February 26, 2009 12:00 PM
Political Punch
Power, pop, and probings from ABC News Senior White House Correspondent Jake Tapper
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
~~~~~~~~~~~~
Am I wrong in recalling that anyone making less than $250,000...strike that....$150,000....uh.....$120,000 maybe?....won't be hit with an increase in taxes? And in fact, will get a terrific tax cut? Remember the lady who said something to the effect that Obama would pay her mortgage and put gas in her car? I hope she's got a really efficient vehicle and a really cheap mortgage.
Who the heck does Washington think pays these taxes? Corporations (businesses) don't pay a penny in taxes, they collect taxes from their customers in the form of higher prices. Can anyone tell me differently? And if you do think you can, you know less about economics than my Chihuahua, Buck. It's a good think he's cute, because he's as dumb as a box of rocks.
Do you, or those Washington Congressional cretins (I'm not calling them congress critters anymore, it makes them sound cute and harmless), have any idea of what will replace the tax cuts given to those businesses and corporations? Re-read the last paragraph. Read it until you understand. It's you, and me, the next generation, and generations after that who will be paying it.
It's the removal of a tax burden that allows a company to hire more people, to purchase more equipment, and to produce more of whatever it is they produce. When that tax is reinstated, or a new tax introduced, new employees don't get raises, don't get increased/improved benefits; new employees are not hired because the money that goes to pay the tax could have been used to hire that new employee, pay for better benefits, and gee, even provide raises. Some of the companies hit with new taxes will be laying off current employees, cut current benefits and maybe even close down factories, stores, and businesses.
I hope you enjoy the $65 a month you will be getting from the "stimulus". Somehow, I missed that when it came out and only just heard about it. Now, don't get me wrong. I'd rather get $65 than pay it, but you know what? This generation, our parents, our children, and our grandchildren, if not generations down the line, will be paying more in taxes than we'll be getting from Uncle Sam. One time I'm rather glad I don't have kids - they aren't going to be saddled with a tax burden and the grandkids I don't have won't be born owing taxes.
Do I sound a bit bitter? I shouldn't, simply because I assumed from the start this would be the outcome. I'm not happy about being right. I was really hoping I'd be wrong. But, knowing what happened in the past can predict what will happen in the future. But then, I've been wrong before. Maybe I will be again. I'm the eternal optimist, maybe something that didn't work time and time again in the past will work this time.
Have fun. The rest of our lives will be nothing but a hayride. And guess who's sitting on the pitchfork?
No comments:
Post a Comment