Obama Budget by the Numbers: Taxes Too Much

Democrats Double Down on New Taxes, Failing to Create Environment for Job Creation

President Obama said in his most recent State of the Union Address that “[w]e need to take responsibility for our deficit”:

“We need to take responsibility for our deficit and reform our government. That’s how our people will prosper. That’s how we’ll win the future.’“ (“Obama’s Second State Of The Union,” The New York Times, 1/25/2011)

However, Obama’s budget released today reveals that he is apparently more interested in continuing to tax than he is in reducing the deficit:

Obama’s budget includes $1.6 trillion in new taxes on workers, families and employers to pay for all of this borrowing and spending:

“However, Obama also would rely heavily on new taxes, to a degree unacknowledged by administration officials in recent days. His budget request calls for well over $1.6 trillion in fresh revenue over the next decade, much of it through higher taxes on the wealthy and businesses.” (Lori Montgomery, “Obama’s Budget Raises Taxes On Affluent, Businesses, Boosts Spending On Innovation,” The Washington Post, 2/14/2011)

“The 2012 budget proposes $1.1 trillion in savings over the next 10 years. One third of those savings are tax increases, and two thirds are spending cuts, most of which come from the White House’s five-year freeze of non-defense discretionary spending. (Derek Thompson and Garance Franke-Ruta, “What Obama’s 2012 Budget Does—And Doesn’t Do,” The Atlantic, 2/14/2011)

DEMOCRATS DOUBLE DOWN

Democrats in Congress are doubling-down on taxing too much by lavishing praise on Obama’s budget:

“Democrats praised Obama for taking steps to stabilize the economy and put the nation on a stronger fiscal path. At the same time, they signaled they aren’t on board with all his proposed program cuts.

“The plan ‘keeps in mind that we need to make smart choices that will create more jobs, lift up middle-class families and keep our economy growing,’ said Representative Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee. He called the proposal a ‘tough-love budget’ that ‘doesn’t do violence’ to priorities like education and medical research.

“Senate Majority Leader Harry Reid, a Nevada Democrat, said Obama’s plan was a ‘serious attempt’ to address the deficit while Republicans are seeking to ‘slash the programs that keep us safe and make us competitive.’” (Laura Litvan, “Republicans in Congress Dismiss Obama Budget, Seek Deeper Cuts,” Bloomberg, 2/14/2011)