Proposed Tax and Revenue Increases From President Obama’s First Year January 18, 2010 Joseph Bishop-Henchman Joseph Bishop-Henchman David Boaz from the Cato Institute puts together a list of the various tax increases/revenue increases proposed at the federal level over the past year: 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 Miss any? Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics
