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Monday, February 1, 2010

President Obama's Budget Contains $1.9 Trillion in Tax Increases

Green Book President Obama today released his administration's Fiscal Year 2011 Budget.  The Treasury Department released its 153-page Green Book, General Explanations of the Administration’s Fiscal Year 2011 Revenue Proposals.  From the Treasury Department's press release:

"This set of tax reforms strikes a balance between targeted tax cuts to spur investments in job growth and innovation here at home, middle class tax relief to make our tax system more fair, measures to crack down on abuses that send jobs overseas, and long-term fiscal discipline."
-- Treasury Secretary Tim Geithner

Press and blogosphere coverage of the tax proposals:

http://taxprof.typepad.com/taxprof_blog/2010/02/tax-provisions.html

Gov't Reports, Tax | Permalink

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Comments

According to Internal Revenue Service data, 4.5 million U.S. tax returns out of 143 million filed reported adjusted gross income in excess of $200,000 in 2007, the last year for which data was available.

I knew they were going to use 2007 - there will be less revenue than they think. If anyone else's income fell from 2007 to 2008 like ours did........

This isn't going to be pretty.

So, my drug, gas, life insurance, bank prices will also go up. Charitable deductions will go down. And just wants me to pay off my mort. faster.

Posted by: Sandy P. | Feb 1, 2010 7:22:46 PM

Yeah, this will grow jobs....

Posted by: Koblog | Feb 1, 2010 7:23:41 PM

Obama + Geithner = FAIL

Posted by: Nick Reynolds | Feb 1, 2010 7:29:05 PM

We really have a true believer in socialism as President.

He truly believes in socialism.

Posted by: TTT | Feb 1, 2010 7:34:21 PM

I love the cover of the report. "Revenue Proposals". I imagine bank robbers draw up a "Revenue Proposal" of their own just before going into the bank ...

Posted by: Jeff | Feb 1, 2010 7:34:22 PM

But you'll always have your 401K's and IRA's to fall back on...

oh, wait...

Let the looting begin.

Posted by: SovietofWashington | Feb 1, 2010 8:31:44 PM

I believe that even a 100% marginal rate over $100k wouldn't be quite enough to balance the 2011 budget. Debate about taxes is really a distraction from the uncontrolled Federal spending.

Posted by: John | Feb 1, 2010 10:23:44 PM

Pelosi and Reid will sign off on this in a heartbeat.

What was unemployment? 4.3% when they took over in 2006.

They haven't met a job killing Marxist leaning legislation they didn't like.

Posted by: Army of Davids | Feb 1, 2010 10:27:51 PM

We will all be dependent on the government because the government is making it impossible to depend on one's self. More and more regulation, higher and higher local, state and federal taxes. The real heroes today are sole proprietors and small businesses that manage to survive. I'm sure revenue will be hit hard when all these people can't pay their full tax bill this year.

Posted by: John Oh | Feb 1, 2010 11:56:49 PM

I say start by taxing Democrats who make over $250,000.

That would be a good start. Democrats always claim they don't mind higher taxes; time for them to put their money where their mouths are.

Posted by: JB | Feb 2, 2010 1:15:29 AM

Well I want all the people who need relief to get help but I don’t think Obama’s way to help is going to help much.The government needs to come up with a better plan.

Posted by: Debt Rescue | Feb 2, 2010 1:30:59 AM

In college I studied European social history and read quite a bit about crypto marxist cults like the Levellers and Diggers and various other millenarians who believed that radical egalitarianism, to include equality of income, was fair and God's will. Even my left liberal professors thought such groups were nutty to the point of hilarity; it's not often you can read a 16th century political tract and be howling with laughter. How ironic that the same people who thought the cultists' religious-economic beliefs were a topic for laughter take very seriously the exact same ideas when spouted by a glib Harvard law or business school grad...

Posted by: Joe Blow | Feb 2, 2010 5:39:07 AM