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In the below extract of the article, emphasis colors, etc. are added to highlight certain issues. The color Green indicates a "green energy tax" to penalize the oil and gas industry and to drive up the cost of products that are oil and gas based or operated. You are being "Tasered Bro"!
ATR - There are fourteen new or higher taxes in President Obama's "Stimulus 2.0" plan he wants Congress to pass. Permanent tax hikes for new spending.
President Obama has asked Congress to pass his "American Jobs Act," a bill which is a series of permanent tax increases funding temporary tax relief and new spending programs. The overall act is a net tax increase (score pending). All tax hikes are scheduled to take effect in 2013. Below is a comprehensive list of the 14 tax hikes in the bill (in order of appearance in Stimulus 2.0):
Spectrum Tax (Sec. 278): A new $4.8 billion hidden tax on wireless consumers. Levied on users of licensed spectrum, the tax will hit consumers who use mobile phones, tablets, and other wireless devices. Worst of all, the Federal Communications Commission could raise or punitively-target this Spectrum Tax at whim from this $4.8 billion floor.
28% Limit on Itemized Deductions and Employer-Provided Health Insurance (Sec. 401). Under the Stimulus 2.0 tax hike, no matter what tax bracket you fall in, you can only benefit from deductions as if you are in the 28 percent bracket or less. This denies taxpayers in the top two brackets the full deduction for mortgage interest, charitable contributions, and state taxes that other taxpayers can claim. In addition, this tax increase limits most non-itemized deductions and exclusions for these taxpayers, in particular those for employer-provided health insurance, health savings accounts (HSAs) and self-employed health insurance premiums. [Penalizing those who work on there own verses companies or unions.] Moving expenses and the foreign earned income exclusion would also be limited. For taxpayers in 2013's top bracket of 39.6 percent, this would chop 30 percent of the value of all these exclusions and deductions.
"Carried Interest" (Sec. 411). Under current law, capital gains earned by managers of investing partnerships are taxed (properly) as capital gains. This bill would tax them instead as ordinary income, raising their tax rate from 15 percent today to 39.6 percent in 2013.
Airplane Tax Hike (Sec. 421). . . . This is a tax hike that will kill jobs, just like the 1990 yacht tax killed that industry a generation ago. . . .
Intangible Drilling Costs (Sec. 431). . . .
Tertiary Injectants (Sec. 432). . . . [prevents claiming the legitimate costs associated with keeping energy reservoirs productive. What's next - no deduction for cooking oil for restaurants? - no deduction for realtor signs and business cards for real estate brokers, etc.?]
Percentage Depletion (Sec. 433). . . . would repeal this provision ONLY for investments in oil and gas wells. Interestingly, the largest oil companies don’t benefit from this today, so this tax increase is targeted only at smaller energy companies and their investors.
Manufacturer Tax Deduction (aka “Section 199”) (Sec. 434). . . .
Oil and Gas Passive Losses (Sec. 435). . . .
Geological and Geophysical Costs (Sec. 436). . . .
Enhanced Oil Recovery Credit (Sec. 437). . . .
Marginal Well Production Credit (Sec. 438). . . .
Dual Capacity Rules (Sec. 441). The U.S. is the only nations which attempts to tax on a “worldwide” basis—even on income which has already faced income taxation in other countries. When combined with the highest corporate tax rate in the developed world, “worldwide” taxation is an uncompetitive jobs killer. In order to avoid international double taxation, employers can claim a tax credit for income taxes paid overseas. Stimulus 2.0 makes it more difficult for energy companies to claim this tax credit, exposing their worldwide income to international double taxation—potentially shipping jobs overseas to avoid paying taxes twice.
Dual Capacity Discrimination Against Oil and Gas Employers (Sec. 442). . . . makes it even more difficult for oil and gas employers to avoid double taxation. . . . adds insult to the injury . . .
What do you think? Will any of these 14 tax hikes help create jobs?
Read Full Article Minus the Taser Analogy at Americans For Tax Reform (ATR)
Tags: ATR, Americans For Tax Reform, 14 Taxes, taser, Taser Taxes, anti oil and gas industry, punitive taxes, not stimulus, Obama administration, Bill Smith, ARRA News Service To share or post to your site, click on "Post Link". Please mention / link to Conservative Voices. Thanks!