President Barack Obama has plenty of taxes in his budget proposal, with his plan to achieve $1.8 trillion in revenue featuring some truly weird ideas.
President Obama wants to establish a “Buffett Rule” of a 30 percent minimum tax rate for people making over $1 million in a year. That he’s made clear.
Far less clear? Some of the other means of increasing revenue included in his 246-page budget. Here’s a look at the five weirdest Obama taxes …
- Flavored Vodka. Distilled spirits currently get a tax break if they include flavors. No idea why, but under Obama’s new budget, they won’t anymore.
- Golf Courses. Buying land for the purpose of conserving or preserving “recreational amenities,” golf among them, is currently a tax deduction. No longer.
- Cigarettes. Current taxed at just under $1.01 per pack federally, Obama (who himself smokes at times) suggests raising that to $1.95 per pack.
- Corporate Jets. Also known as the Dead Horse Tax, because Obama has been beating this one hard for years. Just kidding … mostly.
- Businesses Can’t Deduct Punitive Damages. You can no longer claim a loss on money you have to pay if someone sues you and you lose.
This all assumes Obama’s budget passes, which in the GOP-controlled House is far from certain. But it gives you an idea of some of his fiscal ideas.
How will Obama’s second term go?