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...
A few stray thoughts and observations in the aftermath of the 2012 election -- on substance, process, and tactics:
(1) The polls were broadly right, both at the state and national levels -- a dichotomy that I believed to be unlikely in the extreme as recently as yesterday morning. The electorate ended up being D+6, nearly on par with 2008, and six points better than the 2010 midterms. I was wrong about this, as were a good number of other observers. The 2012 party ID figures from Gallup and Rasmussen upon which my assumptions were based were...
$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
which does NOT include obamacares TRILLIONS