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Thursday, February 26, 2009

Tax Provisions in Obama's Budget

Table S-6 

Table S-6 (2)

http://taxprof.typepad.com/taxprof_blog/2009/02/tax-provisions-in-obamas-budget.html

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Comments

My favorite?

"Implement international enforcement, reform deferral, and other tax reform policies"

Who's going to do the enforcing? The IRS is even more budget crunched than the private sector. Reform deferral? Good, let's legislate agaist the expansion of global operations. Or maybe that goes hand in hand with punishing big bad companies for "sending" jobs oversaeas. Sigh.

Oh, and the taxing of the carried interest is nice, but a tad late.

Posted by: Ryan | Feb 26, 2009 6:54:36 PM

We are going to tax people finding oil, and then we would tax carbon consumption.

Sounds like just using energy is going to get costly. This can only make things worse. And then we read that the budget is based on rosey assumptions?

I'm psychologically depressed at the pending economic depression.
http://www.encyclopedia.com/topic/depression.aspx
http://www.encyclopedia.com/topic/Great_Depression.aspx

Posted by: depressed constituent | Feb 26, 2009 9:16:43 PM

Most of the tax increase measures won't produce much if any revenue at all.

Increase the capital gains rate to 20%? Nobody has any gains. And it will be years before anyone does.

Raise rates on the "rich". Interest rates are close to zero and dividends are dropping too. I-bankers have lost their jobs and the remaining banks will be forced to cut pay and bonuses. The only people affected by the increased rates will be pro-athletes.

Tax carried interest? Sure, the hedge funds aren't making money anyway.

Repeal LIFO? Who are you kidding. That gets you a one time kick. Showing continuing revenue from that action is a fraud.

Raise taxes on domestic oil producers when the price of crude has dropped to the $40/bbl. level? Well that will contribute to energy independence. Bet you can get a complete shut-down of domestic production if you just work hard enough at it.

This isn't a tax plan. It is a temper tantrum, and an ill-timed one at that.

Posted by: Fat Man | Feb 26, 2009 11:03:35 PM

I don't see the new 28% limit in these tables. That's the idea that itemized deductions would only reduce your regular tax by 28 cents per dollar even if your tax bracket is higher than 28%. There should be a revenue line item for this, but it's not there.

Are the media reports of this provision wrong, or are the tables out of date?

Posted by: AMTbuff | Feb 27, 2009 1:28:35 AM

Is the $250,000 earnings, AGI, taxable income, or what? What line(s) of Form 1040 are used to see if >$250,000 tax provisions kick in?

Posted by: James Bruggeman | Feb 27, 2009 10:04:27 AM