Headline: front page in our local rag: Obama's budget has $1 trillion in tax hikes

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then the story goes on to tell how this was calculated - by dismantling of the bu$h* tax cuts for the rich....

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1. BRAVO!

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.

In all, Obama would increase taxes on some businesses and wealthy individuals by a total of about $1.4 trillion over the next decade, while cutting taxes for middle-class workers and other businesses by about $330 billion. The bottom line: Tax receipts would increase by about $1.1 trillion over the next decade.

- source: http://www.foxnews.com/politics/2010/02/02/obama-seeks-trillion-tax-hikes/

k&r