Obama’s Budget: Taxes, Taxes, and More Taxes…
Don’t expect to read this in the state-run MSM, but Captain Zero’s budget is a ten-year $1.5 trillion tax hike.
(ATR) — President Obama released his budget this morning. Rather than focusing on Washington’s over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.
Tax hike lowlights include:
- 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.
Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.
Posted by ZIP on Monday, February 14, 2011, at 8:48 pm | 
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“over ten years”
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That’s NOT his administration. He’s hoping the next guy will want to pay the bills he’s run up.
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It will not pass and there will be a government shut down! Let the games begin! Mr. Obama…once a ZERO always a ZERO!
Budget deficit next year alone, with this budget, is $1.6 trillion. Amazing.
Just think – without batting an eye, the Congress could cut $1.2 billion without touching any domestic program by defunding the UN. And then we could get really serious about budget cuts, couldn’t we?
Never ascribe to stupidity or naivete that which can be attributed to malice.
This administration is our worst enemy.
Actually – the folks over at Huffington Post are having a collective heart attack about how he is hurting the little guy.
Who do you think is picking up this tab? We are.
actually who the hell cares what captain zero has in his budget. how is it anything more than a wish list? that crap is dead on arrival in the house.
I’m sick of seeing that picture of him with his ugly nose up in the air.
This bastard lies like a rug. When does the press mention it? ‘Nuff said…..
that’s why he can smirk on camera for the next two years and win another
two-years without a sweat.
He will implode in the 3rd &4th years of that 2nd term. But by then,
we’re done.
Even with the lying, fifth-column devil’s media, how can people not catch on Zero’s bankrupting this country and much worse? Amazing!
Do 45% really support this craphound Grifter Communist Conman?
Really? 45%? We’re in deep do-do if that’s true.
Didn’t the lame duck Congress extend the Bush era tax rates? And in Zero’s first budget proposal he cancels that tax rate extension.. The Republicans need to rudely inform the pantywaist that they won, and budgets come from the House not from the president.
F### you Osama Obama and all of your mignons!
must have been chatting with bloomberg about lifo seems he’s all for it
Obongo’s budget – musings of a mad man
He sure did a lot of raising in the budget. Pity he can’t get a raise without some coke and Reggie.
Looking at this from my level, I see more loss of jobs (LOTS) and
much higher bills for energy, ie, electricity.
The USURPER really knows his stuff: COMMUNISM!