President Obama released his Fiscal Year 2016 budget proposal last week, and the plan it sets forth for the nation's fiscal future should concern taxpayers who are worried about mounting federal debt and deficits.
NTU Foundation's analysis of the President's new budget reveals plenty of new tax and fee increases on top of near record-high spending over the next decade. Meanwhile, the budget includes just $3.6 billion in discretionary spending cuts. By the White House's own projections, the United States would be spending more than it takes in every year through at least 2040.
In the words of NTU Foundation's Director of Research, Demian Brady: "The President's budget is loaded with punitive tax hikes on investments and job creation that would actually hurt those in the middle class that he professes to help. ... Taxpayers who would like to see a discussion about balancing the budget or controlling the tax burden will have to hope that this is the President's opening negotiation position with Congress and that his Administration will work earnestly with legislators on real tax and spending reform."
For complete coverage of the latest budget proposal, as well as all of NTUF's previous budget analyses, check out our research archive in addition to the latest edition of The Taxpayer's Tab.