This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

How Obama's Budget Plan Could Affect You

Small businesses could also benefit from tax breaks on capital gains for firms that invest in expanding companies and start-ups. Changes that allow businesses to write off, rather than just depreciate, old or outdated equipment could boost expansion.

Companies large and small will pay more to keep the unemployment system solvent. The Federal Unemployment Tax, a 6% levy on the first $7,000 paid to employees, currently has a 0.2% temporary surtax. The administration is looking to make that increase permanent. Big business

As expected, the budget includes the hotly debated "fiscal crisis responsibility fee," a 15% tax on financial companies that aims to recoup the costs of the Troubled Asset Relief Program. A fee of 15 basis points would be levied on the debt of firms with more than $50 billion in assets.

Bad news could bubble up for Exxon Mobil (XOM - Get Report) and ConocoPhillips (COP - Get Report). Although these companies will no longer be taxed for drilling on the outer continental shelf, other tax preferences could be eliminated for oil, gas and coal producers. Tax incentives for domestic exploration and drilling could also be cut.

The proposed return of a Superfund tax could raise $19 billion during the next 10 years. The taxes, first enacted in 1980 to finance the cost of cleaning toxic waste sites, expired in 1995. If restored, the U.S. would charge a 9.7-cent excise tax on each barrel of oil received at U.S. refineries. Additional taxes would be assessed for hazardous chemicals sold in the U.S.

-- Reported by Joe Mont in Boston.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
COP $61.01 -1.88%
XOM $82.82 -1.24%
AAPL $124.53 -1.75%
FB $85.80 -2.51%
GOOG $521.52 -1.91%

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs