The President's FY2017 Budget proposal By The Numbers
As I said in my statement in response to the President's proposal, this is more of the same. More debt. More taxes. More spending.
1. Debt. This budget, like the seven proposed by the president before it, never balances. Not in five years, or 10 years, or 25 years—never. No amount of tax hikes—and there would be quite a few under this plan—would be able to pay for all the new spending. Every year of this budget shows a deficit. As for our national debt, it would rise to $27.4 trillion, more than double compared to when President Obama took office.
2. Taxes. The president’s budget buries individuals and small businesses with an increase of $3.4 trillion in taxes over 10 years. This includes the President’s $10.25 tax on every barrel of American oil, which would raise gas prices 20 to 25 cents per gallon. The budget also contains a massive small business tax hike—increasing the top rate on active small business income from 39.6 to 43.4 percent. By comparison, as Speaker Ryan has noted, the top tax rate on successful small businesses in Canada is 15 percent.
3. Spending. The president wants to take all that money from hardworking Americans to pay for his agenda, and his debt. All told, spending will rise by $2.5 trillion as the interest we owe grows to $787 billion.