Obama's Tax Increases

http://www.futureofcapitalism.com/2011/02/obama-tax-increases

In his new budget, President Obama, who as recently as Superbowl Sunday bragged, inaccurately, "I didn't raise taxes once," proposes, among others, the following tax increases:

• A "financial crisis responsibility fee" imposed on financial institutions with more than $50 billion in assets, raising "approximately $30 billion over ten years."
• An excise tax of 9.7-cents-per-barrel on crude oil and imported petroleum products as part of reinstated "superfund taxes," raising about $20 billion over ten years.
• a "corporate environmental income tax" imposed at a rate of 0.12 percent on the amount by which the modified AMT income of a corporation exceeds $2 million
• taxing "carried (profits) interests as ordinary income," claiming $14 billion over ten years

That's on top of his proposal to decrease tax deductions for upper income taxpayers and his desire to repeal the George W. Bush income tax reductions for upper income tax cutters. It takes a certain amount of brazenness for the president, who almost certainly was aware on Superbowl Sunday that this stuff was in the budget, to go on Fox News and look Bill O'Reilly and his viewers in the eyes and say, "I didn't raise taxes once."

by Ira Stoll  |  Feb 16, 2011 at 2:53 pm Related Topics:  President Obama, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list