The tax increases in the new budget

From Breitbart:
http://bit.ly/c2LR2T

1) Raise the two top income tax rates for individuals, from 33 and 35 percent, to 36 percent and 39.6 percent, respectively. Unless Congress intervenes, those rates will rise next Jan. 1 when Bush's tax cuts expire. Projected "gain" - $365 billion over the next decade.

2) Limit the itemized deductions "high earners" can claim for charitable donations, mortgage interest and state and local taxes. Projected "gain" - $210 billion over the next decade.

3) Increase the top capital gains tax rate from 15 percent to 20 percent for families making more than $250,00 a year and individuals making more than $200,000. Projected "gain" - $105 billion

4) Make the research and experimentation tax credit permanent, saving businesses about $83 billion over the next decade.

5) Extend a provision allowing businesses buying equipment to speed up depreciation through 2010, saving them $20 billion over the next decade.

6) Impose a "financial crisis responsibility fee" on large financial institutions. Projected "gain" - $90 billion over the next decade.

7) Repeal a widely ignored law that taxes the personal use of a company issued cell phone like other fringe benefits, saving taxpayers $2.8 billion over 10 years.

8) Restrict the ability of international companies to defer taxes on profits made overseas. Projected "gain" - $26 billion over the next decade.

9) Impose a total of about $39 billion in tax increases on oil, gas and coal companies over the next decade.

10) Change the way profits made by investment fund managers are taxes. Projected "gain" - $24 billion over the next decade.

Suddenly I'm feeling nauseous.

Down with Big Brother!

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