26 Feb 2009

Holy Tax Increase, Batman!

All Posts No Comments

This ABC News story (HT2EPJ) gives the breakdown of the $989 billion in new taxes under Obama’s budget forecast for 2010-2019. (Keep in mind folks that the federal government’s fiscal year starts on October 1. So that’s why the upcoming ten-year forecast starts in “2010.” Right now we are in the middle of Fiscal Year 2009 as far as the federal budget goes.)

However, I am almost positive that this astounding $989 billion figure does not include one dime of the additional $645 billion in new revenues from cap and trade auctions. Check out the bottom row of page 123 in the actual budget (pdf).

Props to Dan Simmons for bringing this to my attention, and also for finding this cool analysis (pdf) of the Greatest Hits in tax hikes and cuts. The previous one-year record was a little over $100 billion (in 2007 dollars) from the enormous tax hike in 1942. Obama’s new proposal blows that out of the water.

Comments are closed.