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
and in the process - The great anointed will literally KILL small business, the job and revenue generating engine of our country... and as he kills the new businesses and old... and dries up new jobs creations.... he will be driving up our dependence on foreign oil... and sending our wealth overseas for energy... and also you can get ready to pay much much higher tabs at the grocery store too, as he is eliminating the subsidizes to the Amercian farmer, the payment that allows Mr. Farmer to stay in business.... this man and the folks he put in place, besides being tax cheats... and losers... and idiots... well, you just fill in the blank_____________. and the other thing that is not being mentioned is inflation... yelp, it is coming... so get ready for 35% interest on your credit cards, 20% interest at the bank, and that zero car loan will become 20 to 25%... we had it back in the late 80's... and it's coming again... so inflated prices, high interest, less petroleum, higher taxes on small business, and more taxes paid by all...
Wow... just what I was thinking the USA needed... someone who is in charge who thinks we can spend our way out ... haha.. tell that to your friendly banker when applying for another extension on that note... Well, I only have so much income so I think I will borrow more to have more .... haha... and oh yeah, buy the way Mr. Banker, I am thinking of applying for a Government Job, so I won't be paying taxes either...
bet that will fly..... haha...
have a great day... and take a deep seat... we are in for a big ride.
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