The Tax Policy Center of the Urban Institute and the Brookings Institution has had time to go over President Barack Obama’s budget “proposal,” and they’ve
found that the budget plan would raise roughly $1.1 trillion over 10 years….
Their graph below illustrates from where those trillion dollars would come.
Notice that. Those at the bottom of the economic totem pole—a strait contributed to in no small way by Obama’s rather cynical wealth redistribution policies—will see a larger drop in their take home pay from Obama’s tax increase than will his highly touted middle class.
So much for Obama’s promise of not raising taxes on those making less than $250k. But that promise went by the boards long ago.
Then there’s the sin tax bump on tobacco:
The White House proposes raising the federal tax on a pack of cigarettes to $1.95 from $1.05. It estimates this would raise $78 billion over 10 years, and it plans to use the proceeds for expanded preschool education.
The White House has defended the proposal by saying it would both discourage smoking and fund an education initiative that low-income families would benefit from the most.
But apparently the sin tax shouldn’t be used to deal with the health-related outcomes of this particular sin. Never mind that “low-income families would benefit most” from this alternate use. This is one of the contradictions inherent in Progressive attempts to use our tax code to achieve their social goals.
There’s more; RTWT.
2014 (and 2016) aren’t coming soon enough.