Friday, February 12, 2016

Obama 2017 Budget DOA and Why

President Obama has released his last budget proposal, which amounted to another a liberal wish list. 
Image result for 2017 budget federal
The big-spending, deficit-driving budget was rejected by Republican Study Committee members as “dead on arrival” and “not serious. Here’s what Obama’s budget does, by the numbers…
Sets a record for new spending. The $4.1 trillion proposal is the costliest Obama budget yet and the first $4 trillion budget in federal history. Congrats or something?
Increases taxes by $3.4 trillion. The Obama budget places a particularly heavy burden on small businesses and highest earners. Among his proposals is raising the top capital gains rate, already one of the highest in the world, to 28 percent.
Introduces a $10.25 per barrel oil tax. That’s even higher than previous estimates released last week. A report released by the non-partisan Congressional Research Service said the tax would likely be passed down to consumers, increasing the price of fuel and other goods and services that rely on it for transportation. The impact would hurt economic growth.
Gives another $1 billion to the Internal Revenue Service (IRS). That’s a 4.7 percent increase in the agency’s funding. You might remember the IRS from such hits as targeting conservatives, channeling millions from taxpayer assistance into employee bonuses and admitting that hundreds of thousands of taxpayers had their information compromised in a data breach last year.
Adds $9.3 trillion to the national debt. The budget would increase our national debt to $27.4 trillion over the next decade – more than twice the debt when President Obama took office.
The White House is moving to eliminate the State Criminal Alien Assistance Program (SCAAPP), as reported by The Washington Post. While it would save the U.S. Department of Justice a reported $210 million, any costs of housing these illegal immigrants would be passed on to local and county taxpayers.