How do you think we’re going to be able to afford four more years of lavish parties, vacations and golf junkets for the Slacker-in-Chief?
A new budget report released yesterday projects that federal taxes will shoot up 30 percent over the next two years due to a rise in personal income and the scheduled expiration of federal tax breaks.
The $800 billion hit to taxpayers would come partly through the elimination of tax breaks such as the Bush-era tax cuts in 2001 and 2003, according to the Congressional Budget Office.
With the nonpartisan CBO predicting a rise in worker salaries due largely to inflation, it projected that more wage earners would be pushed into higher tax brackets — funneling even more cash to Washington.
The CBO also projected that over the next 10 years, Americans will see a rise in government fees and penalties, all of which will contribute to keeping the economy sluggish over the next two years.
“That pace of growth partly reflects the dampening effect on economic activity from the higher tax rates and curbs on spending scheduled to occur this year and especially next,” the report said.
The scheduled expiration of the Bush-era tax cuts at the end of this year has fueled a running battle between congressional Democrats and Republicans.
President Obama in 2010 reluctantly backed a two-year extension of the breaks in exchange for cuts in the payroll tax and extension of unemployment benefits.
The report painted a bleak picture for the economy over the next several years, with the feds running trillion-dollar annual deficits, including a $1.1 trillion deficit this year, higher than earlier projections.
Last August, the CBO predicted a $953 billion deficit for the 2012 fiscal year. Corporate-tax receipts are sharply lower than was anticipated last year.
“Four straight years of trillion-dollar deficits, no credible plan to lift the crushing burden of debt,” said House Budget Committee Chairman Paul Ryan (R-Wis.). “The president and his party’s leaders have fallen short in their duty to tackle our generation’s most pressing fiscal and economic challenges.”
We’re all completely tapped out, the economy is still in the toilet and all these radical Democrats want is more of your money. Is it any wonder their re-election plan is not to run on their record but to divide Americans along class lines?