OBAMA's $1 TRILLION TAX INCREASE

[Herbert Profile]

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

Source:
http://blogs.abcnews.com/politicalpunch ... get-a.html

[Fatrock386 Profile]

Three contractors are bidding to fix a broken fence at the White
House.
One is from Chicago, another is from Tennessee, and the third is from
Minnesota.
All three go with a White House official to examine the fence. The
Minnesota contractor takes out a
tape measure and does some measuring,
then works some figures with a pencil. "Well," he says, "I figure
the job will run about $900: $400 for materials, $400 for my crew and $100 profit for
me."
The Tennessee contractor also does some measuring and figuring, then
says, "I can do this job for $700: $300 for materials, $300 for my crew
and $100 profit for me."
The Chicago contractor doesn't measure or figure, but leans over to
the White House official and whispers, "$2,700."
The official, incredulous, says, "You didn't even measure like the
other guys! How did you come up with such a high figure?"
The Chicago contractor whispers back, "$1000 for me, $1000 for you,
and we hire the guy from Tennessee to fix the fence."

"Done!" replies the government official.

And that, boys and girls, is how the new stimulus plan
will work.