Classic Obama: FY2015 budget would hike taxes by $100 billion on the one thriving industry

Hotair ^ | 03/06/2014 | Erika Johnsen

[SeekAndFind]

The White House dropped President Obama’s FY2015 budget readout yesterday, and as the NYT rather aptly titled it, it amounted to little more than a “populist wish list” that doesn’t even try to look serious about addressing our runaway entitlement spending or ballooning national debt. It includes a lot more of the stimulus-spending-as-growth utter crapola we’ve been dealing with for the past five years, and to really demonstrate just how bass-ackwards his and the Democrats’ brand of economic thinking really is, we need look no further than what his would-be budget would inflict on one of the few bright spots in his otherwise weaksauce economy.

ATR summarizes:

CLICK ABOVE LINK FOR THE CHART

Read: The shale boom has happened entirely incidentally to the Obama administration’s policies, offering an unexpected boon of economic growth and job creation that their own paltry policies have largely failed to produce. In their dream world, their preferred reaction to this windfall is to heap billions of dollars worth of taxes onto oil and gas companies (consumers — this means you!) to pay for their most fantastical stimulus-driven whims — and (mind-blowingly regressive) higher energy prices on fossil fuels is just an added bonus!

Reducing federal spending and regulations, thereby making it easier for businesses to grow and hire and leaving that money and capital in the private sector for investment? Pish tosh!

[SeekAndFind]

Tax Increase	FY 2015	FY 2015-2024	Industry Impact
Increase Amortization Period for G&G	$100 million	$3.1   billion	$3.1 billion
Double-taxing Dual-Capacity taxpayers	$550 million	$10.4 billion	$10.4 billion
Repeal Percentage Depletion: Oil and Natural Gas Hard Minerals	$1 billion $167 million	$13 billion $2 billion	$13 billion $2 billion
Repeal Intangible Drilling & Expensing of Exploration Cost for Coal Oil and Natural Gas Hard Mineral	$2.3 billion $39 million	$14.4   billion $680 million	$14.4 billion $680 million
Section 199 Oil and Natural Gas Hard Mineral	$1 billion $36 million	$14.2 billion $726 million	$14.2 billion $726 million
Repeal Tertiary Injectants	$10 million	$100 million	$ 100 million
Reinstate Superfund barrel of oil excise tax	$1.6 billion	$23.2  billion	$ 11.6 billion
Retroactively repeal LIFO accounting	$4 billion	$82 billion	$29 billion
Repeal Passive Loss	$7 million	$74 million	$74 million
Ratchet up Oil Spill Liability Trust Fund tax	$60 million	$1 billion	$1 billion

That’s an energy tax increase of nearly $100 billion by 2024!

[madison10]

Figures.

[null and void]

[Focault's Pendulum]

If anyone didn’t think he was trying to destroy this country, this is a major nail in the coffin.

[Graewoulf]

When does it end?

It ends when “Benghazi Coverup” Boehner Impeaches B. Hussein Obama, aka Barry Soetoro, a legal citizen of the sovereign Nation of Indonesia.

Until then the Boy-Toy Dictator Soetoro-Obama will be free to do whatever he wants to do.

[SgtHooper]

That’s a good start, but then it continues through the Republican party, after decimating the Rat crooks in Congress.

[Don Corleone]

CLOWARD-PIVEN!!!!!

[Graewoulf]

Boehner is proud of his record as Speaker: He has lost 100 % of the battles that he has not fought.

Boehner as Speaker is essential for Obama to keep on doing whatever he wants to do.