Barack Obama

The Obama Budget: $1 Trillion in New Taxes Over Ten Years – Yes You Can?

obama-1-trillion-in-taxes

First was the Obama spening and now here come the taxes beginning in 2011 over a course of ten years. Right back to the 1970’s and higher marginal rates with disincentives to work and produce.

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!


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