He is just getting started.
http://republicans.waysandmeans.house.g ... eases1.pdf
Democrats Have Increased Taxes by $670 Billion and Counting…
List Includes 14 Tax Hikes Totaling Over $316 Billion on Middle Class Families
April 14, 2010
Since January of 2009, President Obama and Congressional Democrats have enacted into law gross tax increases totaling more than $670 billion, or more than $2,100 for every man, woman and child in the United States. The list of tax increases includes at least 14 violations of the President’s pledge not to raise taxes on Americans earning less than $200,000 for singles and $250,000
for married couples.
LEGISLATION TAX INCREASES ENACTED
New tax on individuals who do not purchase government‐approved
health insurance *
New tax on employers who fail to fully comply with government health
insurance mandates*
New 40% excise tax on certain high‐cost health plans *
New ban on the purchase of over‐the‐counter drugs using funds from
FSAs, HSAs and HRAs*
Increase the Medicare tax on wages and self‐employment income by
0.9% and impose a new 3.8% surtax on certain investment income (for
individuals over $200,000 and couples over $250,000)
Increase, from 7.5% to 10% of income, the threshold after which
individuals can deduct out of pocket medical expenses*
Impose a new $2,500 annual cap on FSA contributions *
New annual tax on health insurance *
New annual tax on brand name pharmaceuticals *
New 2.3% excise tax on certain medical devices *
New 10% tax on indoor UV tanning services *
New tax on insured and self‐insured health plans *
Double the penalty for non‐qualified HSA distributions *
Eliminate the deduction for expenses allocable to Medicare Part D
subsidy
Limit the deduction for compensation to officers, employees and
directors of certain health insurance providers
Require information reporting on payments to corporations
Impose additional requirements for section 501(c)(3) hospitals
Make “black liquor” ineligible for cellulosic biofuel producer credit
Codify economic substance doctrine and impose penalties for
underpayments
Other revenue effects
Tobacco tax increase and expanded enforcement authority* $65.515
“Stimulus”
Public Law 111‐5
Repeal guidance allowing certain taxpayers to claim losses of an
acquired corporation
.Federal Unemployment surtaxes extended through June 2011 *
Delay of rules to reduce the double taxation of worldwide American
employers until 2018 (worldwide interest allocation)
Delay of rules to reduce the double taxation of worldwide American
employers until 2021 (worldwide interest allocation)
TOTAL = $670.341 BILLION AND COUNTING…
*VIOLATES PRESIDENT’S PLEDGE TO NOT INCREASE TAXES ON MIDDLE CLASS