The Obama Budget: $1 Trillion in New Taxes

[KickAssFlash]

http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html

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

[SDK]

IN redistribution/thread

[95.0mark]

ya know, I was just thinkin "we need another Oboma thread" and whatayaknow. yatzee!!

[Got Diesel?]

So it looks like their really dicking the rich and the oil/exploration companies.

[KickAssFlash]

So it looks like their really dicking the rich and the oil/exploration companies.

Yeah, all those rich investors who rely on capital gains, like 401-K participants and union pension plans, are finally going to pay their fair share!

[SDK]

Wealth is truly created in a cooperative effort between all classes of society. If you deny that you are wrong.

Wealth is not fixed and in NO way needs to be rationed.

The government has already done to much damage and my only gripe about the free markets is some of the predatory things that were/are going on.

[OrangeCrush 86]

Sooner or later, tax payers will refuse to pay.

[95.0mark]

Sooner or later, tax payers will refuse to pay.

I may start this year

[Fosters]

Heh... the MSNBC headlines are golden...

[Xtort]

Wealth is truly created in a cooperative effort between all classes of society. If you deny that you are wrong.

Wealth is not fixed and in NO way needs to be rationed.

The government has already done to much damage and my only gripe about the free markets is some of the predatory things that were/are going on.

Like this?

[HAULNSS]

In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. In 1934, when William H. Woodin resigned because of poor health, Roosevelt appointed Morgenthau Secretary of the Treasury (an act that enraged conservatives). Morgenthau was an orthodox economist who opposed Keynesian economics and disapproved of some elements of Roosevelt's New Deal. In New Deal or Raw Deal?, Burton Folsom quotes Morgenthau, testifying before the House Ways and Means Committee in May 1939: "We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot."

Does history repeat itself?

[Fosters]

Does history repeat itself?

They didn't have Barrack Obama back then. So no, history doesn't repeat in this case. Obama himself can single handedly fix everything and make everyone rich

[Video_Master]

IBSFC

[Max Power]

It'd be one thing if they were doing it to balance the budget. They are doing it to expand health care.

[CorinthiansBlackGT]

Well, since there is no "trickle down effect" we've got nothing to worry about.




nOpe everything is fine .... nothing to worry about at all. Our standard of living wont be affected one bit. In fact... it will be improved by government.