Obama’s Budget – Higher Taxes for Everyone
June 27, 2013
Recently, President Obama released his FY14 Budget request to Congress. If he gets his way, your taxes will be going up. The Tax Policy Center has put together an estimate of tax rates under President Obama's budget in the next ten years. Taxes are going up on the rich of course, but they’re also going up on everybody else, too. This is despite his campaign promise to not raise taxes on families making less than $200,000.
Families making between $50,000 and $75,000 would see an average federal tax hike of $63.
Families making between $100,000 and $200,000 would pay an extra $150 per year.
Total effective tax rates, which hit a 30-year low of 17% in 2009, are on track to break 24% in 2023. That would be the highest share of the U.S. economy going to Washington since the 1970s. Most of that burden would fall on families making more than $400,000 a year. Those are the same Americans who were hit with a tax rate increase in January and face a tax deduction cap in the new budget.