President Obama unveiled a mammoth, $3.6 trillion budget yesterday
(click image to enlarge)
Jake Tapper took a look at the fine print in Deadbeatonomics yesterday, and discovered a lot of tax hikes among the Hope and Change.
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
Ed:
The business tax hikes are even worse. Obama will increase taxes on existing American oil production starting in 2011. Do we have massive amounts of alternative energy capacity ready to replace the energy production and usage that this will discourage? A growing economy has to have a reliable energy supply. Energy producers get hit on several fronts in this plan, and those costs will either result in lower energy production or increased cost to the consumers.
The ‘rich’ are going to get especially soaked. Basically, Obama is making the very dangerous assumption that increasing taxes don’t affect taxpayer behavior.
Needless to say, he’s wrong. And we all get to see just how wrong in a few years. Won’t that be fun?
These tax hikes are going to kill business and job growth. So many people are going to have less to spend in our slumping economy. This is so detrimental to economy on so many levels.
Obama’s policies are going to generate the exact opposite of what he intends. This creates massive deficits because we are going to have less revenues because the economy will slow further due these increase.
http://franklinslocke.blogspot.com/
I can’t believe how irresponsible this president is being. I hope that all those people out there who voted for ‘change’ give up their green. NObama, like Carter, will be a one term president. The question is really only how much damage they can do before we get some checks and balances back into our government.
I think there should be a box on the Federal tax return that filers will have to check, under penalty of the law, if they voted for Obama. That will trigger a minimum tax. Call it a “Liberal Tax”.
Well Robert – since the liberals out there have consistently squashed conversatives voice, passing judgement on our beliefs, I think it’s only fair that they, not we, pay the price for all this pork.
I for one would love to be given the opportunity to benefit from my conservative values.
Hi BonBon. America is in a state of mass stupidity. The question is: will enough people wake up during this four year-long dark age we are entering so that perhaps we can have a chance to fix it in 2012?
We fix it by returning to the core values America was founded on. Not “progressivism”, not RINO Republicanism, but Conservatism. REAL Conservatism.
We’ve all discussed this many times on RV, but my blueprint for change, change we can believe in:
1. Energy independence.
2. Kick out illegals, clean up the mess, then institute a workable immigration policy.
3. Encourage work and self-sufficiency. Stop rewarding irresponsibility and degeneracy.
4. Health care reform: cut out the waste, fraud, and abuse (get the grifters, idiots, and lawyers out).
5. Gov’t reform: Government on all levels needs to get smaller by about 30%. Review all Gov’t laws and regulations.
6. Tax code: reform with flat tax system.
If I was benevolent dictator I would make it so.
Forgot:
7. Eliminate the Federal Dept of Education. The Federal Gov’t should not be spending one penny on education. Introduce vouchers everywhere. Bring competition into the system.
Hi Bon Bon how have you been? Haven’t seen much of you lately.
Another saved picture for my folder
Okay I might be aggareating here, but it seems to me that everytime I open my web browser, ole bo is up there “seeking more funds” :-w
Hi Robert and TammyC…I’ve had alot of distractions lately and haven’t blogged much. Still keeping up with the news though.
I’ve been listening to Newt Gingrich on healthcare reform and there is much to be said for his plan. It’s a must read. I only hope the Republicans find the guts to stand up to the dems and introduce the common sense legislation needed to eliminate waste and fraud. I believe the dollar amount is somewhere around $6Billion.
All this spending is mind boggling with NONE of it being spent on National Security. It wasn’t so long ago the democrites were hollering about Bushes spending. Well, at least we were being kept safe.
Good graphic of Obama as Robin Hood. What is left unsaid and probably least understood about this whole concept of tax those who earn >250/yr is that the net effect is to strengthen the barrier between the middle class and the rich. $250k in large urban areas, which is where that kind of money is being made, is NOT rich. It is affluent, upper middle class. For many years our income tax system has kept the middle class down. You can never, EVER get rich working as a W2 employee with this sytem. I don’t care how much you are paid, it will NEVER happen.
How much o this extra tax will be paid for by the truly rich, by the elitists, the oligarchists, the hypocrite megarich Senators who promote this? The same ones with their trusts, tax lawyers and accountants, who take advantage of every tax avoidance scheme they’ve helped to create? No, they will NOT be paying their proportionate fair share, I guarantee it.
I agree Robert in that $250K is nice in a large urban area but nowhere near rich. You have to figure also that the $250K has to be divied up for college education for the kids and retirement investments for the breadwinners. After those allowances there really isn’t much left.
Personal experience tells me the dems will tax the middle/working class heavily. Already you can see it in the additional taxes levied on us – 6 cent sales tax (in Maryland), higher gas taxes, food prices, etc. It’s all adding up and even Bushes tax cuts don’t make up for the difference. When they expire the folks will really start to feel the pinch.
What I would like to see is more people like the Kennedy’s being forced to pay taxes on their offshore bank accounts and the current tax loopholes being fixed. I remember in the 2004 election John Kerry was the wealthiest senator and paid the least amount of taxes. THAT is what needs to end.
Thta’s right BonBon. These arrogant elitist hypocrites (like Kerry) that stand up there and pontificate about taxing the rich will NEVER pay their proportionate fair share of these taxes! While they sit there and play the class envy game, the poor rubes (change, change, change we can believe in!) and fools don’t even understand what it is really going on. That this is just arch hypocrisy!
Calm down Robert - hypocrisy is okay if your a democommie.:-?
Obama is going to screw up the country as bad as he can make it so no one can fight him back. He also isn’t going to have a beer and a brat in public with anyone as that would prove he’s an apostate to the Arab Street.
PCD Can see and yes obama is a muslim and part of the cover up for the dismantling of this nation by our enemies and our enemies understand what this government is and that is little boy lovers..to bad we don’t have the 300 to fight our wars.
Can you ever expect anything less under a demacratic goverment control by the most corupt party in america
It is becoming clearer every day that the Obama admin is a disaster. Is there such a thing as a recall for the President? Look at the stock market, it is a report card. Business knows he has not proposed one thing that will be good for business or the economy. I haven’t seen one indicator that anything he is proposing or implementing is good for the future. It looks more like he is carrying out the agenda of the Marxists/Socialists to destroy traditional America so they can remake it as Amerika.
Which is what we all feared…
Hi PCD!! A recall? One can only wish. Well, the markets were down 230 last time I checked today. I wonder how long it will take the NObama man to figure this one out.
We are ushering in another Jimma Cahter error.
Stand by for taxes on everything we do A TIDDLYWINKS TAX A MONOPOLY TAX A CANDYLAND TAX A CLUE TAX, I MEAN MORING,NOON AND NIGHT PAYING TAXES TO THE GREAT OBAMASES THE PHAROH OF THE WORLD
You casn yell and jump up and down but the end game has been played out and soon we who call this place The USA Will be removed.
yell all you want but the game is over and mass taxion is only the start and we will be removed as a people and as a force for good and that is Obama job he is only doing his job of total evil for his white masters who are not Americans after all obama is not american so why not?