Higher Taxes for Everyone!

From Investor's Business Daily:

After cutting taxes for 95% of working families in his first year, President Obama has proposed a budget that would raise taxes on 100% of them.

Even as the White House calls for another quick shot of stimulus to speed up job creation, its new 10-year budget promises to impose a fiscal regimen of major tax hikes and modest spending curbs.

That regimen would begin in fiscal 2011 with $86 billion raised via new fees on banks, tax increases on upper-income Americans, tax increases to pay for health care reform; and a range of other mainly corporate revenue raisers.

"While we extend middle-class tax cuts in this budget, we will not continue costly tax cuts for oil companies, investment fund managers, and those making over $250,000 a year," Obama said Monday. "We just can't afford it."

The White House budget would extend Obama's signature $400 Making Work Pay tax credit for one more year at a cost of $61 billion, and it would permanently extend the middle-class tax cuts passed under President Bush.

Left unsaid was that Obama's Making Work Pay tax credit would lapse at the end of 2011 as proposed tax hikes ramp up to $156 billion.

The tax hikes on the agenda exceed a cumulative $1 trillion over five years, reaching 1.5% of GDP in 2015. By comparison, the White House is calling for a three-year freeze of nondefense discretionary spending to save $250 billion through 2020.

Under its proposals and forecasts, the White House envisions a record deficit this year of $1.6 trillion, or 10.6% of GDP, easing to $1.3 trillion, or 8.3% of GDP, in fiscal 2011. By 2015, the deficit would equal $752 billion, or 3.9% of GDP.

Obama's supposed "tax cut for 95% of Americans" was technically not a tax cut at all, but merely a government refund check to people who don't owe any taxes! It was just a wealth-transfer scheme masquerading as a tax-cut.