Despite the recession, President Obama proposes almost a Trillion in new taxes over the next decade
Obamanomics
Over the next 10 years, President Obama is proposing tax increases on senior citizens, individuals, families and businesses that will equal almost a Trillion U.S. dollars. The following is a break down of some of those proposed increases:
| Individuals, families and small businesses earning over $250,000 | ||||
| $517 Billion | President Obama will eliminate a number of itemized deductions and (via not renewing the Bush tax cuts) raise tax rates up as high as almost 40% for nearly 2.6 million Americans | |||
| $118 Billion | Families, Senior Citizens and anyone else with investments in the stock market will see a significant increase in capital gains taxes. | |||
| Unknown | Cancels the scheduled repeal of the estate tax and adds a 45% tax rate on married couple’s estates valuing over $7 Million. | |||
| American Business | ||||
| $210 Billion | Tax reform – Including adding U.S. taxes on corporate profits earned from overseas businesses | |||
| $61 Billion | Repeal “LIFO” (supported by both parties) | |||
| $24 Billion | Count taxed carried interest as income | |||
| $23.82 Billion | Oil and Gas related corporate tax increase | |||
| $17 Billion | Reimpose the Superfund taxes which expired in 1995 | |||
| $5 Billion | Eliminate tax shelters under the “Economic Substance Doctrine” | |||
Source: Wall Street Journal, Wall Street Journal, Courier Post, Bloomberg, Bloomberg, New York Times, Penn Energy, ABC News, Fox News
3 Responses to “Despite the recession, President Obama proposes almost a Trillion in new taxes over the next decade”
Was watching the news and apparently the way the are justifying these is by saying the ression should be over by the time many of these kick in. Personally I just don’t get, even if you belive there is a delay on these taxes, how talking about raising taxes now is going to do anything but slow down things.
You forget, they have a plan.
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