Obama Proposes Massive Tax Hikes, Still Comes Up With $1.33 Trillion Deficit; Obama's "Race to the Bottom" Education Proposal; Dysfunctional CongressPresident Obama made a pledge to cut the deficit in half by the end of his first term. Instead it exceeded a trillion dollars for four straight years.
Indeed, the president could not even make a pledge made in September to reduce the deficit to $956 billion. Finally, just to keep the deficit at $1.33 Trillion, look at the tax hikes Obama proposes.
Details below summarized from the Bloomberg article Obama Sends $3.8T Budget to Congress
Obama Proposed Tax Hikes
- Expiration of Bush-era tax cuts for couples earning $250,000 or more a year
- Limiting the value of itemized deductions to 28 percent couples earning $250,000 or more a year
- Imposing a minimum tax for individuals with annual incomes of at least $1 million
- Raise taxes on dividends received by the wealthy to 39.6 percent from the current 15 percent
- $61 billion "Financial Responsibility Fee" imposed on banks
- Increase in the terrorism-security fee charged to airline passengers
It takes all that just to hold the deficit to $1.33 Trillion. Chance of passage would appear to be about zero percent.