Thursday, February 26, 2009
Holy Tax Increase, Batman!
This ABC News story (HT2EPJ) gives the breakdown of the $989 billion in new taxes under Obama's budget forecast for 2010-2019. (Keep in mind folks that the federal government's fiscal year starts on October 1. So that's why the upcoming ten-year forecast starts in "2010." Right now we are in the middle of Fiscal Year 2009 as far as the federal budget goes.)
However, I am almost positive that this astounding $989 billion figure does not include one dime of the additional $645 billion in new revenues from cap and trade auctions. Check out the bottom row of page 123 in the actual budget (pdf).
Props to Dan Simmons for bringing this to my attention, and also for finding this cool analysis (pdf) of the Greatest Hits in tax hikes and cuts. The previous one-year record was a little over $100 billion (in 2007 dollars) from the enormous tax hike in 1942. Obama's new proposal blows that out of the water.
However, I am almost positive that this astounding $989 billion figure does not include one dime of the additional $645 billion in new revenues from cap and trade auctions. Check out the bottom row of page 123 in the actual budget (pdf).
Props to Dan Simmons for bringing this to my attention, and also for finding this cool analysis (pdf) of the Greatest Hits in tax hikes and cuts. The previous one-year record was a little over $100 billion (in 2007 dollars) from the enormous tax hike in 1942. Obama's new proposal blows that out of the water.
Comments:
Bob,
I get the sense the tax increases, although touching most industries and high net worth individuals, are heavily weighted towards oil companies, am I right about this?
I get the sense the tax increases, although touching most industries and high net worth individuals, are heavily weighted towards oil companies, am I right about this?
Based on my exhaustive 10-minute perusal, yes. The income tax hikes obviously hit deep pockets like big oil companies, and also the removal of the Section 199 deductions is specifically aimed at those companies.
And then of course the cap and trade stuff will fall very heavily on coal and oil, at least in terms of the economic impact (as opposed to who exactly has to buy permits).
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And then of course the cap and trade stuff will fall very heavily on coal and oil, at least in terms of the economic impact (as opposed to who exactly has to buy permits).
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