Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011 February 26, 2009 12:00 PM President Obama's budget proposes $989 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 $250,000. $338 billion - Bush tax cuts expire $179 billlion - eliminate itemized deduction $118 billion - capital gains tax hike Total: $636 billion/10 years 2) Businesses: $17 billion - Reinstate Superfund taxes $24 billion - tax carried-interest as income $5 billion - codify "economic substance doctrine" $61 billion - repeal LIFO $210 billion - international enforcement, reform deferral, other tax reform $4 billion - information reporting for rental payments $5.3 billion - excise tax on Gulf of Mexico oil and gas $3.4 billion - repeal expensing of tangible drilling costs $62 million - repeal deduction for tertiary injectants $49 million - repeal passive loss exception for working interests in oil and natural gas properties $13 billion - repeal manufacturing tax deduction for oil and natural gas companies $1 billion - increase to 7 years geological and geophysical amortization period for independent producers $882 million - eliminate advanced earned income tax credit Total: $353 billion/10 years
Dear God. Part of what Bliss does as producer of the Small Business Advocate is to coordinate with the respective Chamber of Commerce groups around the country for their Small Business Network Company.. Many of them are dearly holding on to every last employee they can (including the show), and they have been waiting to see where the tax hammer is going to fall. This won't be good news for many. So does Obama plan on 'redefining' job creation by causing others to get laid off? This will hurt big business, which will in turn kill small business.
Part of yesterday's $400 billion pork bill was several million dollars to the state of Arizona for ...... shrimp farming. So guys, when does the revolution start?
Well, we could all just stop paying our taxes. Like immediately. That would be a start. After all, that is our money that Obama and Congress are throwing around like confetti.
Congress went on a pork-a-palooza yesterday, approving a massive spending bill with big bucks for Hawaiian canoe trips, research into pig smells, and tattoo removal - all while the nation faces an economic crisis. Among the recipients of federal largesse is the Polynesian Voyaging Society of Honolulu, which got a $238,000 "earmark" in the bill. The group organizes sea voyages in ancient-style sailing canoes like the ones that first brought settlers to Hawaii. The sailing club has a powerful wind at its back in the person of Sen. Daniel Inouye (D-Hawaii), the chairman of the Senate Appropriations Committee. New York got its share of earmarks, among them $475,000 to "improve and expand" the Italian American Museum in Little Italy. The project was pushed by New York Reps. Gary Ackerman and Jerrold Nadler. The latter touted it, among other earmarks, on his Web site. The swine research center, at Iowa State University in Ames, got funds through the Agricultural Research Service, and aims to improve the smell of animals and the lagoons where waste is stored. There's funding for mosquito trapping in Gainesville, Fla. - requested by Rep. Rosa DeLauro of Connecticut. Republican Sen. John McCain of Arizona, whom Obama vanquished in November, is calling on the president to veto it. But Democratic leaders say the spending spree was a bipartisan affair, with up to 40 percent of the earmarks coming from Republicans. http://www.nypost.com/seven/0226200...ss_porky_pols_pig_out_on_fine_wine_157027.htm
How about just giving them double the frequent flyer mileage. That's quite a trip for those little buggers.
It's just a matter of time... Just wait until he starts trying to take guns and combine that with this Congress's stupidity and Obama's "change" and you'll really see this country splinter. I like the sound of that. However, getting enough of today's Americans to band together to make it work, virtually impossible....