/PRNewswire / -- President Barack Obama and the U.S. Congress have gone on a spending and debt spree that the country cannot afford. As a result, a spontaneous grassroots movement is emerging from every corner of the nation with a message for Congress and the President: Stop spending us into an inevitable spiral of debt and higher taxes ... now!
To that end, groups of Americans will be meeting in towns and cities across the nation on April 15 for "Tax Day Tea Parties." These "Ten Tax Facts" are an effort by the Institute for Policy Innovation (IPI) to make sure the American people are well-informed as they gather together to express their concern about the direction Washington is headed.
#1 .Under the Obama budget, the Congressional Budget Office (CBO) projects that the national debt will double over the next five years; and it will triple over the next 10 years to $17.3 trillion.
#2. Under the Obama budget, CBO projects that the national debt will soar over the next 10 years from 40 percent of GDP today to a shocking 82.4 percent. (Ronald Reagan left office with the national debt at 42 percent of GDP).
#3. The President's budget also states that total federal borrowing will grow by $2.7 trillion this year alone, an increase of 27 percent in one year!
#4. The budget President Obama proposes for this year increases federal spending by an incredible 34 percent over the previous year, with a total of $4 trillion in federal spending, the highest ever.
#5. The federal budget deficit (not the national debt) would reach $1.845 trillion this year, according to the CBO, the highest ever. That would be more than seven times Reagan's largest budget deficit of $221 billion, which caused so much consternation among Reagan's critics.
#6. The CBO estimates that this Obama budget deficit will total an astounding 13.1 percent of GDP, more than one-eighth of the entire U.S. economy, for the federal budget deficit alone! Under George Bush, the federal deficit for 2008 was 3.2 percent of GDP. The deficit for fiscal year 2007, in the last budget adopted when Congress was controlled by Republican majorities, was $162 billion, or 1.2 percent of GDP.
#7. The Obama budget also includes $1 trillion in tax increases on the upper 5 percent of income earners, mostly tax rate increases. But the top 5 percent of income earners already pays 60 percent of all income taxes.
#8. The Obama budget projects that revenues from the corporate income tax will more than double in 3 years, increasing, in fact, by more than 124 percent.
#9. Another $645 billion tax increase comes from President Obama's anti-global warming cap and trade system, which is essentially an energy tax on the production and use of carbon energy, such as oil, natural gas, and coal.
#10. While the Obama administration claims to have cut $2 trillion from the budget over 10 years, fully $1.5 trillion of those "cuts" actually represents the troop drawdown in Iraq, which was already scheduled to occur under the Bush administration. Of the remaining $500 billion in budget "savings," fully $311 billion is categorized as "interest savings" but is actually an additional tax increase on upper income earners.
It's not as if you can't stimulate economic growth while at the same time cutting government spending. President Reagan did it. Reagan adopted budget cuts soon after he entered office equal to close to 5 percent of the federal budget at the time. Even with his defense buildup, total federal spending declined from a high of 23.5 percent of GDP in 1983 to 21.3 percent in 1988 and 21.2 percent in 1989. That's a 10 percent real reduction in the size of government relative to the economy. Reagan's policies conquered inflation and started a 25-year period of economic growth, which would look awfully good today.
Showing posts with label tax increase. Show all posts
Showing posts with label tax increase. Show all posts
Wednesday, April 1, 2009
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, Grassfire.org 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 Grassfire.org. According to Grassfire.org 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: http://www.resistnet.com/profiles/blogs/obama-budget-more-than-16
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 Grassfire.org petition that has already rallied over 100,000 citizens urging Congress to "Stop the Spending." To view the petition: http://www.grassfire.org/112/petition.asp
"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 Grassfire.org. According to Grassfire.org 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: http://www.resistnet.com/profiles/blogs/obama-budget-more-than-16
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 Grassfire.org petition that has already rallied over 100,000 citizens urging Congress to "Stop the Spending." To view the petition: http://www.grassfire.org/112/petition.asp
Tuesday, February 17, 2009
Six Things You Should Know About the 'Stimulus'
/PRNewswire-USNewswire/ -- As President Barack Obama signs into law the trillion dollar spending package promoted under the guise of economic "stimulus" and rushed through Congress by Friday, February 13th, Americans for Tax Reform has compiled a list of six things you should know about this package and the circumstances under which it passed:
1.) The House of Representatives has broken a commitment to posting the legislation online for no less than 48 hours before a vote.
Only a few hours after the U.S. House of Representatives passed a motion to instruct conferees on H.R. 1 mandating that the conference report be posted online in a searchable and downloadable form for no less than 48 hours before it may be voted on, negotiations began under the cover of night behind closed doors with no representatives of the Congressional minority present. Ultimately, the Democratic House leadership did not make the bill's language available until around 11:00 p.m. on Thursday, giving the public a mere 15 hours to scrutinize the bill (mostly overnight hours during which most Members of Congress were no doubt sleeping), of which only 5 hours were working hours. Congressional Record, page H1096.
2.) In signing this bill today, President Obama is violating his own transparency pledge.
Consider his campaign promise: "No more secrecy. ... when there's a bill that ends up on my desk as president, you, the American voter, will have five days to look online and find out what it is before I sign it, so that you know what your government's doing."(1) Manchester, New Hampshire, June 22, 2007 http://tinyurl.com/dl2wog (time: 20:20) Today, the bill will have been posted for only four days - not five.
3.) No Member of Congress voting for the bill confirmed prior to the vote that they had read the bill.
Americans for Tax Reform had asked all Members of Congress intending to vote for the conference report to sign and fax back/email to ATR the following form:
I, _____________________________, commit to the taxpayers of the (___________________ district of the) State of _______________________, that my vote in favor of the conference report on H.R. 1 will be an informed vote, because I will have read the full text of the bill and the conference report by the time I cast my vote.
All Members who voted for the package refused to make this commitment. http://atr.server278.com/even-one-democrat-read-bill-a2887
4.) No Member of Congress voting for the bill confirmed that they were not looking to personally benefit corruptly from the bill with their vote.
Americans for Tax Reform asked all Members of the U.S. House of Representatives who voted in favor of the "American Recovery and Reinvestment Act of 2009" and U.S. Senators planning to support the package to commit to their constituents in writing that they will not accept political contributions from any recipient of "stimulus" funds, nor will seek or accept employment with any recipient.
All Members who voted for the package refused to make this commitment. http://atr.server278.com/atr-challenge-pelosi-obama-reid-spending-a2858
5.) In signing the bill, President Obama also breaks his promise to enact net spending cuts
During a discussion about government spending in the second presidential debate on October 7, 2008, Obama said "So we're going to have to make some investments but we've also got to make spending cuts, and what I've proposed -- you'll hear Senator McCain say 'he's proposing a whole bunch of new spending' --but, actually, I'm cutting more than I'm spending. So that it will be a net spending cut."
http://www.youtube.com/watch?v=eM0Eri8VWiw
6.) The "Stimulus" package will undo much of the progress of the 1996 welfare reform.
The package contains language that would essentially abolish the accomplishments of the 1996 welfare reform which drastically reduced welfare rolls and child poverty. Further, it would add large amounts in new welfare spending over the next decade. http://tinyurl.com/dax6xf
Says ATR president Grover Norquist: "President Obama hasn't even been in office for a full month yet - but, aided by the Democratic majority in Congress, he has already managed to break a series of promises in an effort to burden taxpayers with a massive spending package that will do nothing to promote economic growth, but will permanently grow the size of government undo much of the progress made in the mid-1990s in the area of welfare reform. If this first month is a sign of what's to come, then taxpayers will be in for a rough ride."
(1) Conveniently, that pledge was later massaged to only extend to "non-emergency" bills, however even by that standard, the President has already twice violated that commitment with the Lilly Ledbetter Fair Pay Act and the S-CHIP reauthorization bill that contained a tax increase (and broke another one of his campaign promises not to raise taxes on anyone making less than $250,000).
1.) The House of Representatives has broken a commitment to posting the legislation online for no less than 48 hours before a vote.
Only a few hours after the U.S. House of Representatives passed a motion to instruct conferees on H.R. 1 mandating that the conference report be posted online in a searchable and downloadable form for no less than 48 hours before it may be voted on, negotiations began under the cover of night behind closed doors with no representatives of the Congressional minority present. Ultimately, the Democratic House leadership did not make the bill's language available until around 11:00 p.m. on Thursday, giving the public a mere 15 hours to scrutinize the bill (mostly overnight hours during which most Members of Congress were no doubt sleeping), of which only 5 hours were working hours. Congressional Record, page H1096.
2.) In signing this bill today, President Obama is violating his own transparency pledge.
Consider his campaign promise: "No more secrecy. ... when there's a bill that ends up on my desk as president, you, the American voter, will have five days to look online and find out what it is before I sign it, so that you know what your government's doing."(1) Manchester, New Hampshire, June 22, 2007 http://tinyurl.com/dl2wog (time: 20:20) Today, the bill will have been posted for only four days - not five.
3.) No Member of Congress voting for the bill confirmed prior to the vote that they had read the bill.
Americans for Tax Reform had asked all Members of Congress intending to vote for the conference report to sign and fax back/email to ATR the following form:
I, _____________________________, commit to the taxpayers of the (___________________ district of the) State of _______________________, that my vote in favor of the conference report on H.R. 1 will be an informed vote, because I will have read the full text of the bill and the conference report by the time I cast my vote.
All Members who voted for the package refused to make this commitment. http://atr.server278.com/even-one-democrat-read-bill-a2887
4.) No Member of Congress voting for the bill confirmed that they were not looking to personally benefit corruptly from the bill with their vote.
Americans for Tax Reform asked all Members of the U.S. House of Representatives who voted in favor of the "American Recovery and Reinvestment Act of 2009" and U.S. Senators planning to support the package to commit to their constituents in writing that they will not accept political contributions from any recipient of "stimulus" funds, nor will seek or accept employment with any recipient.
All Members who voted for the package refused to make this commitment. http://atr.server278.com/atr-challenge-pelosi-obama-reid-spending-a2858
5.) In signing the bill, President Obama also breaks his promise to enact net spending cuts
During a discussion about government spending in the second presidential debate on October 7, 2008, Obama said "So we're going to have to make some investments but we've also got to make spending cuts, and what I've proposed -- you'll hear Senator McCain say 'he's proposing a whole bunch of new spending' --but, actually, I'm cutting more than I'm spending. So that it will be a net spending cut."
http://www.youtube.com/watch?v=eM0Eri8VWiw
6.) The "Stimulus" package will undo much of the progress of the 1996 welfare reform.
The package contains language that would essentially abolish the accomplishments of the 1996 welfare reform which drastically reduced welfare rolls and child poverty. Further, it would add large amounts in new welfare spending over the next decade. http://tinyurl.com/dax6xf
Says ATR president Grover Norquist: "President Obama hasn't even been in office for a full month yet - but, aided by the Democratic majority in Congress, he has already managed to break a series of promises in an effort to burden taxpayers with a massive spending package that will do nothing to promote economic growth, but will permanently grow the size of government undo much of the progress made in the mid-1990s in the area of welfare reform. If this first month is a sign of what's to come, then taxpayers will be in for a rough ride."
(1) Conveniently, that pledge was later massaged to only extend to "non-emergency" bills, however even by that standard, the President has already twice violated that commitment with the Lilly Ledbetter Fair Pay Act and the S-CHIP reauthorization bill that contained a tax increase (and broke another one of his campaign promises not to raise taxes on anyone making less than $250,000).
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