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The Numbers Behind Obama’s Tax Hikes

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  • Description

    FBN’s Lou Dobbs on the Administration’s plan to raise taxes on the rich.

  • Duration 3:55
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This transcript is automatically generated

Well the president wants to raise.

Taxes.

By one.

-- six trillion dollars.

That's is opening gambit is initial bargaining position on the post -- what he wants to do that over the next decade.

-- and this is the kind of map -- like that works out through.

1460.

Billion.

Per year in taxes.

Republicans howling about but are they wrong to -- -- -- let's take a look at some numbers earlier this year the president unveiled a three.

Point eight truck.

-- -- this we just talk about these numbers like there's nothing to three point eight.

Trillion dollar budget.

He forecasts.

-- one point three trillion dollar.

Deficit.

And so that means I can figure this out.

I had two and a half inch wrote in dollars to work where.

One point three trillion in deficit.

901.

Billion dollars set for next year in depth of our national -- is now over sixteen trillion dollars everybody knows that I don't need to write that down.

And the president's -- -- it once once -- He just wants one point six trillion dollars in new taxes.

And here's how it wants to get their first he wants to raise 849.

Billion.

Over ten years by allowing the bush tax cuts and they go.

Away at the idea on the -- first in December this year.

There will expire for households with incomes of more than 250000.

Dollars -- 849.

Billion.

Includes 206 billion dollars of higher taxes on dividends -- -- 23 billion dollars.

On limiting itemized deductions 36 billion in higher taxes on capital gains that next.

The White House wants to raise another.

584.

Billion dollars over ten years 584.

Billion.

Of that.

Over ten years by reducing the value of certain -- cutting tax breaks related to charitable contributions.

Mortgage payments -- by the way that might have an impact on the housing industry.

That should get everybody a little excited we've got something good going here at the thing goes now in the housing industry so let's -- that.

The rest of the president's one point six trillion would come from raising taxes on options commodity traders corporate owned life insurance policies.

And some energy companies but it's yours for -- That one point six trillion over a -- breaks down to 160.

Billion dollars each year.

There still -- a whole up 840.

Billion.

Dollars.

If we want to balance the budget.

The president likes the demon that is you're looking out of one trillion dollar deficit.

-- the president likes to demonize those bush tax cuts so he won't tell you this but I will.

The tax revenue is already increasing.

Of the federal government under the bush rates.

-- -- Individual income tax payments have risen.

233.

Billion dollars.

Over the course of the past two -- up 26.

Percent.

26%.

And by the way raising the marginal tax rates is a sure a recipe.

-- recession.

And even bigger deficits according to the Congressional Budget Office.

That wasn't part of today's news conference.

So far hasn't been part of the discussion.

Don't you think it ought to -- The.

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