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Trillion Dollars in New Taxes

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  • Trillion Dollars in New Taxes

    Here's the change; more of the same.

    Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
    February 26, 2009 12:00 PM

    President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

    1) On people making more than $250,000.

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

    Total: $636 billion/10 years

    2) Businesses:

    $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

    Total: $353 billion/10 years

  • #2
    Here's the change; more of the same.

    Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
    February 26, 2009 12:00 PM

    President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

    1) On people making more than $250,000.

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

    Total: $636 billion/10 years

    2) Businesses:

    $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

    Total: $353 billion/10 years

    Comment


    • #3
      Kennedy, Reagan, Clinton solution to recession: Cut taxes, Cut Government Spending, Peace; Success rate 100%

      FDR, Bush, Obama solution to recession: Raise taxes, expand government, War; Success rate 0%

      Comment


      • #4
        SOM - you forgot to mention the Bush/Obama policy of throwing money around willy-nilly.
        --------------------
        "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. " - Thomas Jefferson

        Comment


        • #5
          JC; I said expand government which includes spending money like crazy but your point is well taken. Kennedy and Reagan limited government to true national interests (although the threat of Soviet Union was exaggerrated); Clinton did bot have Soviet Union to worry about so he saved some bucks there; but failed to do enough to take care of the new threat of Muslims. Without the Soviet Union, these fanatics turned their attention towards the US.

          Comment


          • #6
            Wanna hear something really tragic?

            I miss Clinton. Compared to where we are now, at least he was moderate. If only he'd gotten Bin Laden when he had the chance...
            --------------------
            "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. " - Thomas Jefferson

            Comment



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