FullosseousFlap's Dental Blog

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!