Monday, February 2, 2015

Obama Proposes $2 Trillion In Tax Increases - Crazy Time

The following is a list of tax increases in President Pinocchio Veto Obama’s fiscal 2016 budget proposal. The total reflects more than $2 Trillion in tax increases over 10 years, from fiscal 2016-2025 that will all be spent on new Entitlements, infrastructure and government bloated programs.  It is crazy time in Washington DC.  These are all job killers. 
  • Limit deductions for top earners to 28 percent rate, even if income is taxed at 39.6 percent: $603.2 billion
  • Impose a 14 percent one-time tax on previously untaxed foreign income: $268.1 billion
  • Impose a 19 percent minimum tax on foreign income: $206 billion
  • Modify estate and gift tax provisions: $214.4 billion
  • Change the taxation of capital income: $207.9 billion
  • Other increases from reform of U.S. international tax system: $135.8 billion
  • Impose a financial fee on large financial companies: $111.8 billion
  • Increase tobacco taxes and index for inflation: $95.1 billion
  • Repeal LIFO (Last In First Out) method of accounting for inventories: $76.1 billion
  • Conform SECA (Self Employed Contributions Act) taxes for professional service businesses: $74.6 billion
  • Other revenue changes and loophole closers: $47.9 billion
  • Eliminate oil and natural gas preferences: $45.5 billion
  • Implement the Buffett Rule by imposing a new “Fair Share Tax” (making millionaires pay at least 30 percent tax rate): $35.2 billion
  • Reform the treatment of financial and insurance industry products: $34.4 billion
  • Limit the total accrual of tax-favored retirement benefits: $26.0 billion
  • Other loophole closers: $24.3 billion
  • Reinstate Superfund taxes: $21.2 billion
  • Tax carried interests as ordinary income: $17.7 billion
  • Make unemployment insurance surtax permanent: $15.7 billion
  • Eliminate coal preferences: $4.3 billion
  • Reauthorize special assessment from domestic nuclear utilities: $2.3 billion
  • Increase and modify Oil Spill Liability Trust Fund financing: $1.6 billion
  • Repeal tax-exempt bond financing of professional sports facilities: $542.0 million
At the same time that Obama is proposing all these new taxes, he plans to increase spending by the same amounts so that none of this is going to stop deficit spending, balance the budget and pay off our $18 Trillion National Debt.  Fortunately, nearly all of these new taxes will be dead on arrival in the Republican Controlled Congress.   Obama's Crazy Tax and Spend Socialist Scheme demonstrates why elections matter.  Obama has lost his mind.  If the Socialists controlled Congress all of this would be a done deal and millions of Americans would lose their jobs. 

Instead, Republican Speaker of the House John Boehner has indicated that Republicans will cut spending and propose a budget that gets the United States to a balanced budget within 10 years.  Finally, the grown up's in Washington DC are in control; Thank God. 


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