obama has failed to deliver many promises during his three years in office, but there seems to be one he is intent on keeping: his promise to raise taxes. Released today, Obama’s corporate tax plan would raise taxes by $250 billion – and that’s on top of the $1.9 billion of new taxes his FY2013 budget imposes.

CNBC’s Eamon Javers Says Obama’s Corporate Tax Plan Would Raise $250 Billion In New Revenue. JAVERS: “This plan would reportedly raise about $250 billion in new revenue over ten years. But exactly whose ox is getting gored here isn't exactly clear until we see the details of which loop holes they're going to close. We're expecting that news or some piece of it from Treasury Secretary Tim Geithner who is going to be briefing reporters over at the Treasury building in about half an hour.” (CNBC’s “Squawk On The Street,” 2/22/12)

And This Is On Top Of The Tax Increases Found In Obama’s FY2013 Budget

Obama Admitted He Will Raise Taxes If He Is Reelected. OBAMA: “That is a reasonable proposition. So, when you hear folks saying ‘Well, the president shouldn’t want massive job killing tax increases when the economy is this weak.’ Nobody’s looking to raise taxes right now. We’re talking about potentially 2013 and the out years.” (President Barack Obama, Remarks At Press Conference, Washington, D.C., 7/11/11) 

Obama’s Budget Will Result In “Monumental” Tax Increases. “The only thing that you can be certain will become law in this budget if Mr. Obama is re-elected is the monumental tax increase. His plan would raise tax rates across the board on anyone or any business owners making more than $200,000 for individuals and $250,000 for couples. These are the 3% of taxpayers that Mr. Obama says aren't paying their fair share, though that 3% pays more in income tax than the rest of the other 97%.” (Editorial, “The Amazing Obama Budget,” The Wall Street Journal, 2/14/12)

  • “The Tax Proposals In The White House’s Budget Seem Designed More For Political Advantage Than To Put Forward The Best Policy.” “The tax proposals in the White House’s budget seem designed more for political advantage than to put forward the best policy. White House officials hint that a corporate tax overhaul may come later this year -- something they’ve predicted in the past, only to back away. Before asking voters to give him a second term, Obama needs to show how he would fix a fractured system.” (Editorial, “Obama Misses His Chance To Tackle Tax Reform In $3.8 Trillion Budget: View,” Bloomberg, 2/13/12)

Obama’s FY2013 Budget Calls For $1.9 Trillion In Higher Taxes. (Fiscal Year 2013 Budget Of The U.S. Government,” OMB, 2/13/12)

  • “This Budget Has $1.9 Trillion In Tax Increases/Revenue Raisers And It Still A) Adds $6.7 Trillion In New Debt From 2013 To 2022, And B) Has Debt As A Share Of GDP Rising From 74.2 Percent This Year To 76.5 Percent In 2022. Wow.” (Jim Pethokoukis, “First Thoughts On The New Obama Budget,” The American’s “The Enterprise,” 2/13/12)

Obama’s FY2013 Trillion Tax Increase Brings The Federal Tax Revenue “To Its Second Highest Level Since World War Two,” Not A “Modest Tax Increase.” “President Obama is not proposing ‘modest’ tax increases. His $1.7 trillion tax hike would take federal tax revenue (as a share of output) to its second highest level since World War Two. Only once, outside of WWII, was revenue higher. And that was in 2000, when money was flooding into federal coffers due to capital gains from the final days of the Internet stock bubble.” (James Pethokoukis, “A Load Of Econmic Nonsense From Geithner,” The American’s “Enterprise,” 2/15/12)

  • “Even With $1.7 Trillion In Tax Increases, The Obama Budget Would Still Be Unable To Lower The U.S. Debt Burden Over Ten Years.” “Even with $1.7 trillion in tax increases, the Obama budget would still be unable to lower the U.S. debt burden over ten years. Indeed, it would actually rise a couple of percentage points to a sky-high 75 percent, not including money owed to the Social Security trust fund. Maybe that’s because Obama, if reelected, would be the first U.S. president to ever spend 22 percent or more of GDP every year in office vs. a historical annual average of 20 percent.” (James Pethokoukis, “A Load Of Econmic Nonsense From Geithner,” The American’s “Enterprise,” 2/15/12)

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