Over $1 Trillion in Tax Increases

by Jonathan H. Adler

Jake Tapper details the $989 billion in tax increases called for in the Obama Administration’s new budget.  But Tapper’s tabulation understates the increased tax burden of Obama’s proposed budget, as it does not account for the proposed cap-and-trade program, which will require businesses to spend another $646 billion between 2012 and 2019.  So, all told, the budget actually calls for approximately $1.5 trillion in tax increases over the next ten years. 

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