‘Cause He’s The Taxman … Obama Budget Proposal Calls For Highest Taxation Ever

Obama Calls For Highest Sustained Taxation In U.S. History

 

 

 

 

 

 

” In the budget proposal he presented to Congress last month, President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people, according to the analysis published last week by the Congressional Budget Office.

  Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.

America has never been subjected to a ten-year stretch of taxation at that level.”

 

 

 

 

 

” In the twelve fiscal years preceding the Japanese attack on Pearl Harbor (1930 through 1941), federal taxation averaged 5.3 percent of GDP.

  In the five fiscal years encompassing U.S. involvement in World War II (1942 through 1946), federal taxation averaged 16.1 percent of GDP.

In the fiscal years since World War II (1947 through 2013), federal taxation has averaged 17.1 percent of GDP.”

 

 

 

 

CNS News

 

 

 

 

 

 

 

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The Records Just Keep Coming – Obama Will Be First Pres To Spend $4 Trillion In One Year

OMB: Obama Will Become First President To Spend $4T In One Year

 

 

 

” In the historical tables it released along with President Barack Obama’s fiscal 2014 budget proposal this morning, the White House Office of Management and Budget revealed that in fiscal 2016, under the president’s budget proposal, it expects Obama to become the first president in the nation’s history to preside over a federal government that spends more than $4 trillion in one year.

According to OMB’s tables, the federal government would spend$3.7778 trillion in fiscal 2014 under Obama’s budget proposal. It would then spend $3.9801 trillion in fiscal 2015; $4.0898 trillion in fiscal 2016; and $4.2474 trillion in fiscal 2017.

In fiscal 2007, according to the OMB’s tables, the federal government ran a deficit of $160.7 billion. In fiscal 2008, that climbed to $458.5 billion.

In fiscal 2009, the government ended up running a deficit of $1.4126 trillion. In fiscal 2010, it ran a deficit of $1.2943 trillion; in fiscal 2011, it ran a deficit of $1.2995 trillion; in fiscal 2012, it ran a deficit of $1.0869 trillion; and, in fiscal 2013, OMB projects a $972.9 billion deficit.”

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Related articles

• Obama’s $3.8 trillion budget includes cuts to Social Security (reporternews.com)
• Federal budget: $3.8 trillion plan is Obama’s attempt at ‘grand bargain’ (mercurynews.com)
• Obama sends Congress $3.8 trillion spending plan (staradvertiser.com)
• Obama’s $3.8T budget likely to anger left, right (nwcn.com)
• What to Expect in Obama’s 2014 Budget: Spending and Disappointment (reason.com)

 

 

 

 

 

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