Replies to post #210585 on Tornado Alley (PROG)

[BOREALIS]

Obama’s 94-cent cigarette tax hike --AND MORE

STEPHEN OHLEMACHER April 10, 2013 4:15 PM

WASHINGTON (AP) — President Barack Obama's budget plan would increase taxes by $1 trillion over the next decade, including a new tax on cigarettes and familiar proposals to increases taxes on the wealthy and some corporations.

The president said his plan includes $580 billion in tax increases to help reduce government borrowing. But the tax hikes don't stop there. Obama's budget proposal would also impose an additional $400 billion in tax increases. Much of it would be used to pay for more spending.

Obama's proposal would increase the federal tax on cigarettes from $1.01 a pack to $1.95. The new cigarette tax would raise an estimated $78 billion over the next decade to pay for pre-school programs for children.

[...]

Among the other tax changes, Obama's budget would:

— Impose the "Buffett Rule," named after billionaire investor Warren Buffett, an Obama supporter who favors higher taxes. The rules say people making more than $1 million must pay at least 30 percent of their income in federal taxes. The rule would raise $53 billion over the next decade.

— Prohibit tax-free contributions to retirement accounts once the account's assets reach a certain limit. The initial limit would be set at $3.4 million. The proposal would raise about $9 billion over the next decade.

— Eliminate a series of tax breaks for oil, gas and coal companies, raising $44 billion over the next decade.

— Change accounting rules for the way companies value their inventories for tax purposes. The change would raise $81 billion over the next decade.

— Expand and make permanent the research and development tax credit, saving businesses $99 billion over the next decade. The current credit expires at the end of the year, though it is routinely extended.

— Make permanent rules that allow small businesses to more quickly write off expenses, saving business $69 billion over the next decade.

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Associated Press reporters Jim Kuhnhenn in Washington and Michael Felberbaum in Richmond, Va., contributed to this report.

http://news.yahoo.com/obama-proposes-94-cent-tax-hike-cigarettes-152459146--politics.html

[rooster]

Looks like I'll have to quit smoking.