Reply #51: AP:"Obama proposes tax hikes in budget" [View All]

[underpants]

http://www.msnbc.msn.com/id/35185592/ns/business-personal_finance

The budget proposal released Monday would extend Obama's signature Making Work Pay tax credit — $400 for individuals, $800 for a couple filing jointly — through 2011. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing tax cuts enacted under former President George W. Bush. Obama would extend Bush-era tax cuts for families and individuals making less.

Obama revived numerous proposals for business tax increases that didn't fare well in Congress last year, including a scaled-down plan to increase taxes on U.S. companies with major overseas operations, and plans to increase taxes on oil and gas companies.

---hmm not a lot of details on the oil company part, maybe the first quote (from a Republican) can clarify things----

Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said, "This budget features too many new taxes, too much new spending and too much new debt."