Obama Seeks To Ruin Gas and Oil Industry In America

Look at these tax increases Obama proposed:

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

Please note that the taxes on oil and drilling will make it more expensive to produce domestic gas. Obama is either evil, or a fool.

What do you think of this?

Frankly, I'm outraged

Reminder: This was my first choice for president, even before 2008, as stated on this blog

Hold On, the Idiots, aka Obama and Congress, Are Steering!

The approval of the "stimulus" bill will bring increased chaos to the financial systems of the world. The dollar will plunge in value. Inflation will come in like a tidal wave (8 months? a year?). Nations who base their financial stability on the dollar (most of them) will panic and react in various ways.

Watch China. They have the most to lose. Ironically, by ruining our economy --which is what the Bush/Congress/Obama monster are doing with all this bailout money-- might spell doom for communism in China. Their financial system could completely collapse if the dollar continues to be devalued.

Nothing is free in economics. This stimulus package, like the bailout before it, will need to be paid for --every cent-- by you and I. And we don't have the money . . .

thanks to all you who voted for Obama. Maybe you'll pay better attention next time.