American Taxpayers — Gettin’ Ready To Take The Big One Up The Wazzoo!
Posted By: 'Okie' | 11:53 am — 2/26/2009 | 
1 Comment See comments below:
Wow! The Germans see Pres. Obama as a stars & stripes bedecked angel, flyin’ high with all of Europe in tow. Just wait until all that stimulus baggage and Porkulus spending starts draggin’ our newly ordained Icarus down to earth — we’ll see how well his European buddies regard him after that. Now, here’s the dirty part. The administration has just released their tax proposal and it calls for over 900 Billion in tax increases — mostly on individuals:
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 hikeTotal: $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 creditTotal: $353 billion/10 years
I don’t make anywhere close to that, but still, I’m gonna go crawl in a corner for awhile and cringe, shake and whimper. Cause with tax increases like that, you just know a lot of it is gonna filter down and jam us all in the #ss! Better stock up on the KY!
Michelle Malkin has more, with Fun facts about ol’ Pres. Barry ‘O’s budget bustin’ budget!
And, the Anchoress is fit to be tied, or at least fit to be bakin’ Irish Soda Bread!
This is going to “create or save” millions of jobs? Hog-tying and hyper-regulating small businesses (a small business doing $250,000 a year is a VERY small business, not a fat-cat enterprise) will not create jobs. It will inspire businesses to close down.
Pssssssst: President Obama – revitalizing the economy and creating jobs; you’re doin’ it wrong!
Me? Now that I’ve finished quiverin’ and hunkerin’, I’m just here havin’ my own self a fit!
Technorati Tags: President Obama’s budget
This entry was posted on Thursday, February 26th, 2009 at 11:53 am and is filed under POTUS Obama, Stimulate This!, Tax! TAx! TAX!. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. |
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26 February 2009 | Glenn Speck Said:
I hope that all of the idiots who voted for Obama will finally realize that they’re going to pay in spades.