President Obama promised that “if your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.....62 cents tax increase on tobacco....1) On people making more than $250,000.
$338 billion - Bush tax cuts expire $179 billlion - eliminate itemized deduction $118 billion - capital gains tax hike
Total: $636 billion/10 years
$17 billion - Reinstate Superfund taxes $24 billion - tax carried-interest as income $5 billion - codify "economic substance doctrine" $61 billion - repeal LIFO $210 billion - international enforcement, reform deferral, other tax reform $4 billion - information reporting for rental payments $5.3 billion - excise tax on Gulf of Mexico oil and gas $3.4 billion - repeal expensing of tangible drilling costs $62 million - repeal deduction for tertiary injectants $49 million - repeal passive loss exception for working interests in oil and natural gas properties $13 billion - repeal manufacturing tax deduction for oil and natural gas companies $1 billion - increase to 7 years geological and geophysical amortization period for independent producers $882 million - eliminate advanced earned income tax credit
Total: $353 billion/10 years ........cap-n-trade will cost u.s.tax payers 660 billion over ten years.......socialized health care will cost u.s. another trillion over ten years.......kinda scarry that they want to pass all this stuff and can't even balance the budget now..