Jack Tapper lays it all out for us...If you feel safe because you are lucky enough to be making less than $250K, well, I've higlighted in red all the business taxes that will be passed on to you, thus eliminating your $8/week tax cut, and then some:
President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.
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
Overall Total - 989 Billion
Notice the complete destruction of the energy industry as well. Get ready for gas lines and thick blankets, as America reverts back a century.
And the Times gleefully declares victory, a quarter-century after Reagan saved this nation from Jimmy Carter: A Bold Plan Sweeps Away Reagan Ideas .
Change? Yes. Hope? Not for this nation, any longer.