Budget..entitled, ironically, “A NEW ERA OF FISCAL RESPONSIBILITY

AOL News ^ | March 13, 2009, 8:02am |

Sen. Dave Gregg points out blow by blow the HYPOCRISY riddled through Obama’s Budget entitled ironically, “A New Era of Fiscal Responsibility.”

Gregg writes, “The argument that this budget doesn’t have tax increases is, I think, an Alice and Wonderland view of the budget.”

-Raising the tax rate from 35% to 42%, eliminating deductions on mortgages and on charitable deductions. Small businesses will be feel the burden the most.

-“Cutting the debt in half in four years is truly spurious, because you take the deficit and quadruple it, and then you cut it in half, that’s like taking four steps back and two steps forward. You’re not making any progress. You’re still going backwards.”

-Raising “a massive sales tax, a national sales tax on everybody’s electric bill, especially people in the Midwest and the Northeast. And what do you do with that revenue? You don’t use it to contain the size of government. You use it to expand government.

"There’s a representation that 80 percent of the first billion is going to go for your make-work-pay tax credit, but the next 20 percent goes to raise the size of the government.
And then on top of that you’re going to get another 0 billion potentially, and there’s no representation of that coming back to taxpayers."

"In fact, there’s specific language which makes it pretty clear that that’s going to be used as walking around money for various constituencies that are interested in spending it."

"They may be worthwhile constituencies, but it’s a heck of a tax burden to put on the American people.
And it represents a massive expansion in the size of government.
I guess that’s my big problem here."
ooops, I got Gregg’s first name wrong…. but I think you know about this man…. smile..
yet, its AOL… because the major news networks have been discredited as purveyers of lies..
HAM O BAM A
for the record: obama’s goons approached Gregg…… then lied to cover their behinds since obama can’t stand to loose….ego-centric

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

Or are they no longer a reputable source?

From Investor’s Business Daily:

Obama has proposed effective tax increases of 20% or more in the two top income-tax rates, phasing out the personal exemptions and all itemized deductions for top earners, as well as raising their tax rates.

He wants a 33% increase in the tax rates on capital gains and dividends, an increase of 16% to 32% in the top payroll tax rate, reinstatement of the death tax with a 45% top rate, and a new payroll tax on employers estimated at 7% to help finance his health insurance plan. He’s also contending for higher tariffs under his protectionist policies.

Finally, he would increase corporate taxes by 25%, though American businesses already face the second-highest marginal tax rates in the industrialized world, thus directly harming manufacturing and job creation while weakening demand for the dollar.

The premise of my question is based on some politicians’ suggestion that all business owners will file tax returns as individuals, thereby losing all their rightful deductions in order to not be taxed as a business because the exemption for tax increases is income under 0K?