I am not going to cheer or condemn. You be the judge. This is an official list of the upcoming increases in taxes for various individuals and businesses in Pres. Obama’s budget. Pull them apart and give us your thoughts. Good or not good…and why?

President Obama’s budget proposes 9 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 0,000.

8 billion – Bush tax cuts expire
9 billlion – eliminate itemized deduction
8 billion – capital gains tax hike

Total: 6 billion/10 years

2) Businesses:

billion – Reinstate Superfund taxes
billion – tax carried-interest as income
billion – codify "economic substance doctrine"
billion – repeal LIFO
0 billion – international enforcement, reform deferral, other tax reform
billion – information reporting for rental payments
.3 billion – excise tax on Gulf of Mexico oil and gas
.4 billion – repeal expensing of tangible drilling costs
million – repeal deduction for tertiary injectants
million – repeal passive loss exception for working interests in oil and natural gas properties
billion – repeal manufacturing tax deduction for oil and natural gas companies
billion – increase to 7 years geological and geophysical amortization period for independent producers
2 million – eliminate advanced earned income tax credit

Total: 3 billion/10 years

My old Tax man has a program that does my taxs. I’m a small sole proprietor contracting business. Can I purchase a consumer (or standard) version of a program that will generate my tax returns complete with deduction, amortization schedules, depreciation ect? I would need something that is helpful to someone that is willing to learn. iknow- I’m gonna get all these answers that tell me not to do it myself- thats fine- humor me- is ther esoftware available that will perform this for me?