He tried to avoid saying it all cost. He waited till after the State of Union so he could say he still had not done it, yesterday he has to admit he is going to raise a host of taxes on businesses and wealthy individuals. The budget proposal would impose $1.4 trillion in higher taxes over the next decade on couples making more than $250,000 and individuals making more than $200,000 killing the tax cuts enacted under President George W. Bush. There is an increase in taxes on U.S. companies with major overseas operations, and plans to increase taxes on oil and gas companies. The new budget accounts for a $33 billion tax cut that President Obama wants Congress to include in a new jobs bill. The new taxes will raise the top two income tax rates for individuals, from 33 percent and 35 percent, to 36 percent and 39.6 percent. They will be a new limit on itemized tax deductions high earners can claim for charitable donations, mortgage interest and state and local taxes. There is an increase the top capital gains tax rate from 15 percent to 20 percent for families making more than $250,000 a year and individuals making more than $200,000. This is a new tax without a real name the financial crisis responsibility fee will be on large financial institutions.There will be a total of around $39 billion in tax increases on oil, gas and coal companies over the next decade. The era of raising taxes has begun.
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Days Country Held Hostage Under Hope and Change 378National Debt 1/29/2010 12,278,635,997,966.88
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