As the White House leaked out information about the 2014 budget plan from President Obama, the figure of $580 billion in "net" tax hikes caught my attention - and sure enough, when the plan was released on Wednesday, it was clear that much more than $580 billion in new revenues would come into Uncle Sam over ten years under this budget.
Really, the true number in terms of tax revenue increases is $1 trillion over ten years, as the President's plan includes an assortment of tax plans, many of them which have been rejected or not considered at all by the Congress in previous budgets.
For example, the biggest item on the revenue side is the limit on deductions for higher income earning taxpayers, which would bring in over $529 billion in ten years; that idea has fallen flat when Democrats ran the Congress in the first two years of the Obama Administration and has gone nowhere with Republicans in charge of the House as well.
Since I know very few of you will go through all the proposals in the budget, here is a list of the revenue proposals made for 2014 by the President. Any figures with a minus (-) sign mean that the provision will lose money. All the figures are in millions of dollars, so if you see 1,000, that translates to $1 billion.
You can read all about the following proposals and see all the documentation for yourself at http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2014.pdf
As the White House leaked out information about the 2014 budget plan from President Obama, the figure of $580 billion in "net" tax hikes caught my attention - and sure enough, when the plan was released on Wednesday, it was clear that much more than $580 billion in new revenues ...
