Heritage Foundation -- 3/9/2012
In fact, the President wants to raise taxes by $1.689 trillion – that’s $128 billion more than was reported by the White House Office of Management and Budget (OMB) in the President’s FY 2013 budget proposal.What’s to account for the discrepancy? Dubay explains that OMB reports the tax hikes in areas other than the tax section, misleading readers into believing that the President’s tax hikes are smaller than they are in reality. Among them are the “Financial Crisis Responsibility Fee,” better known as the bank tax, which adds another $61 billion to the President’s tax hike total; a $44 billion tax hike from allowing the IRS to adjust a program integrity cap; a $48 billion increase of the unemployment tax; and a $1 billion hike of user fees for commercial navigation of inland waterways.
On top of the $128 billion in hidden taxes, the President takes credit for tax cuts when he really doesn’t deserve it. Dubay reports that the budget includes $317 billion in pre-existing tax cutting policies, including the payroll tax holiday ($31 billion), the American Opportunity Tax Credit ($137 billion), the Research and Experimentation Credit ($109 billion), the group of tax-reducing policies known as the “tax extenders” ($34 billion), along with a handful of other provisions totaling $6 billion — even though these policies were already part of the tax code. In other words, the President wants to get all the credit, while dodging the blame.
Take away those wrongly counted cuts and the President actually wants to raise taxes by more than $2 trillion!
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