It must be one of those days, and I am going to take a gamble hear and say there are a lot more to come with this President.
President Obama is proposing over $1 Trillion in new taxes over the next 10 years.
From ABC News:
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billion - 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
I am not sure if President Obama realizes this...the only way to stimulate an economy is to stop the spending, cut it, and support businesses. Business is the only thing that creates jobs; and small businesses create the most employment in this country.
Once you raise taxes on these businesses, they will fire people to make up the cost, and you are back in the same pickle you were in before.
Why is this so hard to understand?
politics 
barack obama 
taxes
0 Comments:
Post a Comment