Obama's Budget: Almost $1 Trillion in New Taxes

Here come the taxes ladies and gentlemen!

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.

Check out the link for more details on the tax increases.

God help us.

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reply to post by nyk537


Wow, talk about framing your statement... I think you are missing the point, Not everyone wil see a tax increase, at least not in the next 4 years, and the amount you quote is over 10 years.. c'mon bro.

Originally posted by uaocteaou
Not everyone wil see a tax increase

But some will, and that is the point.

and the amount you quote is over 10 years.. c'mon bro.

You come on.

A tax increase is a tax increase is a tax increase. It's all the same.

Isn't eliminating the advanced earned income the same as taxing people who earn less than $250,000?

Anyway, Obama promised that those making $250,000 or less will not have their taxes increased. However, ultimately the higher taxes he passes on the rich will ultimately be paid by the not so rich in the form of higher prices.

These people will also see tax increases state and locally as the feds shrink the amount of money they send the states.

"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"

It doesn't even begin for 2 years yet, it won't include the VAST MAJOPRITY of people, and dude...... we need it.

Originally posted by uaocteaou
Not everyone wil see a tax increase

So we shouldn't care as long as it's not 'us?' Just 'them?' What if someone on ATS is one of the 'them.' Or what if in the near feature this includes 'you?'

...at least not in the next 4 years...

So let's get on it now instead of waiting until the last minute or until what's done is done.

Guess I'll be playing my horse shoe game like this from now on...




Sigh, grab the hand sanitizer!

I would also like to add, I wouldn't have as much of a problem with tax increases if the tax money was being spent wisely. But it clearly is not. I don't like seeing my countrymen exploited and their tax money being wasted on these so called bail outs and stimulus packages. Or foreign aid to countries who hate them.

Let the government start managing funds correctly THEN let's talk about tax increases.

reply to post by AshleyD


I see small steps, HEALTH CARE, EDUCATION, ALTERNATIVE ENERGY... I do see that as FINALLY spending it wisely.

Originally posted by AshleyD
I would also like to add, I wouldn't have as much of a problem with tax increases if the tax money was being spent wisely.

Agreed.

Instead though we're going to spend more than we ever have before to bail out everyone who has made poor decisions.

Originally posted by AshleyD
I would also like to add, I wouldn't have as much of a problem with tax increases if the tax money was being spent wisely. But it clearly is not. I don't like seeing my countrymen exploited and their tax money being wasted on these so called bail outs and stimulus packages. Or foreign aid to countries who hate them.

Let the government start managing funds correctly THEN let's talk about tax increases.

Too true AshleyD, It is very obvious that this administration is not spending their money wisely.

How on Earth can anyone keep track of this much amount of money?

reply to post by nyk537


Exactly. They need to prove themselves worthy before they ask the American taxpayers for more. Right now they are failing so horribly and botching every chance they get when it comes to handling our money, only to turn around and launch ideas for another money grab.

No more.

Originally posted by AshleyD
Right now they are failing so horribly and botching every chance they get when it comes to handling our money, only to turn around and launch ideas for another money grab.

And that's really what it comes down to isn't it?

This is nothing more than a giant money grab and power grab.

By the time this is all over, government will have so much power and control over us that there will be no going back.

It's frightening.

I haven't read about where all the tax increases will go, but if you're making over 250,000 a year and see a bit of an increase, consider yourself lucky.

I wish I were better at this, and I hope nobody is mistaking me for being for "big taxes, big spending, big government" because I am not. I guess what I'm saying is that this money is and would have been spent anyway, I believe, at this time anyway, that at least they're starting to spend it in the right places, on the needs of the people, bailouts excluded of course, i hate that garbage.
But the big spending on ther good of the people, like health care, education and alternative energy, as opposed to big wars, big corporate friends and benefits for the super rich.

-peace

Originally posted by Tentickles
How on Earth can anyone keep track of this much amount of money?

Well, judging by all the 'Where did the Money Go?' news stories, I don't think they're trying too hard to keep track of it.

(Semi-humor).

[edit on 2/26/2009 by AshleyD]

reply to post by uaocteaou


You are talking about the healthcare plan they are crafting with lobbyist behind closed doors.

California-based Consumer Watchdog (formerly called the Foundation for Taxpayer and Consumer Rights) faxed a letter Friday to Kennedy and the rest of the Senate protesting their "back door negotiations" with healthcare lobbyists.

An enterprise as great and critical as guaranteeing affordable and high quality health care for all Americans requires a public process and public discussion. Back door negotiations with the medical insurance complex are doomed to ignore the will and sentiments of the American people.

Consumer Watchdog takes particular umbrage to the possibility that Kennedy is prepared to include an individual mandate to buy health insurance in the bill.

We are deeply disappointed to read in today’s New York Times that the medical insurance establishment and Senate leaders have been meeting behind closed doors—without consumer groups—about a redesign of America’s health care system that forces every patient to buy private health insurance policies.

briefingroom.thehill.com...

Who do you think will reap the most from this healthcare, lobbyist or the people?

If this were Republicans pulling this stunt, it would be a scandal. (remember Cheney meeting with oil execs behind closed doors).

It is one thing to use taxes wisely and another to pay back political favors.

reply to post by jam321


They met with the GOP prior to the bailout plan, it still didn't change anything. Meeting with someone does not automatically indicate malfeasance. I direcdt you to one quote from the article you sourced..

"Consumer Watchdog takes particular umbrage to the possibility"

The possibility... If they engage in dirty dealin, like the past administration was happy to do, to benefit individuals instead of the group, I will be against it, but now, shoot, for right now, I'm happy with the idea of doing something real, something substantive for the people of this country.

My personal health insurance has gone up 3x over the past 6 months, I pay 1k per month for insurance that's merely OK, it''s more than my mortgage principle costs me monthly, and I'm as health as a horse.

50 million uninsured is a crime, and so is not putting an end to it. This is the 21st. century.

Originally posted by AshleyD
Well, judging by all the 'Where did the Money Go?' news stories, I don't think they're trying too hard to keep track of it.

And why would they?

What are we going to do about it?

How long will it be, before reality sets in and you see a change to the budget and taxes go up on everybody.

It is mathematically impossible for the top 5% of Americans who make over 250k a year to pay for the whole nations health care. It is a pipe dream.

Besides what happens when those Americans that are making 250K a year don't make 250k a year anymore.

You going to start seeing the wealthy flee to other "wealth friendly" countries. Your going to see businesses start closing down in mass because they won't be able to afford to pay the taxes. It will probably be cheaper for big corporations to pay the penalty to outsource the jobs than to pay the higher taxes.

Raising taxes takes wealth out of the economy, and for this plan to work wealth needs to be added to the economy.

We have a president that is not living in reality.