As the nation marks tax freedom day– the day in which most Americans have earned enough money to pay for federal, state, and local taxes – most are left feeling worried instead of relieved thanks to the Democrats out-of-control spending agenda in Washington.
Adding to the misery is the price tag of the new health care reform package that will dig deeper into American’s pocket book by creating $570 billion in new taxes.
As a result senior Obama officials are now hinting that that a European-style ”value added tax” (VAT) will be needed to meet the increased spending, however many say the new hidden tax will slam consumers and kill jobs.
The already bloated deficit is expected to increase by an eye-popping $2.2 trillion. President Obama’s new massive $3.83 trillion budget proposal for 2011 recklessly borrows 42 cents of every $1 spent by the federal government, according to his financial team.
The non-partisan Congressional Budget Office (CBO) Chief Doug Elmendorf called the Obama Administration’s fiscal path “unsustainable” and stressed that the crisis cannot be solved through “minor tinkering.”