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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
-- jpt
February 26, 2009 | Permalink | Share | User Comments (1370)
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Just look at how many time gas and oil get taxed!
Get ready for skyrocket high gas and heating prices. Also the price of everything else to go up, that stuff has to be shipped by someone.
Posted by: Kate | Nov 19, 2009 7:06:17 PM
Solutions:
No political parties at the federal level with one election campaign fund shared by all qualifying candidates equally for any federal elected position funded by allocation of federal budget. Only $100 campaign donation allowed from individuals only with full disclosure of donor.
Balanced Budget Constitutional Ammendment.
Flat tax system, same % for all, no deductions.
All lobbyist activity must be done in open sessions of congress.
I know it's just a dream!!
Posted by: Charles | Nov 10, 2009 11:14:53 AM
This is hilarious!!! It's better than comedy central. It's like fly paper for idiots.
Posted by: Noidnar | Nov 9, 2009 3:29:00 PM
One question Republicans..
Why weren't you going around the country with your tea parties when Bush ran up 1 trillion in debt since this is supposedly about government spending but we all know it is the messenger and not the message.
Can I just get one individual to answer that question.
Posted by: Just Me | Sep 15, 2009 9:40:36 PM
Dewayne, Bush didnt create the housing crash. That would fall on your boy Clinton. He and his fellow dems in the 90's if you remember passed an act that put pressure on banks to allow people who wouldnt normally qualify for housing loans buy more than they could afford. Look it up. Nice try. The iraq war and increased spenoing messed up our budget, but not our economy. Get your facts straight.
Posted by: Todd | Jul 29, 2009 11:42:46 AM
Love the liberals spin on the Bush Tax Cuts saying they only help the wealthy. The #1 reason they were put in place are to create new jobs. Why should one group get a tax cut and another not? Is it someones fault for being successful??? Why penalize success when they are the ones who pay for the majority of our "so called great" government programs. MAybe everyone here forgot why we sailed to America. It was to get out of heavy taxes and tyranny. Why do you think the constitution was set up? We are a republic, not a democracy. We have a set of laws so things like this never happen. And by the way. The housing market did this to our economy, dont think you can blame that one on Bush. Look back into the 90's when they passed acts so there would be pressure put on banks to give loans to people who normally wouldnt qualify. If anything wars actually help the economy(parts, machinery etc.) Learn some history. All of you.
Posted by: Todd | Jul 29, 2009 11:37:34 AM
Hey Will, Why hate on success? Maybe the people who are making minimum wage should have worked towards getting a college degree. Student loans and a part time job got me through college so i wouldnt make minimum wage. If you decide to have kids in high school thats no ones fault but yours. Love your fairness and Fat Cat summary. What a loser. Keep complaining.
Posted by: Lauren | Jul 29, 2009 11:30:05 AM
So long as we don't have the loonie xian right in charge, I don't really care what Obama does.
Posted by: PoohPooh | Jul 17, 2009 10:04:49 AM
Concept of money(barter this method) has never really worked. We should work together on make ourselves evolve into a better species overall.
Posted by: Don | Jul 5, 2009 11:35:58 PM
To all of us poor people out there making less than $250,000 per year, that Obama promised our taxes wouldn't go up, for those of you that smoke, they just did!
Sure, you're not paying more in income taxes (assuming, you are still working), but, if you still smoke, you have to come up with $1.00 more today, July 1st 2009, per pack of cigarettes!
Since, most people who buy cigarettes, earn less than $250,000 per year, Obama just raised taxes on the poor! (See, how he gets around that.)
And for those who voted for Obama, and smoke, I hope are enjoying who you voted for, because, there are more taxes to come.
Posted by: FLRep | Jul 1, 2009 2:25:55 PM
STATE SOVERNTIE UNDER THE GROUNDS OF VIOLATIONG THE STATE AND FEDERAL CONSTSTUTION
Amendment 1 - Freedom of Religion, Press, Expression. Ratified 12/15/1791. Note
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Amendment 2 - Right to Bear Arms. Ratified 12/15/1791. Note
A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
Amendment 9 - Construction of Constitution. Ratified 12/15/1791.
The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.
Amendment 10 - Powers of the States and People. Ratified 12/15/1791. Note
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
STATE of UTAH
ARTICLE I
DECLARATION OF RIGHTS
Section 1. [Inherent and inalienable rights.] All men have the inherent and inalienable right to enjoy and defend their lives and liberties; to acquire, possess and protect property; to worship according to the dictates of their consciences; to assemble peaceably, protest against wrongs, and petition for redress of grievances; to communicate freely their thoughts and opinions, being responsible for the abuse of that right.
Sec. 2. [All political power inherent in the people.] All political power is inherent in the people; and all free governments are founded on their authority for their equal protection and benefit, and they have the right to alter or reform their government as the public welfare may require.
Sec. 6. [Right to bear arms.] The people have the right to bear arms for their security and defense, but the Legislature may regulate the exercise of this right by law.
Sec. 15. [Freedom of speech and of the press. Libel.] No law shall be passed to abridge or restrain the freedom of speech or of the press. In all criminal prosecutions for libel the truth may be given in evidence to the jury; and if it shall appear to the jury that the matter charged as libelous is true, and was published with good motives, and for justifiable ends, the party shall be acquitted; and the jury shall have the right to determine the law and the fact.
Sec. 25. [Rights retained by people.] This enumeration of rights shall not be construed to impair or deny others retained by the people.
Sec. 27. [Fundamental rights.] Frequent recurrence to fundamental principles is essential to the security of individual rights and the perpetuity of free government.
we need to try to git the states to declare independence from the federal government under the tenth amendment by protesting in each and every one of the states and going out and letting people know what is going on and that the federal government is trying to take are rights away by keeping the citizens of are country seared so that there willing to let the government take there right away to fill safe i think its should be considered high treason for any elected official to take bribes doing special favors for individuals companies or serene groups of people that want more money and power so that there in control of are government after all the government is WE THE PEOPLE but be hind it all the federal reserve is in-control of are government because are government is so far in debt for all the introits from the money that are or should i say we the people barrow from the federal reserve our government has how power or authority over the Federal reserve its a privately owned bank that has nothing to back up the money that it prints thats why they call it legal tender more or less monopoly money this has happened once before when are founding fathers created this beautiful country and are 3erd president tomes Jefferson seen what the banks were doing and how they were trying to control the government and he put a stop to it he striped the banks form there power to making and controlling our governments money and started the greenback ore should i say the gold standard the first time and only time our country was debt free and our money hod no introits attached to it we have come full circle for what our founding fathers fought so hard the git away from we need to start letting people know that they have right and what are government is doing is wrong and there violating our rights as citizens and want to punish us for us protecting our rights and letting people who brake the law by come here ill-legally citizen ship to them and more or less telling them good job and giving them a pat on the i think thats bull crap and the elected officials that want to promote people that commit any crime or people being here ill-legal should be healed accountable for those people how commit those crimes its time we take our country back from this cropped government that says that there representing the citizens of America when there representing the big banks, corporations and illegal immigrants in our country they need to start doing what the citizens of our country or should i say you and me tell them what to do they need to stop spending our money taking our rights away and dictating the states what to do they have the right to govern them-self's as the people see fit in that state
Posted by: kyle | May 7, 2009 4:59:16 PM
Too much taxes destroys our standard of living.
Posted by: Participant | May 7, 2009 3:53:45 PM
I read that if you were going to count up to a trillion dollars, at the rate of one dollar per second, it would take you 38,000 years to count it! Trivia for the day!
Posted by: Mom | May 7, 2009 2:29:27 PM
Hey everyone, I have a plan to make all of you feel better!
As we all know the Republicans feel that the armed forces can never be big enough, and they fully support an aggressive stance against "terrorism", "drugs", "socialism", and many other world "evils". Of course all of this war making costs TONS of money... approximately 30% of 2008 tax receipts. So lets assume that 30% of our 10 TRILLION dollar national debt came from defense spending.
So, you Republicans can rest assured that ALL of your tax dollars are going to REPAY this 3.4 TRILLION dollars in debt, and NONE of it is going to "support people too lazy to work"! AFTER this 3.4 TRILLION dollars in defense related spending is paid off, THEN you can start bitching and moaning about supporting lazy people. Until then you can not argue that your taxes are too high, since your are simply paying for those programs YOU APPROVED OF!
As for Democrats, since the other 6.6 TRILLION dollars in national debt went for SS, Medicare, energy programs, and other liberal causes, just assume that YOUR tax dollars are going to pay down these items, and is not being spent on war making.
See how easy that was! Money from the right will be paying war debts for the next 80 years, and money from the left will be paying for social/environmental programs for the next 80 years.
AFTER one side or the other finishes paying their debt, we can start worrying again about "who will pay how much for which programs".
Posted by: Rationalist | May 7, 2009 2:26:28 PM
Good, these are loopholes that allowed Chevron/Texaco to earn $10Billion per quarter taking our natural resources for free (because Bush's oil team wouldn't collect on leases or enforce tax laws). And I'm sick of hearing that people making over $250K will be taxed more. It's only money earned ABOVE $250K that is taxed more. People who make $260K have taxes on their first $250K REDUCED. Think of a sound board where all levels are reduced except for a slight uptick in the highest treble range. Better sound all around.
Posted by: James | May 7, 2009 12:12:29 PM
to "Posted by: Will | Apr 21, 2009 12:52:11 PM"
what the hell is going to be better in your life by putting a limit to what some one can make? You must be some type of hourly worker with little education to say something so stupid. Get your GED and maybe you can break through minimum wage.
There's nothing wrong with making money and in a "Free" market people are paid what they are worth, sorry your on the low end of worth to the business community. I only assume that becuase your silly statement.
Posted by: steve d | May 2, 2009 3:52:51 PM
Assuming a person that makes $250,000.00 a year worked 40 hours per week and 52 weeks a year (which they wouldn't) they would still be making over $120.00 per HOUR! And there are many, MANY people making WAY more than that. CEO's are not kings or geniuses.
Talk about gall. Those rich, fat cats have the nerve to complain about paying more taxes when they have totally lost touch with reality. They make money worthless.
Now lets see them justify their extravagance to a person making minimum wage and barely getting by. (and waiting on them hand and foot)
Why is it considered "socialist" to consider that all people should be treated equally and that while some may get an education and make more than others no one is worth $120.00 per hour.
There should be a maximum wage as well as a minimum wage to keep the greedy, fat cats from making money worthless. Because they will be willing to pay extravagant prices for something which makes the products prices go up. But the minimum wage people still make minimum wage.
How about $10/hour minimum and $100/hour maximum. Sounds fair to me and the people that paid for their education can still brag that they make 10 times more than someone.
But $100/hour is still over $200,000.00/year and should be PLENTY for anyone to live on. This would also bring the rich CEO's back to reality.
Posted by: Will | Apr 21, 2009 12:52:11 PM
Now wait a min. Some People need to make up thier mind when it comes to the oil companies, Do we either tax them like everyone else in which with the reapling of said taxes from the artical
(refersher
13 billion - repeal manufacturing tax deduction for oil and natural gas companies)
or do we let them keep on getting billons of dollars in profits and still let them raise up gas prices (which they can do pretty much when ever). Now I could have sworn that every one was complaning about BIG oil companies getting tax breaks and now they are being repealed and some poeple are getting angry over it. And it is not like they are adding a new tax on them they are repealing the tax breaks on the taxes that everyone else pays in different sectors and taxs that where already in place in the oil sector that have not been enfored.
Posted by: Ray | Apr 14, 2009 5:24:56 PM
barack hussein obama
Posted by: allison | Apr 12, 2009 2:05:30 AM
brilliant! raise taxes on businesses that are already fighting to survive, you are a smart one, Dr O...
many of my friends who usually spend their time and money starting new businesses (ie innovate, compete, create value and JOBS) have told me that they are going to buy gold and sit on it. the taxes obama is putting on them takes away incentive to actually do anything. he is destroying this country, and it is so blatant it almost seems malicious...
Posted by: sam | Apr 10, 2009 2:03:40 PM
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