List of Obama tax increases in proposed 2016 budget

The following is a list of tax increases in President Obama’s fiscal 2016 budget proposal. The totals reflect the value of tax increases over 10 years, from fiscal 2016-2025.

  • Limit deductions for top earners to 28 percent rate, even if income is taxed at 39.6 percent: $603.2 billion 
  • Impose a 14 percent one-time tax on previously untaxed foreign income: $268.1 billion 
  • Impose a 19 percent minimum tax on foreign income: $206 billion 
  • Modify estate and gift tax provisions: $214.4 billion 
  • Change the taxation of capital income: $207.9 billion 
  • Other increases from reform of U.S. international tax system: $135.8 billion 
  • Impose a financial fee on large financial companies: $111.8 billion 
  • Increase tobacco taxes and index for inflation: $95.1 billion 
  • Repeal LIFO (Last In First Out) method of accounting for inventories: $76.1 billion 
  • Conform SECA (Self Employed Contributions Act) taxes for professional service businesses: $74.6 billion 
  • Other revenue changes and loophole closers: $47.9 billion 
  • Eliminate oil and natural gas preferences: $45.5 billion 
  • Implement the Buffett Rule by imposing a new “Fair Share Tax” (making millionaires pay at least 30 percent tax rate): $35.2 billion 
  • Reform the treatment of financial and insurance industry products: $34.4 billion 
  • Limit the total accrual of tax-favored retirement benefits: $26.0 billion 
  • Other loophole closers: $24.3 billion 
  • Reinstate Superfund taxes: $21.2 billion 
  • Tax carried interests as ordinary income: $17.7 billion 
  • Make unemployment insurance surtax permanent: $15.7 billion 
  • Eliminate coal preferences: $4.3 billion 
  • Reauthorize special assessment from domestic nuclear utilities: $2.3 billion 
  • Increase and modify Oil Spill Liability Trust Fund financing: $1.6 billion 
  • Repeal tax-exempt bond financing of professional sports facilities: $542.0 million