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 Tax hikes resurrected in Obama budget proposal

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PostSubject: Tax hikes resurrected in Obama budget proposal   Tue Feb 15, 2011 4:18 am

WASHINGTON -- President Barack Obama's budget proposal resurrects a
series of tax increases on energy producers, certain corporations and
the wealthy, while expanding nuclear loan guarantees.The plan
unveiled Monday targets oil and gas produces, coal companies, investment
managers and U.S.-based multinationals. It would allow Bush-era tax
cuts to expire at the end of 2012 for individuals making more than
$200,000 and married couples making more than $250,000. Wealthy
taxpayers would have itemized deductions limited starting in 2012.Limiting
those deductions would raise an additional $321 billion over the next
decade. That money would be used to spare more than 20 million
middle-income taxpayers from getting hit with a big tax increase from
the alternative minimum tax for three years.In all, the budget
proposal would impose about $730 billion in new taxes on businesses and
wealthy individuals over the next decade, while cutting about $400
billion in taxes on middle-income families, the working poor and other
businesses, for a net tax increase of about $330 billion.Those
numbers, however, don't include additional tax revenue from letting
Bush-era tax cuts for the wealthy expire at the end of 2012. Letting
those tax cuts expire would generate an additional $709 billion over the
next decade, according to the budget proposal.Oil and gasObama
also wants to repeal tax subsidies for companies that produce oil,
natural gas and coal to bring in $3.61 billion in fiscal 2012 and $46.2
billion over 10 years.The American Petroleum Institute, an
industry group, said "the increases, over the long term, would actually
lower revenue to the government by many billions of dollars as a result
of foregone revenues from projects the tax hikes would prevent going
forward."A group of Senate Democrats favors raising taxes on oil and gas companies, but Republicans can block them in the Senate.Congressional Republicans called Obama's proposal a missed opportunity.In
December, Congress extended through 2012 a series of tax cuts enacted
under former President George W. Bush. Obama's proposed new budget calls
for letting the tax cuts expire for the wealthy at the end of 2012,
while making them permanent for individuals making less than $200,000
and couples making less than $250,000. Republicans want to make all the
tax cuts permanent.Obama's proposal to nearly triple nuclear
construction loan guarantees, to $54.5 billion, was something also
sought in the 2011 budget but did not survive. Dallas-based Energy
Future Holdings is seeking such backing for its proposal to expand the
Comanche Peak nuclear power plant near Glen Rose."We don't think
nuclear loan guarantees are a very good bet," given the industry's
history of cost overruns, said Robert Cowin, a Washington representative
for the Union of Concerned Scientists, based in Cambridge, Mass.This report includes material from The Associated Press and Bloomberg News.
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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Wed Feb 16, 2011 3:33 pm

More of the same old shit from that piciune.
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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Wed Feb 16, 2011 6:16 pm

More SOS and nothing new from Nobamadingalingadingdong!!! What a rip!!! JMHO!!

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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Thu Feb 17, 2011 1:32 pm

Youcan say that again, some things will never change. Especially when it comes from the demoncraps.
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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Fri Feb 18, 2011 5:54 am

Tax and spend, tax and spend! It ain't working and will not work ever again! Until they have spent the last red cent in teh treasury they will not be happy! And then they will want to spend some more and pass it along to the second or third generation down so they can deal with it!!

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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Fri Feb 18, 2011 12:33 pm

I thinks its already down to the 2nd and 3rd generations.
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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Fri Feb 18, 2011 2:40 pm

If they keep it up it will be to the 4th and 5th also!! JMHO!!! What about being broke do they not understand?

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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Fri Feb 18, 2011 3:05 pm

They understand, they dont care.
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PostSubject: Re: Tax hikes resurrected in Obama budget proposal   Fri Feb 18, 2011 4:16 pm

If they do not care, I don't either!!

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