President Obama crisscrossed the country to scare Americans about sequestration. But what are really frightening are the 13 Obama tax hikes that took effect in 2013.
These tax increases, which range from new health care taxes to a payroll-tax hike on workers, will slow the economy. Incoming Heritage Foundation president Jim DeMint has noted that these tax hikes have the potential to cause more harm than the budget cuts that will happen as a result of sequestration.
So how do the tax hikes compare to sequestration? It’s a whopping $149.7 billion in taxes versus $85 billion in spending cuts.
Tax increases take money out of the economy that could have been spent on hiring workers, and they change the incentives against productive work and investment, which slows growth over the long term.
We don’t expect Obama to mention these tax increases as he campaigns against the sequester. But consider this list of Obama’s 13 tax hikes put together by Curtis Dubay, a senior policy analyst at Heritage.
Tax increases the fiscal cliff deal allowed:
Health care tax increases that took effect: