Senate Finance Committee Ranking Member Orrin Hatch (R-Utah) cited a report released today by the American Action Forum that found that President Obama's economic proposals will raise taxes on middle class income earners making as little as $30,000 per year, with the average increase per American taxpayer being $1,500. The study is based on the tax implications of the Obama Administration's current spending plans.
"Simply put, the President's spending plans and his claims to not raise taxes just don't add up," Hatch said. "Just today Vice President Biden said that the middle class has been "buried the last four years' under President Obama, and as this study shows, President Obama's policies will put them in even more of a hole. When is enough, enough? All we've heard from this White House over the last four years has been more ideas to spend more Americans' hard-earned tax dollars, and this report is a devastating indictment of President Obama's failed economic agenda."
The report examines the fiscal outlook for balancing the budget over the next ten years. The report summarizes that "If spending plans are unchanged, it appears inevitable that the middle class will face higher taxes. Assuming that one-half the adjustment occurs on the tax side, and that higher taxes are phased in slowly, taxpayers making as little $30,000 will face higher taxes that average as much as $1,500 annually over the next 10 years."