Business Insider Finds 15 New Taxes in Obama's Huge New Budget

Get this. Obama's new budget creates $1.65 trillion in new deficit spending. Liberals are blaming the Bush tax cut extensions for the highest proposed debt for a US budget yet, but they are overlooking the fact the Obama budget calls for 15 new taxes while still creating this massive debt. Business Insider has found these new taxes and they include:

Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike

Raising the capital gains and dividends rate from 15% to 20%

Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike

Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike

New bank taxes totaling $33 billion over ten years

New international corporate tax hikes totaling $129 billion over ten years

New life insurance company taxes totaling $14 billion over ten years

Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years

Increasing unemployment payroll taxes by $15 billion over ten years

Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years

A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years

Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.

Now, let's not forget how the GOP was so quick to reach a compromise with Obama on extending the Bush tax cuts. Remember, they agreed to let Obama basically have a second stimulus package in exchange for the tax cuts. It appears Obama has plans to out maneuver the Republicans on this one. That's what you get for falling for this bipartisan crap.