{"id":263537,"date":"2010-02-01T21:27:41","date_gmt":"2010-02-02T02:27:41","guid":{"rendered":"http:\/\/www.businessinsider.com\/obamas-new-budget-includes-19-trillion-in-tax-hikes-2010-2"},"modified":"2010-02-01T21:27:41","modified_gmt":"2010-02-02T02:27:41","slug":"obamas-new-budget-includes-1-9-trillion-in-tax-hikes","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/263537","title":{"rendered":"Obama’s New Budget Includes $1.9 Trillion In Tax Hikes"},"content":{"rendered":"

\"barack<\/p>\n

Folks who demand budget discipline should be careful what they wish for.<\/p>\n

According analysis from Bloomberg<\/a>, Barack Obama’s new budget calls for $1.9 trillion in new taxes, and it’s going to come down super-heavy on the rich.<\/p>\n

The budget released today would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers who make more than $250,000 as part of a broad $1.9 trillion tax increase proposal. It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships and U.S.-based companies that operate overseas.<\/p>\n

“The administration proposes to restore balance to the tax code by providing tax cuts to working families, returning to the pre-2001 ordinary income tax rates for families making more than a quarter of a million dollars a year, closing loopholes, and eliminating subsidies to special interests,” the budget<\/a> says.<\/p>\n

Almost since the very beginning of his Presidency, there have been fears that Obama would seek to repeal the Bush tax cuts, and now he’s doing exactly that.<\/p>\n

While taxing “the rich” isn’t a bad move politically — especially with the populist streaking running through American politics — the problem is that this will end up raising taxes on a lot of small businesses, whose taxes are taken out via the personal income of their owners. That’s the part that detractors will say, and with legitimacy, will harm the economy.<\/p>\n

Don’t miss: The 23 New Taxes Being Floated By The Obama Administration ><\/a><\/strong><\/p>\n

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