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Obama’s Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

Posted By admin On February 26, 2009 @ 11:20 am In Money Watch | Comments Disabled

ABC News [1]
Thursday, February 26, 2009

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

(ARTICLE CONTINUES BELOW)

Obamas Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011 335x205 graph128c aj [2]

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


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URL to article: http://www.prisonplanet.com/obamas-budget-almost-1-trillion-in-new-taxes-over-next-10-yrs-starting-2011.html

URLs in this post:

[1] ABC News: http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html

[2] Image: http://www.efoodsdirect.com/products.html

[3] Obama Budget Has $1.9 Trillion Tax Rise: http://www.prisonplanet.com/obama-budget-has-1-9-trillion-tax-rise-for-richest-businesses.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] “Fixing” the Economy New York Times Style: Raise Taxes and Raise Taxes Even More: http://www.prisonplanet.com/fixing-the-economy-new-york-times-style-raise-taxes-and-raise-taxes-even-more.html

[6] Gov. David Paterson unveils dire New York State budget that includes new taxes, layoffs and cuts: http://www.prisonplanet.com/gov-david-paterson-unveils-dire-new-york-state-budget-that-includes-new-taxes-layoffs-and-cuts.html

[7] Top Five Worst Obamacare Taxes Coming in 2013: http://www.prisonplanet.com/top-five-worst-obamacare-taxes-coming-in-2013-read-more-httpatr-orgfive-worst-obamacare-taxes-coming-a7217ixzz27x5osjxx.html

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