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Obama's spending: His tax hikes won't cover it
President Obama asks us to believe that he will “invest” in more infrastructure and reduce the federal deficit in his second term, all by simply raising taxes on “millionaires and billionaires.” It cannot be done, which he knows, and you should too.
Obama claims that his 2013 budget reduces the federal deficit by $4 trillion. That is not true. The Congressional Budget Office concluded that his budget increases the federal deficit by about $3.5 trillion in the next decade. The federal debt under Obama's budget will rise from its current $16 trillion ($5 trillion more than when Obama took office) to $25 trillion by 2022, the Office of Management and Budget projects.
But what about all those tax hikes on “the rich?” They simply don't cover the spending. The President's 2013 budget includes about $2 trillion in tax hikes over the next decade, gradually raising federal revenues to just over 20 percent of GDP by 2022, a Heritage Foundation analysis showed. But federal spending rises to more than 22 percent of GDP.
The imbalance of the federal budget is not a revenue problem; it's a spending problem. Soaking the rich won't fix that.
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