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.

The Latest from the Empty Suit

Okay, so now he wants to spend 850 Billion dollars on stimulus. Stimulus? I guess if we rename "bailout money" than liberals can love it? Stimulus? How about calling it what it is: welfare, pork to states, government jobs, increased spending, etc?

And, at a time when we can't pay our bills, we are going to drop another cool Trillion bucks . . . on credit?

Obama is an economic fool. We will be paying for these silly actions for a long time. Get ready . . .