President Obama has said in more than one speech, “If you make under $250,000 you will not see your taxes increase by a single dime.” But as Neil Cavuto said on Fox’s Cavuto on Business Saturday, “That was then.”
The president’s new budget includes tax increases totaling $1.1 trillion dollars, including higher cigarette taxes, higher fees for aviation security, and new energy taxes which will hit the gas pumps. In addition, bank and insurance company fees are getting a big hike, which will probably be passed on to the consumer, according to Cavuto.
“It just hit me, the president said, ‘not by a single dime’,” guest Charles Payne of WStreet.com said. “He was telling the truth, that’s a lot of dimes. How many dimes are in a trillion?”
Dagan McDowell of Fox Business Network said she found the cap on the amount that can be saved in a tax-deferred retirement account to be most troubling. She said the $3 million cap was set “because they know what we should be able to live on.”
“I think this is just a preview of coming attractions,” Cavuto told the panel.
At $3.77 trillion, the Obama budget is the costliest ever for a single fiscal year, increasing the 2014 deficit by $128 billion over the Congressional Budget Office baseline.
See the discussion on the budget and ramifications for middle class taxpayers from Fox News here.
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