After promising that he will reduce taxes on 95 percent of Americans, the Obama Administration’s budget establishes a $646 billion energy tax hike that will impact anyone who uses electricity, drives a car, or relies on energy in any way.
A little background on taxes. First, a minority of Americans pay significant income taxes. The bottom 50% of taxpayers only pay a total of 2% of income tax revenues, while the top 5% pay 60% (up from 50% ten years ago, and roughly 40% thirty years ago).
Therefore, Obama's promise to cut income taxes for 95% of Americans doesn't mean much, because little or no taxes will be saved by a majority of "taxpayers."
However, the energy tax hike will be paid by almost 100% of Americans, including almost all non-taxpayers. Just one item in Obama's program, a cap-and-trade system to make manufacturers pay for creating CO2 in a vain attempt to solve a non-existent problem, anthropogenic (man-caused) global warming, will increase everyone's costs for fuel, travel, heating and cooling, and just about every manufactured good or service they buy. Further, it will reduce American global competitiveness, reducing exports and making imports more attractive, while killing American jobs.
After all is done, natural climate change will do as it has for millions of years, never noticing or caring about the puny efforts mankind takes to forestall the inevitable. During the much warmer Medieval Warm Period of only 1,000 years ago, mankind probably prayed for its return as the climate changed to the Little Ice Ages of 1300-1850 AD. Our ancestors would think us daft to be so upset and concerned by natural warming, when they suffered so grievously during the 550-year calamity of global cooling.
Now Obama's Administration is going to extract money from almost all Americans to squander accomplishing nothing, while returning a pittance.
Obama is betting that you will all notice the extra $300 you save on your yearly taxes, and not the $2,400 you pay for the hidden taxes on energy.
Knowing the economic-knowledge level of Americans, Obama is betting on a sure thing.