Report: Billions in Tax Hikes Hidden in President’s Budget

Report: Billions in Tax Hikes Hidden in President’s Budget

Although it has already been reported that President Obama’s latest budget proposal includes some hefty tax increases, the total amount may have been dangerously understated.

“By how much?” you ask. Try $128 billion.

The Heritage foundation has discovered that the president’s budget proposal is chock-full of hidden tax hikes, adding up to a total of $2 trillion in higher taxes.

“In fact, the President wants to raise taxes by $1.689 trillion – that’s $128 billion more than [the $1.56 trillion] reported by the White House Office of Management and Budget (OMB) in the President’s FY 2013 budget proposal,” The Foundry’s Mike Brownfield writes.

Wait a minute. How can that be? Where are these numbers coming from?