- Days left
LAS VEGAS, NV - JANUARY 29: U.S. President Barack Obama delivers his address on immigration reform at Del Sol High School on January 29, 2013 in Las Vegas, Nevada. Obama commended Congress for their bipartisanship efforts in fixing illegal immigration policies. (Photo by John Gurzinski/Getty Images)
John Gurzinski/Getty Images
By CHRIS GOOD

President Obama has plenty of big taxes in his budget proposal.

To achieve $1.8 trillion in new revenue, the president suggested a few of the policies he's raised while battling Republicans over the past four years: taxing higher incomes by capping itemized tax deductions, rolling back domestic-production credits for oil companies, instituting the "Buffett Rule" of a 30 percent minimum tax rate for people making over $1 million in a year, and taxing investment managers' "carried interest" profits as regular income top the list.

But the tax code is a jungle of odd rules, and the penny-pinching side of Obama's budget raises some new taxes (or closes some "loopholes") that might not readily occur to most taxpayers filling out run-of-the-mill 1040s this weekend.

As laid out this week by the Treasury Department in its "green book," a massive spiral-bound document that explains tax changes in the White House budget proposal - it is pale green, and 246 pages - here are some quirky maneuvers the president suggests to offset spending and keep the deficit just a bit lower:


Increase your money and finance knowledge from home

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

Building Credit from Scratch

Start building credit...now.

View Course »

TurboTax Articles

How Does IRS Form 1095-B Affect Small Businesses?

IRS Form 1095-B provides information about health insurance coverage. The Affordable Care Act (ACA), also known as Obamacare, requires that insurance providers send this form to those whose coverage meets the minimal standards of the law.

Tax Tips for Job Hunters

It's been said by many that looking for a job is a job in itself. The Internal Revenue Service (IRS) allows the deduction related to some costs of job hunting, the same way employees can deduct some unreimbursed job expenses. Not all job searches qualify, though, so it's wise to educate yourself on the rules.

What is Form 1095-C: Employer-Provided Health Insurance Offer and Coverage

The Affordable Care Act, or Obamacare, requires certain employers to offer health insurance coverage to full-time employees and their dependents. Further, those employers must send an annual statement to all employees eligible for coverage describing the insurance available to them. The Internal Revenue Service (IRS) created Form 1095-C to serve as that statement.

What is Form 1098-E: Student Loan Interest Statement?

If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report how much you paid in interest. Borrowers get a copy of this form, and so does the IRS.

Add a Comment

*0 / 3000 Character Maximum

619 Comments

Filter by:
bobkat15

Do people on welfare have taxes taken out of their welfare checks? I am just trying to figure out how every American would pay taxes if folks on welfare don't pay taxes. And to that end if taxes are taken out of their check is that money also the hard working American's who are paying for their welfare paying the taxes on their welfare checks??? This really has not much to do with the article but I am very curious about welfare.

April 16 2013 at 4:50 PM Report abuse -5 rate up rate down Reply
mhcontain

Just look at your phone or cable bill. DIA Democrats In Action.

April 16 2013 at 2:15 PM Report abuse -5 rate up rate down Reply
renner1234

Typical Democrat, tax who and what ever you can.

April 16 2013 at 1:35 PM Report abuse -5 rate up rate down Reply
Barbara

Ah, check out the Virginia "no tax" governor. He is coming up with novel ideas to tax the old and poor and reduce taxes for others. I can't afford a car so a reduction in gas taxes won't help me but raising the taxes on everything else?!?!? Good thing the poor don't need groceries.

April 16 2013 at 1:10 PM Report abuse +3 rate up rate down Reply
gpfs

Scrap the current tax code, tax gross receipts with no deductions,credits or exemptions, six tax brackets, with one standard deduction. No special deals for anyone, everyone pays a "fair share"!

April 16 2013 at 1:03 PM Report abuse rate up rate down Reply
okrawimfry

He's also proposing a cap on what you can put in your retirement account without a massive tax. Can you believe he's trying to tell us how much we can save for retirement?

April 16 2013 at 12:18 PM Report abuse -4 rate up rate down Reply
hartford14225

They actually used the term "penny pinching" and Obama in the same sentence, is that isn't an oxy moron nothing is!

April 16 2013 at 10:04 AM Report abuse -3 rate up rate down Reply
cptom49

did you hear about the new tax in MD they are going to tax the rain that runs off of peoples houses and paved drive ways . shhhhh !!!!!! dont tell pres obama he'll tax do the same to you what an idiot the obama EPA at work !!!!! to much power to many stupid rules putting people out of work and taking money out of our pockets to save the air and water that doesnt need saving !!!!!!

April 16 2013 at 9:32 AM Report abuse -4 rate up rate down Reply
gliverson

The flat tax of 17% was introduced into Congress back when Kenedy was still in congress about 20 years ago. It was stopped by Democrats of whom, Teddy spoke for them saying that, "We will never give up the power to tax as we wish." If most of the current voting Democrats actually knew what Dems had done in the past, that they now blame on Repubs, they would probably become Repubs or the Free Tea Party folks. Just because no history knowing honest person could ever be a true Socialist/ Marxist Democrat!

April 16 2013 at 9:05 AM Report abuse -6 rate up rate down Reply
1 reply to gliverson's comment
Avid

A flat tax is a bad idea. So is the racist, hate driven, economy destroying, agenda of the Tea Party. Look up Socialism in the dictionary. Guess what? You ARE a socialist!

April 16 2013 at 9:17 AM Report abuse rate up rate down Reply
2 replies to Avid's comment
Keith

Hey D-Bag ..................... tell us one,just one, racist thing that the Tea Party stands for ?????? Get a life and a brain you freakin' moron !!!!! Or better yet,get a job and pay taxes and we 'll see your uneducated opinion change real quick like !!!!!!!!

April 16 2013 at 12:07 PM Report abuse -4 rate up rate down
okrawimfry

A flat tax is the best idea. The fairest idea. Everyone pays.

April 16 2013 at 12:19 PM Report abuse -6 rate up rate down
gliverson

Unless we reighn in ourselves as a nation, we will spend ourselves into oblivion just like anchient Greece did 2000 years ago! And seems to be doing even now today.
You cannot "spend yourself into wealth" and niether can any nation regardless of fantacies from the news media and Obama to the contrary! When enough people want enough money for free fomr our taxpayer pot of gold, and they pay nothig ito to it first before they get something back out of it.... it cost them nothing, so they have no interest in seeing it flourish.... so they will continue to vote benefits for themselves. When that group of voters reaches around 49% the rest of the nation doomed, for they will always vote to take from someone else what they earned to get for themselves. = the end.

April 16 2013 at 8:59 AM Report abuse -2 rate up rate down Reply