Thursday, February 26, 2009

$1.6 Trillion in New Taxes

Think you are going to be exempt from the huge new tax increases in Obama' budget because you don't make over $250K a year? Think again. Read this piece, written by a member of the Patriotic Resistance at

Obama Budget: More than $1.6 Trillion in new taxes (and counting)
Posted by Steve Elliott on February 26, 2009 at 3:00pm

News outlets are reporting that there are over $1 trillion in new taxes in the Obama budget. While that number is stunning, has identified more than $1.6 trillion... and counting

No one is including the "Climate Revenues" of $645 billion. "Climate Revenues" is defined in the overview as "Proceeds from auctioning emission allowances" -- i.e. the Carbon Tax that every American will be forced to pay because it is a pass-on tax to the consumer. Actually, according to the fine print of the Obama budget overview, the $645 billion shown is just the portion of the "Climate Revenues" that are currently designated to "clean energy technologies" and "Making Work Pay" program. The footnote explains, "Shown here [i.e. the $645 billion] are those proceeds from auctioning emission allowances that are reserved for clean energy technology initiatives and to compensate families through the Making Work Pay tax cut.... All additional net proceeds will be used to further compensate the public."

Thus, the Obama budget, at a minimum, includes $1.6 trillion in new taxes and we have yet to add in the assorted "fees," "leases," and other "mandatory initiatives."

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