Obama’s Budget – Jared

I do not think I need to say anything, I’ll just give you the numbers.

New taxes for people making over $250,000 a year:

  1. $338 billion – Bush tax cuts expire
  2. $179 billion – eliminate itemized deduction
  3. $118 billion – capital gains tax hike

New Taxes on Businesses

  1. $17 billion – Reinstate Superfund taxes
  2. $24 billion – tax carried-interest as income
  3. $5 billion – codify “economic substance doctrine”
  4. $61 billion – repeal LIFO
  5. $210 billion – international enforcement, reform deferral, other tax reform
  6. $4 billion – information reporting for rental payments
  7. $5.3 billion – excise tax on Gulf of Mexico oil and gas
  8. $3.4 billion – repeal expensing of tangible drilling costs
  9. $62 million – repeal deduction for tertiary injectants
  10. $49 million – repeal passive loss exception for working interests in oil and natural gas properties
  11. $13 billion – repeal manufacturing tax deduction for oil and natural gas companies
  12. $1 billion – increase to 7 years geological and geophysical amortization period for independent producers
  13. $882 million – eliminate advanced earned income tax credit

SourceFederal spending is soaring.  Obama claims he can finance this by taxing the rich.  If you take everything they earn it still will not be enoughThis is class warfare.  Obama’s plan is going to destroy the middle class.


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