BREAKING UPDATE: Obama Budget: Capital Gains and Dividend Tax Increases go into Effect October 1 2009!!!

Kudlow breaking CNBC I have not seen or heard it anywhere else! Rise in capital gains and dividend tax as well as the changes to carried interest income, are going into effect THIS YEAR! WHA????? WTH?!?!?! IN THE MIDST OF THE DECESSION! (depression-recession)!!!! He MUST be trying to kill the market why the hell else would anyone do this? The Hill is a madhouse!!!

Kudlow reports changes go into effect OCTOBER 1, 2009, which is the beginning of our government FY10!!!!!! DAMN THEY ARE SLICK AND OUR SLEEPING MEDIA HANDMAIDENS TO TEH ONE SAY NARY A WORD!!!

This will ALSO hurt small business, since Team Obama generated their estimated ‘savings’ by pushing back the small business waiver of capital gains tax until a phase-in that does not begin until 2014!!!!!!!

WHERE ARE THE JOBS GOING TO COME FROM?!?!? Ask Congress before they pass this like TARP ONE and the Stimulus without reading it!

Spread the word! Call your Critters! This is crazy, this is GUARANTEED to kill any possible recovery in the markets, what the hell is Larry Summers doing???

Is the economic council lobotomized? Suffering from kool-aid poisoning? Cloned?! Are they Kodos and Kang in disguise? Cylons? Pod-people??

I heard SO MANY people during the primaries and later the election claiming Obama was a centrist Democrat like Big Dawg and Obama’s advisers were always touted as the evidence of that, i.e. Why would Volker and Summers and Jamie Dimon endorse him if he weren’t a capitalist?? yada yada yada

Seems the much vaunted Business Council led by Immelt and his innumerable titled economic councils chiefs advisers cooks valets whatever the hell he calls them are useless props.

February 27, 2009. Tags: , , , , , , , , , , , , , , , , , , . Cabinet, Economy, Entertainment, Fantasy, Film, Glam Metal, Hair Bands, Horror, Music, Obama Administration, Politics, Popular Culture, Sci Fi, Uncategorized, Unemployment Statistics, Wall St. 3 comments.

Tapper summarizes Obama Budget changes on income and business taxes…

Excellent summary by Jake Tapper:

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

2) Businesses:

$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

February 26, 2009. Tags: , , , , , , , , , , . Economy, Obama Administration, Politics, Uncategorized, Wall St. 1 comment.

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