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Heritage
Foundation
Morning Bell: 5 Things to Know
About the Obama Budget
Amy
Payne
April
11, 2013
President
Obama finally released his budget yesterday—more than
two months late.
Heritage
experts immediately went to work analyzing the mounds of
new spending on education, manufacturing, “clean energy,”
infrastructure, and
small business.
But
the President didn’t stop at more of the same failed stimulus
and Solyndra-type policies. He also piled on the tax
increases—including on
seniors, the poor, and the middle class.
Five
key things to know about President Obama’s budget:
1.
It hikes taxes by $1.1 trillion.
Heritage’s
Curtis Dubay says: “There was little doubt that
President Obama would propose a huge tax hike in his budget. It is a
bit
surprising, however, that the total tax increase he proposes is almost
double
what he claims it to be.”
Dubay
explains where all the tax increases come from—including the
“Buffett Rule,” capping tax deductions, and hiking the cigarette tax
and the
death tax.
2.
It underfunds defense.
Heritage’s
Patrick Louis Knudsen explains that “While boosting
domestic spending, the President remains indifferent to national
security
needs. His proposed defense spending, though somewhat higher than
sequestration
levels, remains inadequate.” Baker Spring says, “The result is going to
be a
defense posture that is too small in terms of both personnel and force
structure, does not include modern weapons and equipment, and does not
provide
adequate levels of training and maintenance.”
3.
It doubles down on Obamacare.
The
Obama budget actually expands parts of Obamacare and even
includes new changes to Medicare that create two sneaky new “taxes” on
seniors.
Obamacare’s “malignant new entitlements—its health insurance subsidies
and
Medicaid expansions—start in this 2014 budget,” Knudsen reminds us…
Read
the rest of the article at Heritage Foundation
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