Government
Uncovered: The 15 Tax Hikes Hidden in Obama’s New Budget
- Posted on February 14, 2011 at 1:52pm by
Jonathon M. Seidl
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Over the last two years, the president has regularly touted his fight to lower taxes for Americans. In fact, his latest budget proposal offered up today is being billed as a package of tough cuts. But buried within the budget’s rhetoric and numerous pages are actually a healthy amount of increases — tax increases, that is. 15 of them.
The folks over at Business Insider note “the budget contains as much as $1.5 trillion in hikes over ten years,” thanks to some diligent sleuthing by the group Americans for Tax Reform.
Here are the hidden increases:
- Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
- Raising the capital gains and dividends rate from 15% to 20%
- Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
- Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
- New bank taxes totaling $33 billion over ten years
- New international corporate tax hikes totaling $129 billion over ten years
- New life insurance company taxes totaling $14 billion over ten years
- Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
- Increasing unemployment payroll taxes by $15 billion over ten years
- Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
- A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
- Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.
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Comments (179)
Steve Martin
Posted on February 14, 2011 at 2:25pmWorst President in History!!!!!!!!!!
Report Post »silentwatcher
Posted on February 14, 2011 at 2:33pmLet’s be very clear about this,,,,while he occupies the seat,,,,,‘HE IS NOT PRESIDENT’
Report Post »riseandshine
Posted on February 14, 2011 at 7:33pmabout as bad as his predecessor, but with different priorities…both horrible presidents, in my opinion
Report Post »numbers
Posted on February 14, 2011 at 2:21pmHasn’t this man proven that he is an empty suit? He is continuing on the same page, same song, same lame rehashed liberal plans, as before November. We must get this amateur-in-chief out of office as soon as possible. BTW, he is about as centrist as Hugo Chavez. Government was meant to be a servant of the people not our master!
Report Post »etetetet
Posted on February 14, 2011 at 2:14pmThank God this time – “They can’t pass it, to see what’s in it”
Report Post »ANewActivist
Posted on February 14, 2011 at 2:13pmAnit-business and anti-energy… pushes he stated goal of “transforming” the country.
Report Post »getalong
Posted on February 15, 2011 at 12:54amFlat tax is the only fair tax. Hire a private accounting firm to keep track of the taxes and have safeguards in place to prevent theft, then put Congress in charge of overseeing and being accountable for the taxes. . Just think of all the money we could save if we dissolved the IRS. Turned the post office over to private companies, Amtrak over to private business. There are so many obvious government agencies we can do without that spend the people’s money so carelessly.
Report Post »chubbzbar
Posted on February 14, 2011 at 2:13pmLook into Fair Tax — only way to go. Yeah you pay taxes but you also decide when and how much, because the tax is on what you purchase. No more Income tax. We shouldn’t be taxing productivity. We should be taxing consumption. Brings in drug dealers, illegals and all the people that have tax dodges, even those off shore.
Report Post »Don
Posted on February 14, 2011 at 3:06pmYou are correct sir, moving from a progressive based (and progressive it is) income tax to a consumption based tax is the best thing that could happen to this country. It is fair and reasonable as long as the percent is not exuberant. If it is kept under 18% it would not only enhance revenue for the government but it would also reduce the amount of tax paid by the lower income folks, since it is based on what everyone spends not what they make. Although, it would not totally do away with the IRS it would do away with a large portion of it, perhaps reduce it by as much as 90%.
This administration however, may not like a fair or flat tax. The reason being it will curtail the class warfare they have spent considerable effort to produce. Without the poor hating the rich and expecting to receive part of their money (by redistribution) the current administration loses a considerable amount of power over those “poor” folks.
Report Post »CyberPro
Posted on February 14, 2011 at 4:31pmI have long been a fan of such a flat tax, but we have to be very careful. There is no benefit if the initial rate is too high, and there are not very strong caps in place to keep them from raising the percentage as much as they like.
I am for something like a 10% max, they CANNOT spend in excess of this amount without a majority vote from THE TAXPAYERS, not congress. In any event, they may only ask for an increase every decade and no more than 3% at a time. I think if they need to bring in more revenue, they have to create an environment that is conducive to business, and enable the businesses to be so prosperous that the overall salary of the taxpayers increases to give the government the money they want to spend. No more blank check to spend as much as they like and mandate that we pay for it.
Report Post »CaptDick
Posted on February 14, 2011 at 7:40pmI would like a consumption tax of all non-basic food, shelter, and clothing. Get rid of all property tax. You should own your home not rent it from the government. The government would have to get more frugal under this system as we would only pay taxes on luxury items like prepared foods, soda, chips, cell phones, tv, stereo, etc.
Report Post »TheLascone
Posted on February 14, 2011 at 2:12pmDon’t act like sheep … You don’t have to except everything that the politicians want !
Report Post »http://www.flickr.com/photos/23630227@N06/5368669314/in/photostream
firstlast
Posted on February 14, 2011 at 5:10pmi think you mean accept?
Report Post »allandwd
Posted on February 14, 2011 at 2:12pmNo surprises here….Obummer more lies and slight of hand….and pen!
Report Post »banjarmon
Posted on February 14, 2011 at 2:09pmBottom line….it’s more tax on the people. Time for more TEA Parties to make them see the light. NO MORE TAXES!!!!
Report Post »Penny2
Posted on February 14, 2011 at 2:08pmMortgage interest going—the Country should protest this cause millions of people will be soooo hurting !!!!
Report Post »Cabo King
Posted on February 14, 2011 at 2:08pmgo figure and no kidding, this lying idiot will say anything!!!! jusut get rid of his dumb ass
Report Post »IMTL
Posted on February 14, 2011 at 2:07pmI agree on that wild pig study, think4yourself. Freedom!!!!!!!!!!!!!!!!!!!!!!!!! so sick of hearing from the news people this is what the American people want, oh really, ask us first. I am from Arizona and proud of Jan Brewer, the first gov. official to stand up to Obaminations lies………..
Report Post »firstlast
Posted on February 14, 2011 at 5:12pmHow bout those Minutemen?! You must be proud. And Russel Pearce and his Morman buddy J.T. Ready? True American heros.
Report Post »integrican
Posted on February 14, 2011 at 2:06pmThis “turnip” has been squeezed………no more money left to tax!!!!
They left some money on the table…….They should tax a business if it fails and goes under….there is going to be a HUGE base there.
Report Post »Goodgriefgeezlouise
Posted on February 14, 2011 at 2:06pmThe mortgage interest deduction is the only thing keeping many of us afloat..This could be a huge problem..For me anyway..Good Grief!
Report Post »GayDem4Beck
Posted on February 14, 2011 at 2:41pmIf you haven’t been paying attention (wouldn’t know unless you already filed), the IRS isn’t accepting itemized tax returns that include mortgage interest UNTIL TODAY MAYBE.
WHY ?? Because Timothy Geithner (per Obama Administration) already had the tax code changed at the IRS to remove mortgage interest. The IRS has been working to get there systems updated to once again accept mortgage interest.
Why/how is the mortgage interest being added back ? The Republicans included it in the Expiring Tax deal with Democrats back in December. If it wasn’t for Republicans, we would have already lost what Obama wants to take away from us once again.
Report Post »chickenlittle
Posted on February 14, 2011 at 4:36pm@gay… I wasn’t aware of the specifics of that one… but if the mortgage deduction goes… then they REALLY have a revolt on their hands… and a fatal blow to the housing market. I knew they had their eyes on it, but didn’t know they got that far as to actually do it.
Report Post »GayDem4Beck
Posted on February 14, 2011 at 5:41pmJust got my update from Turbo Tax:
As of today, the IRS will start processing tax returns delayed by last month’s tax law changes. All taxpayers, regardless of their tax situation, can now file their return for immediate IRS processing.
The IRS is urging taxpayers to electronically file their 2010 taxes to help ensure accurate returns and faster refunds. The IRS also notes that tax preparation software easily provides updates for its users. TurboTax is already up to date with the latest tax law changes and will automatically place your information on the right IRS-approved forms. Plus, taxpayers who e-file and choose direct deposit can expect their refund in as fast as 8 days.*
Report Post »SpankDaMonkey
Posted on February 14, 2011 at 2:05pm.
Report Post »The Tax Rate should be 10% period end of story. Thats all God asks for.
sWampy
Posted on February 14, 2011 at 3:05pmAnd if that is all they could take that would be all they would need. They would be forced to encourage prosperity for all, because the only way they could make more is if we all made more.
Report Post »OutOfTheAether
Posted on February 14, 2011 at 3:57pmAnd your tax return would be a post card, and take about 10 minutes to fill out
Report Post »chickenlittle
Posted on February 14, 2011 at 4:31pmWhere does God ask for 10%?????
Report Post »DashRipRock
Posted on February 14, 2011 at 2:05pmCan you even imagine
how long it would take to read
the Ten Commandments
if congress had written them?
Report Post »SpankDaMonkey
Posted on February 14, 2011 at 2:16pm.
Report Post »Dash
I think there would only be one comandment and it would read, Do as I say, not as I do….
Sinista Mace
Posted on February 14, 2011 at 2:27pmThe area they play around in is called “excessive”.
In other words, they will tax you to death as long as it doesn’t seem “excessive” to them…
Report Post »TheNewCivility
Posted on February 14, 2011 at 2:04pmWhen the left hand tells you there will be tax cuts, the right hand will silently raise taxes. Surprise? Nah. It’s the Obama way. http://www.thenewcivility.com/
Report Post »TeaPartyPatriot
Posted on February 14, 2011 at 2:03pm“Obama budget projects record $1.6 trillion deficit” and “the budget contains as much as $1.5 trillion in hikes over ten years”
Another irresponsible, out-of-control, lunatic-left d-crat socialist spending and taxing atrocity. (Did the chinese communists help write his ?)
It should be DOA in the House of Representatives, who must produce a FISCALLY RESPONSIBLE budget that massively cuts spending, agencies, departments and personnel of the federal government.
Report Post »firstlast
Posted on February 14, 2011 at 5:04pmI dont know, Chinese Communists relish in their one-party government…bi-partisan government is essential to a free America.
Report Post »gracentruth
Posted on February 14, 2011 at 5:33pmAnother reason to LOWER the debt ceiling – no matter what!!! House of Representatives, please do not compromise with the liar.
Report Post »RobR
Posted on February 14, 2011 at 2:02pmObamanomics = Reparations
Report Post »butler180
Posted on February 14, 2011 at 2:13pmWhen is someone going to bring up that the majority of today’s American ancestors were not here prior to 1865 and had absolutely nothing to do with slavery? If they are looking for people to pay for the sins of the past they must get the money for the Democrats who instituted Jim Crow laws as well as segregation in the South.
Report Post »CatB
Posted on February 14, 2011 at 2:13pmyes … sadly…..
http://www.youtube.com/watch?v=19v5Kjmc8FI
Report Post »J.C. McGlynn
Posted on February 14, 2011 at 2:51pmTo Butler180: Doing so does not go along with the liberal revisionist history view.
Report Post »nc_kayaker
Posted on February 14, 2011 at 2:02pmA death tax?! Our loved ones are are stuck with the tab (Death Tax). Pay to be born, pay to breathe & pay to die, yippiekiyay people!! The price we pay for the freedoms we continue to lose…
Report Post »Sinista Mace
Posted on February 14, 2011 at 2:25pmNice summary.
Report Post »etetetet
Posted on February 14, 2011 at 2:00pmWait until somebody gets through the other 2,500 pages.
Report Post »dinadp
Posted on February 14, 2011 at 2:00pmIt‘s too bad Robert Fibbs won’t be around to tell everyone that the budget is really all about spending & tax cuts.
Report Post »Highland
Posted on February 14, 2011 at 1:58pmDon’t worry about those new taxes on energy. Before long, we’ll be on a par with North Korea with regard to the amount of electricity we generate and use, thanks to the Obama war on coal, oil and natural gas.
Report Post »DanB
Posted on February 14, 2011 at 1:58pmAm I surprised? Sadly, no. No surprises here at all.
Report Post »konakolina
Posted on February 14, 2011 at 6:29pmAnyone who is surprised has their head buried in the sand. One thing I’d also like to note is that he spares NO EXPENSE ON HIMSELF! Go figure,uh?
Report Post »IMTL
Posted on February 14, 2011 at 1:55pmTax hikes, lies and selling out America. sounds like Obamination is trying to usher in a good man with figures. Herman Cain 2012. Run obama run… the other way. here comes your worst nightmare.
Report Post »Think4yourself
Posted on February 14, 2011 at 1:58pmObama lied to us??? I’m Shocked!
http://www.unsalvageable.org
Report Post »mcfinch
Posted on February 14, 2011 at 2:00pmThe Fun Begins!
http://politicalbowl.com – Political Video Website
Report Post »watchtheotherhand
Posted on February 14, 2011 at 2:07pmThe GREATEST hidden tax is that which is hidden in the continual devaluation of our currency by design. Every time a dollar is printed out of thin air it is a tax upon all of us that we are then charged interest on. Econ 101.
Report Post »CatB
Posted on February 14, 2011 at 2:10pmMore attacks on the taxpayer and small business … nothing new here … FIGHT THIS REPUBLICANS! Anyone who thinks this doesn’t effect them .. is either a fool or part of the problem (i.e. government leach!)
Report Post »Sinista Mace
Posted on February 14, 2011 at 2:24pmWhy would Herman Cain be Obama’s worst nightmare, Obama appointed Tim Geithner, former New York Fedder, to the Treasury, and Herman cain is a former Kansas City Fedder.
Report Post »Dale
Posted on February 14, 2011 at 2:59pmSinista Mace;
Notice obomba didn’t appoint Cain to the Treasury.
Report Post »jamesctheman
Posted on February 14, 2011 at 3:13pmLet’s be fair. He is a progressive. Do you know who much pain this man must have went through to let all that money slip away. He could only get any 1.65 trillion. He’s going to have to answer to his boss on this one. I think we are witnessing the most inexperienced group ever on Capital Hill. Nobody knows what the hell is going on. Can we get some adults up to Washington D.C.. Our credit card is going to be revoked as soon as the Chinese analyze our budget. Expect things to get really bad.
Report Post »RedeyeBlind
Posted on February 14, 2011 at 5:34pmCain/West 2012 go Cain cus Obama is insane
Report Post »TruthTalker
Posted on February 14, 2011 at 1:54pmNo, He promised. I heard him.
Report Post »SpankDaMonkey
Posted on February 14, 2011 at 2:17pm.
Report Post »You mean to tell me he lied? Well I never…………
Miguelito
Posted on February 14, 2011 at 2:19pmDon’t let these evil people destroy our Republic! God, delivery us from evil.
Report Post »beekeeper
Posted on February 14, 2011 at 2:27pmOne of the more amazing things in the 2008 election was the number of Democrats, when confronted with bald faced lies then Senator Obama made simply brushed them off, saying ‘he has to lie to get elected”…
I guess that emboldened him to simply deny he’s ever raised taxes, and if called on it, says he meant to say ‘cut more than I raised’…
Report Post »silentwatcher
Posted on February 14, 2011 at 2:32pmCome on now,,,,,,,,, what are you going to believe; what I say or what I do.
Report Post »cnsrvtvj
Posted on February 14, 2011 at 2:34pmI can‘t believe he’s breaking yet another promise (he says while rolling his eyes). It’s just more of that whole transparency thing. I love the claim that a $1.65 trillion dollar deficit is going to lower the debt. There are actually obamaites out there that will actually still buy this guys load of garbage. What an amazing world.
http://www.donsmithshow.com – see the union tactics video
Report Post »ilovethiscountry
Posted on February 14, 2011 at 2:41pmI have a new years resolution not to have anything to do with people who lie to me. One of these people is the guy who said he fixed my car. He also does toeing for AAA so I have to report him to AAA. I guess the POTUS is another one. We need to get him voted out in 2012.
Report Post »solaveritas
Posted on February 14, 2011 at 2:57pmLet’s see now:
1. His budget claims 1.1 trillion in deficit reduction cuts over ten years.
2. His budget hides 1.5 trillion in tax increases over ten years.
So, after the tax hikes pay for the deficit reduction, he plans to INCREASE SPENDING 400 BILLION over ten years.
Says he’s doing one thing, but is in reality doing another. That’s our “B.O.”
Anybody interested in “land with a water view” in Florida?
Report Post »mcfinch
Posted on February 14, 2011 at 2:59pmYep all lies.
http://politicalbowl.com – Political Video Website
Report Post »Creestof
Posted on February 14, 2011 at 3:03pmI would actually say “woot” to this if it ended after 10 years, they cut 100% of the BS programs the goverment funds, and balanced the budget…with that balanced budget being mandatory…or the president and all of congress do not get paid until it is balanced.
Report Post »Lantern
Posted on February 14, 2011 at 3:08pmDid anyone expect anything less from a deceiving liar?
Report Post »Snowleopard {gallery of cat folks}
Posted on February 14, 2011 at 3:15pmOld case here with Obama, if you cannot ram it through the front door, the taxes in this case, then just sneak it in via hidden parts of the legislation.
Report Post »ltb
Posted on February 14, 2011 at 3:34pmHere’s one they missed that my company just found out about… Beginning 12/31/11 state governments will be withholding a 3% national sales tax on payments for all equipment purchased, which costs more than $10,000. Needless to say, the cost of that equipment will be going up 3% next year, so this tax will be passed on to residents in the form of higher property taxes, state sales taxes and state income taxes. Are you beginning to see how this little shell game works?
Report Post »poverty.sucks
Posted on February 14, 2011 at 3:35pmAre we supposed to believe he’s Christian because he says so?
Report Post »docvet
Posted on February 14, 2011 at 3:39pmYou all know who will be paying most of these hikes. We will. Businesses don’t pay taxes, they collect them from their customers in their prices and pass it on to the government. Still against the FairTax which eliminates this passing on of taxes?
Rogue
Posted on February 14, 2011 at 3:45pmWow, aren’t the trolls quiet on this one…..
I love it – Obama claiming to be on the side of the middle class, yet this is what he publically puts forward as his budget. I‘m so happy there are clear cut examples here of how Obama doesn’t give a hooey about anyone but the Government’s ability to spend our money.
Report Post »OutOfTheAether
Posted on February 14, 2011 at 3:56pm@ ROGUE
I noticed that curiosity as well. Ah, come on trolls, how do you spin this one?
Report Post »BMartin1776
Posted on February 14, 2011 at 3:58pmSo it looks like Joe Wilson was right obama is a liar. Yea this isnt about obamacare which caused Wilson to speak out and say that but BHO did say during the interview with OReilly he made a lot of tax cuts!
BHO said he made a lot of tax cuts… well then what is all of this? At this point this is all on purpose in classic Clowrd and Pivens style.. collapse the system. The tax hikes with the massive spending is unsustainable BHO is doing it on purpose.
There is no other answer or solution to come to, no one in their right mind would continue on this course unless it is deliberate.
http://www.savingtherepublic.com
Report Post »CyberPro
Posted on February 14, 2011 at 4:23pmYou never seem to get this right. It is all a matter of context. Whenever a liberal talks about “Tax Cuts” you think it means “Yeah for me, less taxes!” What it really means is a larger cut out of your pay.
oldoldtimer
Posted on February 14, 2011 at 4:38pmIs this not exactly what Congress rejected? So like always if Congress does not go along he will just do it his way. Have you people had enough yet? it is time we publicly demanded he resign. No impeachment , takes too long. Omaba must resign and NOW. This imposter is determined to destroy this country he hates so. Manchurian Candidate! Has any state passed the proof of citizenship requirement to get on their POTUS ballot? I know several were working on it.
Report Post »simple thought
Posted on February 14, 2011 at 4:44pmsay it AIN’T so
Report Post »gman46
Posted on February 14, 2011 at 4:48pmWill the spending ever stop?! What will it take these guys to wake up and realize, we are way to close to destroying this country.
Report Post »REDPILLREADY
Posted on February 14, 2011 at 5:16pmThe ONLY political response to this stinking pile of dung should be a A BALANCED BUDGET.
I would submit that Mr. Boehner’s hour of testing has arrived. A BALANCED BUDGET proposed NOW is not only urgently needed, but is another important line in the sand and rallying point. Keep it simple. Cut entire departments. Those that survive, propose an across the board percentage cut. Take on entitlements, including SocSec-Medicare-Medicaid…including current recipients. The key to selling this is 1) Its absolutely necessary, 2) EVERYONE sacrifices and 3) It has to be ACROSS the board to avoid endless debate about what is more precious and the horse-trading on protecting politician’s honeypots. The libs are going to scream bloody murder and demonize the fiscally responsible whether its $100 B or $1.6 T in cuts.
Let the debate begin:
Obama and more wreckless deficit spending VS. the Republican’s balanced budget eliminating what can no longer be afforded and cuts accross the board (including military) on everything else.
IMO, Americans are finally ready to confront insanity – as they did on ObumaCare.
Report Post »TotallyBelievableGuy
Posted on February 14, 2011 at 5:41pmRaise them more. We have a huge amount of national debt, and asking for less taxes is like asking for less wages even though you‘ve got kids who don’t have any food at home.
What else is there, a spending freeze as McCain has suggested? ….does the Great Depression ring a bell?
Report Post »ozz
Posted on February 14, 2011 at 8:20pmOMG!!! I am sooooo suprizzzzed **rolls eyes** He is so a 1 term now!
Report Post »DisillusionedDaily
Posted on February 14, 2011 at 9:58pmAdd these to the new taxes that are in the Obamacare act. There are a bunch of them in there. If he keeps this up I will get the idea that the promises he made to the middle class to get elected are meaningless!
Report Post »getalong
Posted on February 15, 2011 at 12:17amLowering the amount that people can deduct for charitable giving will be devastating to the very people OB says he cares about. More and more non-profits will fold under the new tax when major supporters cut back. Businesses will hold back on major contributions, and opt for a volunteer program with their employees rather than giving money. It is already happening. Once non-profits no longer offer the social service – the government will step in. Pretty soon churches will have to claim taxes and that will cause many churches will fold. All part of the progressive/communist plan to kill spirituality and replace it with idolizing the annointed one and his regime. The more beholdened society is to the govenment to survive, , the easier it is to convince people to “just move along – there’s nothing to see here”. I feel extremely sad for the people who seriously need the services provided by non-profits. They will no longer be available. I I guess we just have to pray that God will protect us against the evil that hangs over Washington, DC., and that the truth will set us free.
Report Post »getalong
Posted on February 15, 2011 at 12:37amWe could start saving money by blocking the 10 billion for MO’s “Let’s Move“ program that gives ”cute tips” on lying to your children. . No money to Planned Parenthood, ACORN, shut down the federal department of education (states have their own departments of education) – that would save a huge amount of money. The government was never meant to be a part of the school system. If you give education back to the states – you will improve education through competition between states. Having an excellent school system is good business for any state in that it attracts families to live in that state. Principals and teachers and PARENTS should develop what their children study.
Report Post »Ortho
Posted on February 15, 2011 at 12:47amHe was kidding
Report Post »Ortho
Posted on February 15, 2011 at 12:48amCome on ya’all it is investments !!
Report Post »KICKILLEGALSOUT
Posted on February 15, 2011 at 2:02amYes, he plans to spend almost $4 trillion dollars in one year but he will reduce the deficit by $1 trillion! If only Houdini were alive today to see the greatest magic trick of all time.
Report Post »colonial10
Posted on February 15, 2011 at 2:23amHow does this help the American people? Nothing in there rings of Freedom as always. It stinks of corruption that has been built up for years. I‘m glad I’m learning law, economics and have been reading the tax codes. If enough of us do it we cannot be beguiled anymore.
Report Post »Kyteacher
Posted on February 15, 2011 at 11:54amWilson to Obuma“You Lie” hahahaha
Report Post »