Here Come Obama's Middle-Class Tax Hikes
President Obama’s budget spin-meisters at the Office of Management and Budget deserve nomination for the Biggest Whopper of 2013 Award, thanks to their claim that the chief executive’s 2014 budget proposal “represents more than $2 in spending cuts for every $1 of new revenue from closing tax loopholes and reducing tax benefits for the wealthiest.” Sounds like smart budgeting, but is that statement true? As the Heritage Foundation’s Morning Bell put it, “In a word, no.”
Look beyond the rhetoric at the concrete numbers in the Obama budget — which, let it not be forgotten, was submitted two months late and after both the Senate and House adopted their own versions of 2014 spending blueprints — and what becomes clear in three ways is that the president and his key advisers are intrigued by the figure $1.1 trillion. First, remember the sequestration budget cuts that were supposed to produce Armageddon if actually implemented? Those cuts totaled — can you guess? — $1.1 trillion over 10 years.
Second, as Morning Bell ably notes, the Treasury Department calculates that the Obama 2014 budget proposal contains new tax increases totaling $1.1 trillion. Third, remember the 2011 Grand Bargain That Never Was? That was when House Speaker John Boehner insisted on a lengthy list of spending cuts and conceded to $800 billion in new revenues by closing tax loopholes? It never happened because at the last minute Obama demanded another $400 billion in new revenues, which Boehner wisely rejected. Well, now Obama is endorsing Boehner’s spending cuts, which just happen to total $1.1 trillion.
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