$1.5 trillion tax hike in Obama's budget...

and he's just getting started IMO.

Tax hikes as reported by Americans for Tax Reform:

• Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%.  This is a $709 billion/10 year tax hike

• Raising the capital gains and dividends rate from 15% to 20%

• Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million.  This is a $98 billion/ten year tax hike

• Capping the value of itemized deductions at the 28% bracket rate.  This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses.  A new means-tested phaseout of itemized deductions limits them even more.  This is a $321 billion/ten year tax hike

• New bank taxes totaling $33 billion over ten years

• New international corporate tax hikes totaling $129 billion over ten years

• New life insurance company taxes totaling $14 billion over ten years

• Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years

• Increasing unemployment payroll taxes by $15 billion over ten years

• Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income.  This is a tax hike of $15 billion over ten years

• A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement.  This is a tax hike of $300 million over ten years

• Increasing tax penalties, information reporting, and IRS information sharing.  This is a ten-year tax hike of $20 billion.