Says Obama Isn’t Raising Taxes Nearly Enough Yet

In recent days, the push by President Obama and Senate Democrats to pass a new “Buffet Tax” has been widely panned by state and national media outlets across the country with many calling it “total gimmickry,” “a sham” and “a hoax.”   And today — of all people — President Obama’s hand-picked former DNC Chairman and U.S. Senate candidate Tim Kaine joined in the criticism and in an interview with WINA in Charlottesville, Kaine questioned why this is being made a priority by Democrats in Washington. 

Listen Here — Chairman Kaine: ““I question the priority of doing this right now.” 

But wait…..it turns out that Kaine’s objection to the Buffett Tax isn’t that it does absolutely nothing to help create jobs in Virginia or that is does nothing to help combat rising gas prices.   

Kaine’s problem with the Buffet Tax is that it doesn’t raise taxes enough.  

In fact, Kaine’s complaint to WINA this morning is that implementing the Buffett Tax will only raise $45 billion in new taxes over the next 10 years.  Instead, Kaine said that Democrats need to go even further and raise taxes by almost 10 times that amount — $500 billion over 10 years – by raising taxes on even more small businesses across the country, including thousands more in Virginia.  

“As Virginia Governor, Tim Kaine proposed the largest income tax increase in state history, so it shouldn’t surprise anyone that Tim Kaine wants higher taxes.  But it speaks volumes when Tim Kaine is criticizing President Obama, of all people, for not taxing and spending nearly enough,” National Republican Senatorial Committee (NRSC) spokesman Brian Walsh said today.  “This is just more evidence that Tim Kaine is a tax-and-spend liberal who is more focused on growing government, rather than growing jobs in Virginia.” 

BACKGROUND …

As Governor — Kaine’s 2010 – 2012 Proposed Budget Included A $2 Billion-A-Year Income Tax Increase 

The Tax Increase Under Kaine’s Budget Proposal Would Be A $2 Billion-A-Year Income Tax Increase. “Virginia’s hated local car tax would be replaced with a $2 billion-a-year income tax increase under the new budget Gov. Timothy M. Kaine presented Friday.” (Bob Lewis and Dena Potter, “Va. Gov: End Car Tax, Raise Income Tax 1 Percent,” The Associated Press, 12/18/09)

• “The Tax Proposal From The Democratic Governor Who Leaves Office Next Month Accompanied A Budget That Prescribes About $1.2 Billion In Spending Cuts In A Bid To Reconcile A $3.6 Billion State Revenue Shortfall For 2010 Through 2012.” (Bob Lewis and Dena Potter, “Va. Gov: End Car Tax, Raise Income Tax 1 Percent,” The Associated Press, 12/18/09)

Kaine’s Income Tax Increase Would Be The First Since 1972. “Besides a budget bill that deeply cuts funding for state-supported colleges, mental health services and public safety, Kaine is preparing a separate bill that would phase in a 1 percent income tax increase over two years. It would be the first income tax increase since 1972.” (Bob Lewis and Dena Potter, “Va. Gov: End Car Tax, Raise Income Tax 1 Percent,” The Associated Press, 12/18/09)

The Income Tax Change Would Have Resulted In An Income Tax Rate Hike “For Those Earning More Than $17,000, 60 Percent Of Taxpayers.” “The increase would mean a hike in the income tax rate from 5.75 percent to 6.75 percent for those earning more than $17,000, 60 percent of taxpayers.” (Anita Kumar and Rosalind S. Helderman, “Virginia Governor Proposes An Income Tax Increase,” The Washington Post, 12/19/09)