On Income Tax Day, April 15th, barack hussein obama told America on his weekly radio address to the nation that members of the Tea Party Movement should thank him. He said, “one thing we have not done is raise income taxes on families making less than $250,000; that’s another promise we kept.”
In fact, that wasn’t his promise at all.
In fact, that wasn’t his promise at all.
Here’s what candidate obama really said in September of 2008: “Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
Got that? “Not any of your taxes.” The claim of no tax hikes on those below $250,000 as a result of the current administration’s policies is completely and utterly false.
FACT CHECK
A report from the House Ways & Means Committee’s GOP members notes that, since January 2009, Congress and the president have enacted $670 billion in tax increases. That’s $2,100 for each person in America. At least 14 of those tax hikes, the report says, break Obama’s pledge not to raise taxes on those earning less than $250,000. Roughly $316 billion of the tax hikes — 14 increases in all — hit middle-class families, the report says.
This comes in addition to recent data from the nonpartisan Congressional Budget Office showing U.S. spending and indebtedness growing at an alarming rate. Government spending now totals 25% of GDP, a quarter above its long-term average. By 2035, it will hit 34% of GDP at current trends — a 70% increase in the real size of government in just 25 years.
This comes in addition to recent data from the nonpartisan Congressional Budget Office showing U.S. spending and indebtedness growing at an alarming rate. Government spending now totals 25% of GDP, a quarter above its long-term average. By 2035, it will hit 34% of GDP at current trends — a 70% increase in the real size of government in just 25 years.
More spending means more debt. In 2008, total federal publicly held debt was about $8.5 trillion — an amount Uncle Sam took 220 years to accumulate. By 2020, that will soar to $20.3 trillion, a 139% jump. No surprise the Government Accountability Office last week said the U.S. is on “an unsustainable long-term fiscal path.” (h/t IBD)
