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A Trillion in Tax Hikes
Topic Started: Feb 26 2009, 02:42 PM (390 Views)
George K
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Finally
Obama "Budget": Almost $1 Trillion in New Taxes

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
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Mark
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HOLY CARP!!!
What an idiot he is.
___.___
(_]===*
o 0
When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells
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QuirtEvans
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I Owe It All To John D'Oh
George K
Feb 26 2009, 02:42 PM
Obama "Budget": Almost $1 Trillion in New Taxes

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
Information reporting for rental payments is a tax?

What an interesting world you live in.

Oh, and LIFO? That's an accounting principle. Changes in accounting principles that are available for tax reporting may have tax implications, but they aren't taxes.

And international enforcement is a tax? How curious. I would have thought enforcement of the tax laws was a good thing, so that the rest of us don't have to pay more.

Most importantly, choosing not to extend a tax cut is not a new tax, any more than refusing to enact a tax cut is a new tax. By your logic, every single dollar paid in federal taxes every year is a new tax, since it wasn't repealed back to 1899.

I'm sorry, I used a word, "logic", that you're not familiar with. My apologies.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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Mark
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HOLY CARP!!!
Quirt, like Obama, never met a tax he didn't like.
___.___
(_]===*
o 0
When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells
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George K
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Finally
I was quoting (in its entirety) an article by that Bush-Loving ABC News, Quirt. Take your snark to them, not to me.

What a hateful world you must live in.

My apologies.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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QuirtEvans
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I Owe It All To John D'Oh
Mark
Feb 26 2009, 02:54 PM
Quirt, like Obama, never met a tax he didn't like.
I've met plenty that I didn't like.

I didn't say that I liked, or didn't like, any or all of the Obama tax plan.

It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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QuirtEvans
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I Owe It All To John D'Oh
George K
Feb 26 2009, 02:55 PM
I was quoting (in its entirety) an article by that Bush-Loving ABC News, Quirt. Take your snark to them, not to me.

What a hateful world you must live in.

My apologies.
My apologies for the snark, George. I thought I was aiming it at IT, not at you. I didn't look at the avatars closely enough.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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George K
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Finally
No harm, no foul.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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QuirtEvans
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I Owe It All To John D'Oh
Yet another example of a lack of liberal bias in the media, anyway.

Because no liberal would call the expiration of the Bush tax cuts a new tax.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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brenda
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..............
QuirtEvans
Feb 26 2009, 02:58 PM
George K
Feb 26 2009, 02:55 PM
I was quoting (in its entirety) an article by that Bush-Loving ABC News, Quirt. Take your snark to them, not to me.

What a hateful world you must live in.

My apologies.
My apologies for the snark, George. I thought I was aiming it at IT, not at you. I didn't look at the avatars closely enough.
You must like George quite a lot, Quirt. I was rather surprised by your initial snarky statement to George. And I've seldom seen you retract such a statement.

Have a scotch on my tab tonight. Did you ever get those nifty scotch glasses?

“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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Luke's Dad
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Emperor Pengin
Quote:
 
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


Call them taxes, call them fees, call them repeals of previous taxes, whatever. Are they taking $353 Billion out of the economic engine of the country? Is it taking money that would otherwise be used for payroll, goods, services, manufacturing, etc... and instead putting it into the government?
The problem with having an open mind is that people keep trying to put things in it.
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QuirtEvans
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I Owe It All To John D'Oh
Luke's Dad
Feb 26 2009, 03:16 PM
Quote:
 
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


Call them taxes, call them fees, call them repeals of previous taxes, whatever. Are they taking $353 Billion out of the economic engine of the country? Is it taking money that would otherwise be used for payroll, goods, services, manufacturing, etc... and instead putting it into the government?
How is that different from every dollar of federal taxes, whether new or not?

And no, information reporting is not money taken out of the economic engine.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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Luke's Dad
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Emperor Pengin
QuirtEvans
Feb 26 2009, 03:42 PM
Luke's Dad
Feb 26 2009, 03:16 PM
Quote:
 
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


Call them taxes, call them fees, call them repeals of previous taxes, whatever. Are they taking $353 Billion out of the economic engine of the country? Is it taking money that would otherwise be used for payroll, goods, services, manufacturing, etc... and instead putting it into the government?
How is that different from every dollar of federal taxes, whether new or not?

And no, information reporting is not money taken out of the economic engine.
1) That's my point. It doesn't matter what it's called if it has the same effect.

2) Then why are they sticking a monetary value on it of $4,000,000. If information gathering will provide an additional 4 billion, that money's coming from somewhere.
The problem with having an open mind is that people keep trying to put things in it.
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JBryan
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I am the grey one
Allowing a tax cut to expire amounts to a tax increase. Saying it is not a "new" tax is a red herring.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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Copper
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Shortstop
George K
Feb 26 2009, 02:42 PM
Obama "Budget": Almost $1 Trillion in New Taxes

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.

Total: $636 billion/10 years

2) Businesses:

Total: $353 billion/10 years

So no matter what you call it that is 989 B / 303 M US Population = $3,264.03 each.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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jon-nyc
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Cheers
Looks like 651B to me, George, the rest are part of the George W. Bush tax increase of 2010.
In my defense, I was left unsupervised.
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ivorythumper
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I am so adjective that I verb nouns!
QuirtEvans
Feb 26 2009, 02:58 PM
My apologies for the snark, George. I thought I was aiming it at IT, not at you. I didn't look at the avatars closely enough.
Wow, I've never seen you admitting to be *that* stupid before. I applaud the improvement. :thumb:
The dogma lives loudly within me.
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jon-nyc
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Cheers
Copper
Feb 26 2009, 04:51 PM
George K
Feb 26 2009, 02:42 PM
Obama "Budget": Almost $1 Trillion in New Taxes

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.

Total: $636 billion/10 years

2) Businesses:

Total: $353 billion/10 years

So no matter what you call it that is 989 B / 303 M US Population = $3,264.03 each.
A lot more for those making over a quarter mil.
In my defense, I was left unsupervised.
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JBryan
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I am the grey one
jon-nyc
Feb 26 2009, 04:55 PM
Looks like 651 to me, the rest are attributable to Bush.
That is quite convoluted even for you. Allowing the expiration of the Bush tax cuts amounts to a tax increase...by Bush. GMAFB
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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Copper
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Shortstop
jon-nyc
Feb 26 2009, 04:56 PM
Copper
Feb 26 2009, 04:51 PM
George K
Feb 26 2009, 02:42 PM
Obama "Budget": Almost $1 Trillion in New Taxes

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.

Total: $636 billion/10 years

2) Businesses:

Total: $353 billion/10 years

So no matter what you call it that is 989 B / 303 M US Population = $3,264.03 each.
A lot more for those making over a quarter mil.

And you'll be multiplying that by at least 3.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Kincaid
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HOLY CARP!!!
In any case, I see a silver lining in this. We should be getting a nice, stark contrast that will be fairly easy to track. Maybe once and for all we'll get across the board agreement that tax breaks stimulate the economy and tax increases hurt the economy. Maybe we'll get a real fiscal conservative in the White House in 2012.
Kincaid - disgusted Republican Partisan since 2006.
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JBryan
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I am the grey one
Dream on. About the agreement, that is.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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jon-nyc
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Cheers
JBryan
Feb 26 2009, 04:58 PM
jon-nyc
Feb 26 2009, 04:55 PM
Looks like 651 to me, the rest are attributable to Bush.
That is quite convoluted even for you. Allowing the expiration of the Bush tax cuts amounts to a tax increase...by Bush. GMAFB
Sure, they wrote it into the law.

A decision was made to have taxes go up at the end of 2010. That decision was made in the white house several years ago. Thats pretty easy to understand, even for you.

(I guess you'll have to find your own FB)
In my defense, I was left unsupervised.
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JBryan
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I am the grey one
Nice try but there are a whole lot more moving parts here and you know it.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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jon-nyc
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Cheers
The worlds a complex place, JB.

But Bush made that decision and had it written into law.
In my defense, I was left unsupervised.
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