I repeat that this is EXACTLY what I thought would happen... Now I am certain... These guys have no clue that this type of tax increase will paralyze the economy...
From ABC's Sr. WH Correspondent Jake Tapper...
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
1) On people making more than $250,000.
$338 billion - Bush tax cuts expire
$179 billion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
$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
$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