From Political Punch, ABC News Senior White House Correspondent Jake Tapper's blog:

President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

My questions: How is almost $1 TRILLION in new taxes going to help improve our economy? Who thinks the government can spend that money more wisely than the people that earned it? And do you know who is going to pay all those increased taxes on the oil companies (ie, making it more expensive to explore for and recover our oil assets)? You and Me in the form of higher gas prices at the pump. So that is like a huge tax on all of us making less than $250k a year. And where in the world did God appoint Obama the ONE to decide $250k is the break point between normal and rich???