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