……amazingly, the White House is telling something closer to the truth about this tax hike, admitting that the official budget estimate of $646 billion over 8 years—already a mighty steep price to pay—is far, far lower than the real cost.
The deputy director of the White House National Economic Council, Jason Furman, is giving us a glimpse at the real number, telling Senate staff the energy tax scheme would actually raise “two-to-three times” the budget’s official $646 billion revenue estimate. Dow Jones reports that 5 people at the meeting confirmed the statement—we can be pretty sure he said it.
……If Furman is right that the real tax hike would be two or three times the official budget estimate—and it’s likely still a lowball—that would mean the actual tax hike would run well into the trillions, roughly between $1.3 trillion and $1.9 trillion between fiscal years 2012 and 2019 by Furman’s own estimate.
The White House claims that this massive gusher of new tax revenue would be dedicated to tax relief, but judging by the budget that’s just a PR gimmick. More than 42 percent of the “tax cuts” in the Obama budget—according to its own official estimates—go to people who don’t pay taxes. Call it a handout; call it a welfare check; call it social spending; don’t call it a tax cut, though, because it means the burden of the federal government on people who actually work, save, invest, and build wealth will be higher than ever before.
Like we never saw this coming. More government extortion of taxpayers while giving our money to those who do not work or pay taxes.
That might appeal to the ‘Obama’s gonna pay for my 16 children’ crowd, but sooner or later the nation of John Galts are going to rebel.