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The White House is billing its $3.7 trillion budget as a package of cuts that will reduce the deficit by $1.1 trillion over ten years.
But at closer inspection this budget is as much about tax hikes as cuts.
In fact, the budget contains as much as $1.5 trillion in hikes over ten years, according to the Americans For Tax Reform.
Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
Raising the capital gains and dividends rate from 15% to 20%
Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
New bank taxes totaling $33 billion over ten years
New international corporate tax hikes totaling $129 billion over ten years
New life insurance company taxes totaling $14 billion over ten years
Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
Increasing unemployment payroll taxes by $15 billion over ten years
Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.
The White House is billing its $3.7 trillion budget as a package of cuts that will reduce the deficit by $1.1 trillion over ten years.
But at closer inspection this budget is as much about tax hikes as cuts.
In fact, the budget contains as much as $1.5 trillion in hikes over ten years, according to the Americans For Tax Reform.
Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
Raising the capital gains and dividends rate from 15% to 20%
Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
New bank taxes totaling $33 billion over ten years
New international corporate tax hikes totaling $129 billion over ten years
New life insurance company taxes totaling $14 billion over ten years
Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
Increasing unemployment payroll taxes by $15 billion over ten years
Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.
Assume that since is a proposal, anything would have to be agreed to by Congress. I saw a stat yesterday tha the budget represents 20% increases in taxes, and a 3% reduction in spending. THis is crazy, people want the Govt to stop spending, and this is what is proposed. My Dead Grandfather could produce a better budget.
Didn't Obama say he was going to be more business friendly?
Quote:
New international corporate tax hikes totaling $129 billion over ten years
He said that he wanted to lower our corporate tax rates so that we weren't the highest in the world.
I know this only applies to "international" corporations, but many of our largest companies are international companies. Will this only make them think that it's best to move their corporate offices overseas? Are international corporations just the ones who moving overseas would be the easiest?
Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
I can't even believe Liberals would like to see these items no longer deductible!!!
Quote:
Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
Assume that since is a proposal, anything would have to be agreed to by Congress. I saw a stat yesterday tha the budget represents 20% increases in taxes, and a 3% reduction in spending. THis is crazy, people want the Govt to stop spending, and this is what is proposed. My Dead Grandfather could produce a better budget.
When Obama said he didn't care if he was a one-term President, he obviously MEANT it.
Every poll will show that people DO NOT want increase taxes.
Every Poll shows that people want to reign in out of control government spending.
This budget goes DIRECTLY against the voice of the people.
I can't even believe Liberals would like to see these items no longer deductible!!!
Agreed..I certainly would curtail my giving to non profits....
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