Monday, March 2, 2009

Obama Budget Contains More than $1.6 Trillion in Tax Increases... Possibly As Much As $2.2 Trillion

/PRNewswire-USNewswire/ -- While some media outlets are reporting more than $1 trillion in new taxes in the Obama budget, has identified more than $1.6 trillion, and possibly as much as $2.2 trillion.

"The President's 'carbon tax' is the single biggest tax-increasing item in his budget, and the largest in history," says Steve Elliott, President of According to researchers examining the official published documents on the budget, the $645 billion in carbon taxes pushes the total tax increases in President Obama's budget to a minimum of $1.64 trillion. Go here for a complete breakdown:

Elliott adds that $1.6 trillion is just the starting point: "The Obama budget only accounts for the portion of the carbon tax being allocated to so-called 'clean energy technologies' and the 'Make Work Pay' tax credit. If Congressional Budget Office estimates are correct, the actual carbon tax could be double what Obama's budget shows. That dramatically increases the new taxes in the Obama budget to $2.2 trillion," says Elliott.

Elliott also notes that Americans who are faced with tightening personal budgets are growing more and more intolerant of the spending ways of Washington. "The President is right that a 'day of reckoning' is coming, but that reckoning will take the form of citizens who are fed up with politicians expanding the tentacles of government deeper and deeper into our lives and our pocketbooks."

Many of those frustrated Americans have already added their names to a national petition that has already rallied over 100,000 citizens urging Congress to "Stop the Spending." To view the petition:

No comments: