CBO: Obama budget proposes about $1 trillion more in additional taxes

“I will break the pride of your power” (Leviticus 26:19)

In the USA, one of the biggest bites on income for those who work and own businesses is taxes. There are state and federal income taxes, sales taxes, property taxes and other taxes. And some countries, especially in Europe, taxes are higher. Apparently US President Obama feels that these taxes must go higher:

May 17, 2013

CBO: Obama budget would raise taxes by nearly $1 trillion

President Obama’s most recent budget request would reduce borrowing by $1.1 trillion over the next decade compared with current law — almost entirely through higher taxes on the rich, large estates and smokers, congressional budget analysts said Friday.

In addition to raising nearly $1 trillion in new taxes, the president’s blueprint would also cut spending modestly, according to the analysis by the nonpartisan Congressional Budget Office.

However, those savings include money the government never intended to spend anyway, such as a contingency fund for the wars in Iraq and Afghanistan and nearly $300 billion in unneeded disaster relief.

Obama also proposes to make changes to Medicare worth nearly $360 billion over the next decade and to apply a less-generous measure of inflation to Social Security benefits. But those savings would be swamped by proposed increases for Medicare doctors’ fees, transportation projects, tax credits for the poor, education and job training, the CBO said…All told, if the savings from military operations and disaster relief were discounted, Obama’s budget blueprint would actually increase spending over the next decade by roughly $700 billion, according to CBO figures. http://www.washingtonpost.com/business/economy/cbo-obama-budget-would-cut-10-year-deficits-by-11-trillion/2013/05/17/fe1c2210-bf1e-11e2-9b09-1638acc3942e_story.html

Obama Budget: CBO Shows $1 Trillion Tax Hike, Fake Spending Cuts

The Congressional Budget Office’s (CBO) official score of President Obama’s budget shows in numbers a vision for economic decline in America. The President imposes a tax increase totaling $1.1 trillion (and a net increase of about $1 trillion), some components of which would directly hit middle-class and lower-income Americans.

On the spending side, the President would cancel sequestration and claims to offset the $1.1 trillion spending increase with equal spending reductions for a zero-spending effect. What this means in reality is that Americans would be left with a $1.1 trillion tax hike and $0 in additional spending reductions. This defines the President’s “balanced approach.”

The President’s largest budget savings are fake! $601 billion in fake war savings…$290 billion in fake emergency savings…If one buys the President’s fake savings, he would still rack up a total deficit of $5.2 trillion in just 10 years...http://blog.heritage.org/2013/05/17/obama-budget-cbo-shows-1-trillion-tax-hike-fake-spending-cuts/

Without going into the politics of this, let me state that apparently both ‘liberal’ (Washington Post) and ‘conservative’ (The Heritage Network) news sources (which I quoted above) realize that with the Obama budget proposal, even if the taxes and raised and these tax rates do not hurt the economy, that the deficit will go up. This will not end up good for the USA or its dollar.

The deficit going up means increased debt and increased risk of destruction for the USA.

Bible, in the Book of Habakkuk teaches the following about debt in general and end time debt in particular:

3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry…5 Indeed, because he transgresses by wine, He is a proud man… 6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his–how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you (Habakkuk 2:3,5,6-8).

Actually, with an admitted $16+ trillion dollar debt and plans to increase that much further, the USA has increased pledges more than any nation in the history of the planet. And on a per capita basis, the United Kingdom is one of the most indebted nations on the earth itself.

Since the above prophecy in Habakkuk will be fulfilled at the time of the end (cf. “The message was true, but the appointed time was long…in the latter days, for the vision refers to many days yet to come”, Daniel 10:1,14). Daniel 8:19, 11:27,29,35 use same the Hebrew term for “appointed time” as Habakkuk 2:3, while Daniel 10, using a different term, ties the latter days to the time in Daniel 8:19. Habakkuk 2 was not fulfilled in its entirety anciently. The USA is seemingly working to be the main party that Habakkuk 2 is referring to (see also Habakkuk: His message is for us now).

Unless the USA changes, it will be doomed. However, Jesus will return a few years after that and establish the Kingdom of God. There will be no highly questionable budget proposals then either.

Some items of possibly related interest may include the following:

Taxes What caused the descendants of Israel to pay taxes? Should Christians pay taxes? Here is a link to a YouTube video Should Christians Pay Taxes?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? There is also a YouTube video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves?
The Gospel of the Kingdom of God was the Emphasis of Jesus and the Early Church Did you know that? Do you even know what the gospel of the kingdom is all about? You can also see a YouTube video sermon The Gospel of the Kingdom.
Just What Do You Mean the Kingdom of God? A booklet that was written by Herbert Armstrong answers questions about the Kingdom.
Did The Early Church Teach Millenarianism? Was the millennium (sometimes called chiliasm) taught by early Christians? Who condemned it? Will Jesus literally reign for 1000 years on the earth? Is this time near?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2019 or 202x?
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.
Is Tony Blair Apocalyptic? The former Prime Minister of the United Kingdom converted to Catholicism shortly after leaving his office and has been active in European affairs. What role might he play?