What could be described as his 6th straight “Free Stuff & Wealth Redistribution” State of the Union speech tonight, President Barack Obama will layout his plan to increase taxes on high-income earners, capital gains on home values, retirement accounts and death taxes to “pay” for more free stuff for no-income Americans.
The basket of tax hikes that President Obama will be outlining tonight will bring in $320 billion according to the Congressional Budget Office (CBO) – an agency renowned for over estimating revenues on corporate taxes, investment income and other taxes to underestimating government spending on ObamaCare, Medicaid, Food Stamps and other big-ticket wealth transfer programs.
He will also be laying the groundwork for brand new spending on “populist” programs including taxpayer-funded “free” college and “free” Internet access – programs that go well beyond the traditional meaning of a “safety net” – programs that will hit small businesses particularly hard running many of them into bankruptcy – perversely increasing the need for such programs.
Are not Americans taxed enough? Isn’t the government spending too much already?
According to the Tax Foundation, the average American spent the first 74 days of 2014 just working to pay various federal taxes – not including state taxes, property taxes, sales taxes, value added taxes (VAT), gas taxes, utility taxes, death taxes, tariffs, licenses and fees.
When these taxes are taken into account along with the cost of annual federal deficits, Tax Freedom Day is May 6 – the longest period in the year since World War II.
With respect to spending, the national deficit now exceeds $18 TRILLION. Again according to the Tax Foundation:
Since 2002, federal expenses have exceeded federal revenues, with the budget deficit exceeding $1 trillion annually from 2009 to 2012 and over $800 billion in 2013. In 2014, the deficit will (be) $636 billion.
Taken together, the American people paid more on taxes in 2014 than they spent on housing, food and clothing combined.
To celebrate the good things Americans make possible with the backbreaking burden of taxes they pay, President Obama has invited illegal immigrants to sit in the President’s Box alongside Michelle Obama during tonight’s State of the Union broadcast.