Tax Lawyer's Blog

This is outstanding.

Cato Institute’s David Boaz has compiled a list of the new taxes the Obama administration and Congressional Democrats are trying to impose on American taxpayers.

Last year I tried to compile a list of all the taxes President Obama and his allies were maneuvering to impose. But each week brings new ideas. Just recently we’ve heard about a bank tax, applying the Medicare tax to capital gains and other “passive” or “unearned” income, raising the Medicare tax rate, raising or broadening the capital gains tax, an income tax “surtax,” a tax on tanning – and of course the tax on private health insurance to pay for the expansion of government insurance has moved to the top of the list.

And all of those are on top of these ideas proposed or publicly floated by President Obama and his aides and allies:

• Raise the top income tax rates from their current 33 percent and 35 percent rates to 36 percent and 39.6 percent in 2011
• Limit itemized deductions for people paying high rates
• Increase capital gains and dividend taxes by 33 percent for people paying high income tax rates
• Impose a value-added tax (VAT) on all goods and services
• Raise the Social Security tax by lifting the cap
• Raise a variety of business taxes by $353 billion over 10 years, including repeal of LIFO rules, restoring Superfund taxes, seven tax increases on energy companies, and more
• Tax employer-provided health benefits
• Implement a cap-and-trade system for emissions permits, the functional equivalent of a massive new tax
• Tax drivers on their mileage
• Change rules to raise gift taxes
• Restore the estate tax at 45 percent
• Raise cigarette tax by 62 cents a pack
• Raise taxes on beer, wine, liquor, and soda
• Eliminate health savings accounts and flexible savings accounts
• Tax employer-provided cellphones
• Tax AIG employee bonuses
• Raise taxes on overseas corporate earnings

This would frighten the beejeebers out of most humans.

Related Posts:

• Pelosi Likes the VAT Tax: Who Left the Back Door Open?
• Backdoor Taxes: Obama to Consider Consumption Tax
• Taxing the Middle Class Through the Backdoor
• Backdoor Taxes: Part Deux
  

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