"According to the Associated Press, Obama is calling for $1.4 trillion in tax hikes over the next ten years. The top two individual tax rates will jump from 33% to 36% and from 35% to 39.6%. Many small businesses, the engine of job creation and economic growth in America, will be hit hard. Capital gains taxes are going up. None of this will do anything to help economic growth.
While the nation is still struggling with the effects of the financial crisis, the president wants banks to pay nearly $100 billion more in higher taxes. If you think your bank fees are too low right now, just wait until they pass along those costs. Hedge funds and other financial firms also will face higher taxes, sapping even more wealth from the private sector, which means less capital for investment on Main Street.
Have you noticed that gasoline is getting more expensive lately? And do you think the cost of heating your home is too low? Well, hold on to your wallet, because it’s going to cost more to do these basic things if Obama gets his way. The president’s budget calls for nearly $40 billion in higher taxes on oil, natural gas and coal companies. Yesterday I told you that the United States was building its military presence in the Middle East. Sadly, we remain dependent on foreign sources of energy, but the president’s policies will only discourage domestic energy production.
We’ll keep looking for any good news that might be buried in this budget, but I wouldn’t hold your breath. What this budget makes perfectly clear is that America cannot continue on this course much longer. The size and scope of government is simply too big. This level of spending is not sustainable, and it would be impossible to raise taxes high enough to pay for it. Washington desperately needs change, but Obama is offering only more of the same tried and failed liberal tax and spend policies of the past."
Gary Bauer
Campaign for Working Families
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