From Yahoo:
The Obama administration’s plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year — effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
And from The Hill:
Grappling to contain record deficits, President Barack Obama is seeking to end a middle-class tax break he once said would be permanent.
The $3.8 trillion budget request rolled out by the White House on Monday would renew the Making Work Pay tax credit for fiscal 2011, but then would have it sunset.
That’s a switch from last year, when Obama’s budget called for making the tax credit permanent.
So to all those 55 million people that voted for Obama in 2008, I hope you’re happy with his higher taxes and his record deficit spending and his increasing reach of government.
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