President Obama’s 2014 budget calls for a trillion dollars in new taxes, almost twice as much as previously thought, The Washington Examiner has learned.
“Of the more than $1 trillion in new taxes, about $800 billion is raised through the individual income tax system, about $125 billion comes from new excise taxes — including new taxes on tobacco and financial companies,” a source familiar with the president’s budget explained. “The remainder comes from reverting back to the 2009 estate tax parameters and other miscellaneous tax increases.”
Senate Minority Leader Mitch McConnell, R-Ky., described the budget as a “left wing wish list” during his speech on the Senate floor this morning.
“The document headed our way does not appear designed to bridge the differences between the House- and Senate-passed budgets,” McConnell said. “That’s the role Americans would expect the President to play at this stage, but his budget simply does not represent some grand pivot from left to center. It’s really just a pivot from left to left.”
The New York Times reported last week that the budget “would reduce deficits more than $600 billion further in that time by additional tax increases on the wealthy and some corporations.”