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lquadland10 (< 20)

Here are your new Taxes. Which will be passed on to you and me.

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February 26, 2009 – Comments (1) | RELATED TICKERS: GLD , ABX , AUY

Political Punch Power, pop, and probings from ABC News Senior White House Correspondent Jake Tapper

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

1 Comments – Post Your Own

#1) On February 26, 2009 at 4:53 PM, socialconscious wrote:

lquadland10 good stuff.facts and figures

to those making over $250,000 I am sorry but taxes are inherently unfair to soemone unless they are consumption taxes and done for the public good.

I am for kids and making them the best for our future. That being said in my case I have no kids and my parents sent me to Catholic school 3-12. I am a municipal worker hence not a rich man If the cost of educating a student is say a nominal $5,000 per student inflation adjusted. Thats $45,000 (3-12) + $130,000(26 years) + $10,000 re coop school nyc tax(1,000 per year X 10)= $185,000  

I do not drive yet am hit for taxes to build and reconstruct roads(gas tax and tolls maintain the roadways).   

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