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 Changes that allow businesses to write off, rather than just depreciate, old or outdated equipment could boost expansion.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) and ConocoPhillips (COP). 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV