A round-up of coverage and commentary on the Obama Administration’s budget proposal for Fiscal Year 2012…
Aric Newhouse, senior vice president, National Association of Manufacturers, NAM statement:
Unfortunately, President Obama’s budget plan … contains higher taxes for virtually all manufacturers – a direct threat to growth and manufacturing jobs. Increased income taxes on companies with worldwide operations, increased energy taxes and income taxes for small and medium-sized companies will make manufacturers less competitive.
Jack Gerard, president, American Petroleum Institute, “Administration tax hike will hurt jobs, cut government revenue“:
It’s no surprise the administration is proposing yet again to raise taxes on the U.S. oil and natural gas industry. But it’s still a bad idea and comes at one of the worst times in our economic history. The administration continues to ignore the fact this industry is among the nation’s largest job creators and delivers enormous revenues to government at all levels. The industry pays income taxes, royalties and other fees totaling nearly $100 million every day and pays income tax at an effective rate far higher than most other industries.
Besides eliminating thousands of new potential jobs, the increases, over the long term, would actually lower revenue to the government by many billions of dollars as a result of foregone revenues from projects the tax hikes would prevent going forward.
Dean Zerbe, Forbes, Capital Tax blog, “Obama’s Budget Proposal and Taxes: Lots of Regifting“:
The tax proposals in the administration’s FY 2012 budget released today is a combination of regifting (lots of old and cold proposals that didn’t go anywhere even when the Democrats ran the whole show) and some new proposals that will take a good deal of energy to get moving in this Congress.
Ryan Ellis, Americans for Tax Reform blog, “Obama’s FY2012 Budget: Taxes, Taxes, and More Taxes,” a post that includes a list of the proposed tax increases:
Rather than focusing on Washington’s over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP.
Associated Press, via The Daily Caller, “Employers could face higher taxes for jobless aid“:
WASHINGTON (AP) — Employers could face higher taxes in 2014 under an Obama administration budget proposal designed to help states hard hit by the recession and the weak recovery to refill their unemployment insurance funds and repay money borrowed from the federal government.
The proposal would give states the choice of increasing tax payments from businesses, altering their benefits or a combination of both.
And for dispassionate summarizing, here’s The Journal of Accountacy’s report, “President Proposes 3-Year AMT Patch, Partial Relief on 1099s, Crackdown on Misclassification.”