Written on January 31, 2012 at 9:59 pm by

CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

Filed under Debt Crisis, Economy, Featured {15 comments}

tax incrases

The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.

At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.

“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.”

The U.S. economy, CBO projects, will perform “below its potential” for another six years and unemployment will remain above 7 percent for another three.

Continue Reading on cnsnews.com



Before posting please read the Discussion Guidelines

Article by FPP

Authors bio is coming up shortly.
FPP tagged this post with: , , Read 347 articles by
  • http://googlechrome David

    Republicans can’t win on this. If a Republican knocks obama out of office this rise will be the Republican president’s fault. If Obama stays in office, it will be Bush’s fault.

    • Bob202

      David, you are listening to the main stream media. If the economy improves in the next 7 or 8 months, Obama (with his $1 billion war chest) will smother the Republican nominee because of the misinformation the media will put out. Think what $1 billion will buy in the form of negative campaigning as Romney proved by his negative campaign against Newt Gingich in Florida.

  • Larry E

    Wow, you don’t mean to tell me that the Glorious Leader lied to all of us. I disagree with David. If the Republicans win the White House and both houses of congress it can be changed, and it had better be changed or the Republican Party is done for.

  • http://www.greghoovermusic.com Greg Hoover

    It must be, if hopefully Republicans replace Obama, such that we are open for business again. Reduction of Departments like Education & most of the EPA need to go & quite scaring all business. The Federal Reserve needs to be Audited at a minimum. Unions need to compete fairly for job sectors if they want to be worth saving. The Affordable Health Care Bill needs to be repealed & more powers returned to the States. Regulations & the threat of greater buracracy neeeds to be dialed back & entitlement issues need to occupy the most creative & effective minds of Elected officials to give confidence to small business & the inventiveness of Americans. ONLY the enginuity & productivity of Americans will be able to trump the insane spending deficit that the Federal Government is not yet facing squarely……without Confidence of the American spirit – I don’t think we’ll go anywhere but this general malise or rapidly downward without it being let free!!!

  • IdontBrakeForDems

    Yes, you are right unless we elect Ron Paul. He will do actual cuts in spending (not cuts in future increases) and will trim our budget by 1 trillion the first year in office, mostly by eliminating government agencies like the dept of education for example. The American people will react just like the citizens of Greece when faced with cuts in their social programs. People will resist the cuts because it will affect their pocketbook, and that will cause elected officials to back off or risk losing their job. We have went too far with socialistic programs. The backlash from needed cuts will spur riots just like Greece is having now (and Italy) so IMO we done screwed the pooch. Now it’s a countdown until America comes apart at the seams, bankrupt and a great divide within the people themselves. FEMA camps around the country are gearing up right now so they can house the thousands / millions that will be arrested during these upcoming riots and social unrest. Take a good look at Oakland and LA during the past week to understand how these riots are just beginning to take shape.

    • David

      FEMA camps have already started hiring guard’s, people for the feeding/food supply, trash removal, everything, every aspect of life needed to survive in one of these camp’s. They know it’s coming. I also wonder if, possibly these camp’s are being readied for whatever, if anything happen’s on 21 Dec 2012? I don’t know but it has to be on people’s mind’s in some way.
      The only thing I know is that preparation is a must, I would rather have and not need, then to need and not have. Harbor Freight has a solar panel system (45W) w/ everything but the batteries supposedly that I plan to purchase and a few batteries at least. I have generator’s.
      Folk’s, I hope that we can save our Republic from the Left, but right now it will be an uphill climb. We have let them get way to far into what we do not believe in and it will take awhile to change it, if it is possible at this time. However if we do not, the America that we know and love, will be lost forever.

  • Dave

    We NEED to replace the current Administration AND The Senate with CONSERVATIVE REPUBLICANS……….. and that DOES NOT include LIBERTARIAN Ron Paul, who would be nothing but another Obama in sheep’s clothing!

    • Will reason ever prevail

      I don’t agree with the statement that Ron Paul would be another Obama. There is no similarity. Mr. Paul probably won’t get the nomination but he deserves more respect than to say something like that about him. He is a good man. I am not endorsing him and unless he got the nomination I won’t vote for him ( I want the current president OUT of the White house) but Ron Paul is nothing like you say.

      • David

        I agree. Ron Paul is the 180 Degree turn from Obama. However, I do agree that we would go from one extreme to another… I agree with alot of Ron Paul’s Domestic Policy, but his Foreign policy is scary and suck’s. We cannot reduce our military if more then it’s already been reduced. Use of the military as a show of force is better then a military that has to use force but we must be willing of called for and Ron Paul, would NOT….

    • Bob202

      Dave, you have my vote on Ron Paul. Ron Paul’s support comes mainly from people who like his stand on drugs. The Republicans must win in November and the first act should be to repeal ObamaCare because it is poison for the taxes it imposes and the freedoms it takes from us. Repeal of ObamaCare will save $1 trillion dollars a year from the budget deficit which means it will be balanced. Obama’s redistribution of wealth is half-witted. His latest plan to allow people to refinance their mortgage and charge banks more fees is class warfare. The sooner he is gone, the better off our country will be. If this plan does happen, we will have another housing crisis again.

  • Louise

    ALL Senators and Reps in the house need to be replaced! Mostly the Senators – they are Killing us. STOP voting for your Senator. Ask yourself, has he helped so far. NO he/she didn’t. They all need to go. Vote them ALL Out with a Constitutional Conservative, then we will have JOBS, lower taxes, fairer taxes, NO ObamaCare. And if you in Louisiana, Gov. Jindal must go. He’s a Rino. He always talks good but his ACTIONS are he is for The UN AGENDA 21 – ONE WORLD ORDER! Goggle: “Tom Dewesse Agenda 21″ and be on TOP of what’s coming by Obama and ALOMOST ALL DEMOCRATS and some Republicans.

    • David

      Anyone that voted in 2010 for Republican’s should have known that IF, Republican’s to the House back, that nothing would happen for the next 2 year’s, at least I did. However, I looked at it, with Obama’s spending, that I’d rather have them do NOTHING compared to being 20 trillion in debt by 2013.
      I do not see our House of Represenative’s as doing nothing. If you look, you’ll find that the house has been working daily, weekly, monthly, they have provided the senate with Bill after Bill and Harry Reid more or less trashes them. He will not forward any bill past the Senate from the House.
      The House has did it’s job, the Senate has not done it’s job. Harry Reid has failed as much as Nancy Pelosi did.

    • Bob202

      There are a bunch of Agenda 21 supporters in both political Parties. Plus, all candidates must be exposed if they support the Agenda 21 and the New World Order (NWO) group.

  • Pingback: Who you gonna believe - Obama or Webster ??

  • Bob Marshall

    The government has to pay for these wars Americans have come to love so much. Also, all the government assistance so many receive because the 50% who pay taxes can’t fund these programs without paying higher taxes. We are closer to becoming the Unites States Socialist Republic every year. politicians know to mention cutting back on Social Security, Medicare and especially the money spent for defense or maybe i should say offense is political suicide. http://www.addictedtowar.com

2012 Delegate Counter

Sign up for our e-mail!

Like us on Facebook