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Obama Budget Has $1.9 Trillion Tax Rise

Posted By admin On February 1, 2010 @ 11:00 am In Featured Stories | Comments Disabled

Ryan J. Donmoyer
Bloomberg [1]
Monday Feb 1, 2010

The Obama administration proposed to increase taxes on Americans earning more than $200,000 by close to $970 billion over the next decade and take in an additional $400 billion from businesses even as it retooled a proposed crackdown on international tax-avoidance techniques.

The new budget released today would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers who make more than $250,000 as part of a broad $1.9 trillion tax increase proposal. It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships, and U.S.-based companies that operate overseas.

“The administration proposes to restore balance to the tax code by providing tax cuts to working families, returning to the pre-2001 ordinary income tax rates for families making more than a quarter of a million dollars a year, closing loopholes, and eliminating subsidies to special interests,” the budget says.

In all, Obama proposed $143.4 billion in new tax cuts for individuals who earn under $200,000. While the budget sets out $93.5 billion in gross tax reductions for businesses, overall they would face a net tax increase.

Full article here [1]

Obama Budget Has $1.9 Trillion Tax Rise 190110banner4 [2]

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aL975wIYeQjs&pos=1

[2] Image: http://www.prisonplanet.tv

[3] Obama’s Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011: http://www.prisonplanet.com/obamas-budget-almost-1-trillion-in-new-taxes-over-next-10-yrs-starting-2011.html

[4] Congressional Budget Office Projects $9.5 Trillion In Deficits By 2021, $2.3 Trillion More Than Obama’s Estimate: http://www.prisonplanet.com/congressional-budget-office-projects-9-5-trillion-in-deficits-by-2021-2-3-trillion-more-than-obamas-estimate.html

[5] Obama Budget Office Forecasts $1.47 Trillion Deficit This Year: http://www.prisonplanet.com/obama-budget-office-forecasts-1-47-trillion-deficit-this-year.html

[6] Obama seeks to double tax law enforcement budget: http://www.prisonplanet.com/obama-seeks-to-double-tax-law-enforcement-budget.html

[7] Obama policies projected to add $9.7 trillion to debt by 2020: http://www.prisonplanet.com/obama-policies-projected-to-add-9-7-trillion-to-debt-by-2020.html

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