On people making more than $250,000:

• $338 billion – Bush tax cuts expire
• $179 billlion – eliminate itemized deduction
• $118 billion – capital gains tax hike

Business Tax Increases:

• $17 billion – Reinstate Superfund taxes
• $24 billion – tax carried-interest as income
• $5 billion – codify “economic substance doctrine”
• $61 billion – repeal LIFO
• $210 billion – international enforcement, reform deferral, other tax reform
• $4 billion – information reporting for rental payments
• $5.3 billion – excise tax on Gulf of Mexico oil and gas
• $3.4 billion – repeal expensing of tangible drilling costs
• $62 million – repeal deduction for tertiary injectants
• $49 million – repeal passive loss exception for working interests in oil and natural gas properties
• $13 billion – repeal manufacturing tax deduction for oil and natural gas companies
• $1 billion – increase to 7 years geological and geophysical amortization period for independent producers
• $882 million – eliminate advanced earned income tax credit

Hope and change?

Probably not so much for two income households and businesses – particularly in oil and gas.

Looks like hope for more taxes in the near future with massively increased government spending in the short run.

Now, can you say Obama is a typical tax and spend liberal?

YES YOU CAN!

President Barack Obama is sending Congress a budget Thursday that projects the government’s deficit for this year will soar to $1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis.

A senior administration official told The Associated Press that Obama’s $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.

The president’s first budget also holds out the possibility of spending $250 billion more for additional financial industry rescue efforts on top of the $700 billion that Congress has already authorized, according to this official, who spoke on condition of anonymity before the formal release of the budget.

Who is going to pay for this government spending? Foreign investors? Our grandchildren? Nobody?

And, how will this massive amount of government intrusion in the market spur economic growth in private sector jobs? Answer: It won’t.

The Jimmy Carter years are just around the corner. All we need now is a confrontation with Iran in the Gulf with the  resulting disruption of oil supplies to bring back the gasoline lines.

Believe Flap – those days are quickly returning.