Obama Budget Increases Taxes by More Than $1.1 Trillion. The cap would limit the amount taxpayers could reduce their taxes by limiting their itemized deductions and certain exemptions to the tax reduction they would receive if they paid the 28 percent marginal tax rate (this raises taxes $529 billion).
Obama Puts Taxes on Table WSJ’s David Wessel profiles President Obama’s deficit-reduction plan that would cut into entitlements and raise taxes on those making at least $250,000 per year.
Since taking office three years ago, President Barack Obama has signed into law twenty-one new or higher taxes on the American people: 1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack.
As Representative Shirkey said on October 2, “The budget is done.” According to media reports, Governor Whitmer started.
The good news is that President Obama has unveiled his final budget. The bad news is that it’s a roadmap for an ever-growing burden of government spending. Obama Promised to Never Raise Taxes on the Middle Class, But His New Budget Suggests Otherwise
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Consequently, President Obama’s budget would raise everyone’s taxes. (See Table 1.) The budget would offset some of these tax increases by making permanent the Make Work Pay and the American.
ObamaCare increases taxes on unearned income by 3.8%, and this can add additional taxes to the sales of some homes. However, many limitations apply, so this won’t affect most sellers. The 3.8% capital gains tax typically doesn’t apply to your primary residence.
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Full List of Obama Tax Hikes 1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack.
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President Obama recently presented his budget proposal for the 2016 fiscal year. The budget proposes $3.99 trillion in spending and $3.53 trillion in revenue for a deficit of $474 billion for 2016 and a number of new tax proposals. In total, the plan includes $2.4 trillion in proposed tax increases.
The economic policy of the Barack Obama administration was characterized by moderate tax increases on higher income Americans. It was designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality.