Obama's Budget Hikes Taxes by $2 Trillion
President Obama's FY 2013 budget includes about $1.5 trillion in tax hikes. Other proposals bring the true size of Obama's tax hikes to over $2 trillion. This includes letting the Bush tax cuts expire for high-income earners and small businesses and imposing additional taxes on these groups. Obama also proposes a higher death tax and the institution of new taxes, such as the punitive bank tax.
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BILLIONS OF NOMINAL DOLLARS
Sources: Heritage Foundation calculations based on data from the Office of Management and Budget and the U.S. Department of the Treasury.