| Submit your comments on this article |
| Home Front: Politix |
| Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011 |
| 2009-02-26 |
| 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 |
| Posted by:Steve White |
| #12 |
| Posted by: 3dc 2009-02-26 21:11 |
| #11 |
| Posted by: buwaya 2009-02-26 21:00 |
| #10 |
| Posted by: g(r)omgoru 2009-02-26 20:27 |
| #9 |
| Posted by: DMFD 2009-02-26 19:57 |
| #8 |
| Posted by: Thing From Snowy Mountain 2009-02-26 19:33 |
| #7 |
| Posted by: Thing From Snowy Mountain 2009-02-26 19:32 |
| #6 |
| Posted by: Cornsilk Blondie 2009-02-26 18:56 |
| #5 |
| Posted by: Procopius2k 2009-02-26 18:47 |
| #4 |
| Posted by: AzCat 2009-02-26 18:40 |
| #3 |
| Posted by: phil_b 2009-02-26 17:37 |
| #2 |
| Posted by: DoDo 2009-02-26 16:26 |
| #1 |
| Posted by: CALL to ACTION 2009-02-26 16:08 |