Overview of $1.9 Trillion in Tax Increases in the President 2012 Budget

I'm A Pundit Too ^ | 2-16-2011 | Doug Ragan

[TheNewPundit]

Overview of $1.9 Trillion in Tax Increases in the President 2012 Budget

View the image or download the pdf that lists the latest job killing taxes the President is now proposing.

[tcrlaf]

Can someone explain to me what the hell “Bipartisan Financing” is????

[misterrob]

One side holds you down, the other side does you with a broom stick

[ClearCase_guy]

If my math is right, that is greater than $6000 for every man, woman and child in the country. A typical family will have a $24,000 tax increase next year?

I must be doing the numbers wrong.

[tcrlaf]

A $98 BILLION dollar increase in the Death Tax. WHODATHUNKIT....

Does anyone in the White Hut really think ANY of this is going to pass????

[DonaldC]

I can’t tell that much of those increases me directly and some items are for businesses not following the rules. If major cuts don’t happen, and I mean cuts to provide a surplus to start paying down the debt, then one way or the other, we are royally screwed.

[Cheerio]

Can someone explain to me what the hell “Bipartisan Financing” is????

Not sure, but we sure haven't had any since Piglosi took over the appropriations process in 2006.

[PSYCHO-FREEP]

That would be closer to $2400 for every family. But still obscene by any standard.

The biggest damage will be to the Oil Companies. They will not only no longer get tax breaks for new research and exploration, they will also have their overall taxes increase by 15%. They will be forced to pass this on to their refinery costs and the price at the pump will go up around 50 cents per gallon.

[tcrlaf]

A $45 Billion “Strengthen Unemployment Insurance System Tax” on employers.

How many more American jobs will be made uncompetitive by this, and destroyed by Obama????

[andy58-in-nh]

The Devil is in the details, and welcome to Hell. The proposal represents 10 years' worth of revenue enhancements (not just 2012-3). There are significant increases in personal income taxes, a re-imposition of the estate tax, repeal of business preferences and allowables (like LIFO accounting!), and of course, massive new business taxes, along with a gargantuan $328B "transportation trust fund" levy - i.e. - a gas tax, or just what the American economy needs right now. Strange. It's almost as though they were trying to destroy our economy....

[ClearCase_guy]

It's almost as though they were trying to destroy our economy....

Strange, innit?