Shocker… Obama’s “Jobs” Plan Calls for $400 Billion in Tax Hikes

In August 2009 President Obama was very clear that you shouldn’t raise taxes during a recession.

But that was in 2009…
Now President Barack Obama is proposing tax hikes to help pay for his latest $447 Billion stimulus plan.
Reuters reported:

President Barack Obama is proposing a series of tax increases, mainly on the wealthy, to help cover the cost of a $447 billion economic stimulus proposal, budget chief Jack Lew said on Monday.

Lew said Obama’s plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000.

The rest of the $467 billion in savings would come from raising a smattering of other taxes, including those on corporate jet owners and the oil and gas industry.

Business Insider today revealed that Barack Obama plans on paying for the plan with $400 billion in tax increases.

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  • Tom63010

    This isn’t a proposal to create jobs it is a proposal to create campaign talking points.

  • Redwine

    The WH also says that the Dictator-in-Chief threatens to use the Executive Order in an unconstitutional move to go around Congress to pass this newest slush fund scheme.

  • vamoose

    So the tax on millionaires begins with those making $200,000. Cute.

  • mmm

    He’s calling for tax hikes because our country is bankrupt and so are our creditors. The ponzi scheme cannot last.

  • Estragon

    Remember Jim Geraghty from March 2008: “All of Barack Obama’s statements come with an expiration date – ALL of them.”

    But this proposal is virtually identical to the stimulus bill – even WaPo compared the speeches and found many identical phrases, as well as policies. It’s even more spending: ARRA spent $800 billion over two years, AJA proposes to spend $450 billion in one year.

    The remarkable thing is that Obama is going to even pretend to pay for any of it. I thought he was going to pass it all to the Super-Duper Committee to cut on top of their actual mandate, as if he were the absolute monarch issuing a decree.

  • exceller

    forget about the 10 year nonsense, if you want to spend $447 billion this year and next, then make the cuts or raise the taxes to pay for it NOW. not in 10 years. let’s get out of this fiscal fantasyland.

  • Edouard

    #1 hits it on the nose.

    Obama is saying to those of us who already pay through the nose to try to create jobs and wealth: Choke on it, America.

    Under this tragedy of a president, this second Stimulus is just another gigantic pile of bricks on top of an already far-overstacked load, laden with goodies for his pet constituent groups to win their street activism and their votes.

    Under this tyrant, it’s full steam ahead toward backbreaking socialism, & toward the permanent cementing of an entitlement state that is already barely struggling to stand under the monstrous weight of this behemoth of a wealth-wasting government.

  • Scott

    So, Obama has proven to be such a masterful businessman, we should all just reach into our wallets and our children’s future earnings for what exactly??? More giveaway programs like Solyndra? More shovel ready jobs? More cash for clunkers? Pigford II? The truth is that Obama and the rest of the idiot class in Washington don’t know the first thing about allocating capital…

  • JaneLovesJesus

    Operative word here being “YOU”. YOU don’t raise taxes during a recession. Obama, on the other hand, DOES.

  • Scott

    They take money from productive persons and businesses. Run it through the worlds largest beureacracy. Pay themselves first, of course. Then, they send the remainder back into the economy via thousands of incoherent vote-buying schemes…It is the very definition of wealth destruction.

  • MrGoodWench

    Lew said Obama’s plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000.
    So small business owners will be punched in the gut again and this is how he wants to create jobs ?
    Didn’t Obama’s blowjobs commission tell him how small businesses file taxes as ?
    Does the doofus know that $ 200,000/$ 250,000 erarners are NOT millionaires and billionaires ?

  • DANEgerus

    “a smattering of other taxes”? “smattering”? 1/2Trillion tax increase would represent a 25% increase in taxes, the LARGEST tax increase in American history.


    is this the sam POS that said the entire bill is already paid for and won’t raise the debt?????


    What doesn’t he understand about people making $200 thousand a year are NOT MILLIONAIRES??? Does he really believe this is going to help small businesses??

    He is a joke, and our country is paying


  • MrGoodWench

    The rest of the $467 billion in savings would come from raising a smattering of other taxes, including those on corporate jet owners and the oil and gas industry.
    So Immelt and Buffet will pay ALL the taxes they owe ?
    How about Soros , will he payup and STOP playing shell games by calling his criminal enterprises
    ” 501-C ” for tax purposes ?
    If the islamomarxist wants to really “save” some money, lets start by NOT FUNDING PETROBRAS, MUSLIM BROTHERHOOD, MOSKS AROUND THE WORLD, TALIBAN, PAKISTAN , UNION GOONS ,
    and make companies like Google stop stashing their profits overseas .

  • Ohio Granny

    Goodie goodi. Warren Buffet can absorb this, right?, and he was complaining about not giving his fair share.

    But the truth is, Obie took such heat for not having the plan written that he stayed up all night and put crayon to paper and this is the only thing he could come up with.

    Tax the rich. Simple easy and it as a campaign slogan, he’ll get the zombie vote.

  • Chrissy B

    This is a plan to finish destroying the middle class, shutter what few small businesses remain, and reward his union buddies. And my family wonders why I give the tv the middle finger everytime Teh Won is on.

  • Auntie Em

    Obama does NOT get to have any more of my hard earned money until the Solyndra Scandal is fully investigated by an independent agency. My parents, grandparents, and ancestors risked all, gave all, fought for, and built this country with blood, sweat and tears and I will not let some foreign tin-pot Manchurian malignant liar dishonor their legacy or destro the safety of this great country for future generations.

    I will not have my children living in an oppressed third-world country because of this yahoo.

  • MAJ Mike

    SSDD (SameSh!tDifferentDay). How is this proposal any different from previous plans?

    To quote Herman Cain, “We waited 30 months for this!?!”

  • billsv

    Mr Goodwrench, Soros does not pay taxes on his carried interest (the x% ususally 20% of profits) he makes from his offfshore funds. The law back when he started made an exception for US citizens such they only paid those taxes when they brought the money back to the US. Meanwhile he compunds his money tax free as he reinvests it is his offfshore funds. It will make no difference when he drops other investors other than his family. He does not want transparancy when the new SEC laws come into affect. Those are tax laws Congress should change retroactively.