NOW:53122:USA01012
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA01012
50°
H 50° L 50°
Cloudy | 7MPH

Practically Speaking

Kyle and her husband moved to Brookfield in 1986. She became active in local politics and started blogging in 2004. Her focus is primarily on local issues but often includes state and national topics, too. Kyle looks at things from the taxpayers' perspective in a creative, yet down to earth way, addressing them from a practical point of view.

Taxing the richest 2% will hurt us too

President Obama, TAXES, THE ECONOMY

We are a l-o-n-g way away from having to worry about Obama's latest tax strategy to cost us more on our Federal 1040 form!  So you might be tempted to think that if you aren't a member of the 6 figure club either, that you have nothing to worry about when they talk about taxing the rich.

But consider this: the wealthy in our country contribute a lot to our society, whether it be in paying more taxes or through their financial contributions to various causes. The zoo, Elmbrook Education Foundation, you name it. The rich, even if their motivation is for a tax deduction, do help us all.

 http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html

 

Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

February 26, 2009 12:00 PM

Huma Khan

-->

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

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Page Tools