President Barack Obama touted a proposal this week to collect $580 billion in new taxes from the wealthy to reduce the nation’s escalating deficit.
But his budget plan proposes new taxes and fees totaling nearly twice that amount – and not all from the wealthy. In total, Obama proposes to raise $1.1 trillion over 10 years in new revenue from dozens and dozens of sources.
There’s $79 billion from raising the tax on inheritances. Another $158 billion from income earned overseas. And $78 billion from hefty new taxes on cigarettes, nearly $1 per pack.
Then there are the fees, on airline passengers, on those who fail to file certain information electronically, on banks that once took money from the federal government to survive.
“He wants to raise taxes by $1 trillion,” said Curtis Dubay, a senior tax-policy analyst at the conservative Heritage Foundation. “There’s absolutely no getting around that. Saying anything else is obfuscating the truth.”