The top 10 new taxes in Obama's budget

Politico has a list of the top 10 "biggest and boldest" tax proposals in President Obama's FY 2016 budget, which would raise $1.387 trillion over the next 10 years.

Every single dime of that would go to fund new spending schemes by the president. Zero would be applied to the deficit, which the CBO says will hit a trillion dollars by 2025.

Here are a few of them (All amounts raised reflect the total over 10 years.):

"BUFFETT TAX": The White House wants millionaires to pay a minimum tax rate of 30 percent. Raises $35 billion..

LIMITING ITEMIZED DEDUCTIONS FOR THE WEALTHY: Obama wants to limit the value of itemized deductions used by the wealthy, such as mortgage interest, to 28 percent of their income.Raises $640 billion.

CAPITAL GAINS: The administration wants to hike the top rate to 28 percent from the current rate of about 25 percent with various surcharges, while expanding the number of things that would be subject to it. Raises $208 billion

TOBACCO TAX: Nearly doubles the tax on a pack of cigarettes. Raises $95 billion.

The middle-class tax credits the president has in mind aren't too bad (although increasing the much abused earned income tax credit might not be a good idea). There's a $500 "second earner" tax credit for working families, an expansion of the child tax credit, and a tax credit for child care. Taken together, these tax credits would cost us $208 billion. It would be nice instead of raising taxes, Congress would cut spending to pay for it.

Well...we can dream, can't we?

Obama does not care what happens anymore and is showing his true colors ( if people were still unaware of his true agenda ). He is not up for re-elections and he is ready to throw all pretenses of moderation out the window.

At this point in time, we have to be resigned top the fact that there will be a budget battle where Obama uses his veto pen unless he gets his way.

If Republicans in Congress stay strong ( will they ? ), then here's the bottom line -- ANOTHER GOVERNMENT SHUTDOWN.

I am afraid that the word SHUTDOWN is anathema to the GOP establishment so Obama will get SOME of his tax hikes. Count on it.

First act of an incoming Tea Party Prez should be to command the IRS to not collect the Capital Gains Tax. No more rule of law, right..?

I fear there will never be a Tea Party President until the lame stream media is put in it rightful place. In 2015 America is so dumbed down they are all idol worshiping 100% of the time. Where do you see your favorite idol but on the lame stream media. DO ANY OF YOU EVER CATCH TMZ? THIS IS AN EXAMPLE OF WHAT 2015 AMERICA IS.

RE: For instance, Obama wants to raise capital gains by 10%, Repubs give him 5% AND defund the amnesty crap.

Why even increase it by a single percent?

Just stand your ground and don’t back down. If he vetoes it, let him.

Ahhh, but there’s the ‘S’ word that the GOP runs from like a vampire from sunlight — SHUTDOWN ( which will eventually happen when they get into a fight with Obama).

But why should they be scared of it? They were elected PRECISELY to stop Obama’s agenda.

STAND YOUR BLOODY GROUND YOU COWARDS !!!

The Republicans should allow the government to shut down. Then when the media complains about it they should say that it's not shut down. Seriously. Just deny that it's shut down. 70% of it keeps functioning regardless. Make Matt Lauer and Chris Matthews prove that a fully functioning government, with buildings full of employees, is shut down. The Republicans can get a 30% cut without doing anything. Just take it.

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IF