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Hosea 4:6 My people are destroyed for lack of knowledge…

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

Posted by truthpills on 2009/02/27

Jake Tapper
ABC News
February 26, 2009

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

Read the full article

2 Responses to “Obama’s Budget: Almost $1 Trillion in New Taxes”

  1. dongdong said

    hey, I cannot read the whole article. The link to that doesn’t work.

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