Obama Seeks $1.1 Trillion In Tax Hikes
Obama is proposing to cut some taxes for companies that hire workers. The budget proposal would extend Obama’s Making Work Pay tax credit ($400 for individuals, $800 for a couple filing jointly) through 2011. The budget would give companies a $5,000 tax credit for each new worker they hire in 2010.
Obama would increase taxes on some businesses and wealthy individuals by a total of about $1.4 trillion over the next decade, while cutting taxes for middle-class workers and other businesses by about $330 billion. Obama’s a campaign pledge was to increase taxes on wealthy families. The budget also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing tax cuts enacted under former President George W. Bush.
The budget proposal expanded the Earned Income Tax Credit for low-income families with three or more children, at a cost of $15 billion over the next decade and eliminating $760 million by advanced payments of the credit.
The budget proposal would raise the top two income tax rates for individuals, from 33 percent and 35 percent, to 36 percent and 39.6 percent, limit the itemized tax deductions high earners can claim for charitable donations, mortgage interest and state and local taxes, increase the top capital gains tax rate from 15 percent to 20 percent for families making more than $250,000 a year and individuals making more than $200,000, make the research and experimentation tax credit permanent, extend a provision allowing businesses buying equipment such as computers to speed up depreciation through 2010, eliminate capital gains taxes on the sale of some small business stocks, restrict the ability of international companies to defer taxes on profits made overseas, impose a total of about $39 billion in tax increases on oil, gas and coal companies over the next decade, and change the way profits made by investment fund managers are taxed.
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