PERSONAL NET INCOME OVER $250,000 PER YEAR
$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike
Total: $636 billion/10 years
BUSINESS TAX CALCULATIONS
$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
*Repealing LIFO ("last in, first out") accounting will seriously affect many businesses as they change over to FIFO ("first in, first out").
BILL CHERRY, REALTORS
DALLAS
Our 44th Year Selling America
214 503-8563
Copyright 2008 - William S. Cherry
Hey Bil thanks for the great post. This is a wonderful break down that cuts thru the nooise and gets to the meat. Thanks