Wednesday, March 24, 2010

New Taxes - And No Five Days to Read the Bill As Promised.....

FLASHBACK: Obama promises 'public will have FIVE DAYS to look at every bill that lands on my desk'...
Uninsured: 'Going to be like Christmas... It's going to be great. You know, no worries about the bills'...
IBD: 20 Ways ObamaCare Will Take Away Freedoms...

"Tonight, at a time when the pundits said it was no longer possible, we rose above the weight of our politics. We pushed back on the undue influence of special interests."  [Is he talking about SEIU, the ACLU, AARP, ABA, Big Pharma, Insurance Companies, the Apollo Alliance, and the Tides Foundation?  Is he talking about the special interests of Nebraska, Florida, California, Louisiana and New York?  How about Alan Mollohan, who has had a pesky FBI investigation hanging over his head for a few years. Now, presto, right before the health care vote, it went away. The Justice Department, headed by Attorney General Eric Holder, announced that the FBI was closing the inquiry. Or how about the man whose brother was given a Judgeship?  Well, no - didn't' mean those special interests.  He means the Tea Party members, FreedomWorks, Taxandspendmustend, Code Red Join Patients First and others whose interest is the Constitution.]   "We didn't give in to mistrust or to cynicism or to fear. Instead, we proved that we are still a people capable of doing big things and tackling our biggest challenges. We proved that this government -- a government of the people and by the people -- still works for the people." [ But - government for and by which people?  It's important for us to understand just for which people this bill actually works, and for whom it doesn't work.  It interests me that fully one third of Americans either pay no taxes, or get money back for not making enough to pay taxes.  Do we suppose that perhaps those who actually PAY taxes have a better sense of what paying taxes means, and care more about our country's deficits? As one of the new beneficiaries said yesterday:  "It's going to be like Christmas!"]
                                     NO NEW TAXES?  TRY THESE:

Free Republic lists some of them for us:  For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 3.8 percent tax would be imposed on interest, dividends, capital gains and other investment income for individuals making more than $200,000 a year and couples making more than $250,000.

The bill also would increase the Medicare payroll tax by 0.9 percentage point to 2.35 percent on wages above $200,000 for individuals and $250,000 for married couples filing jointly.

The 40 percent tax on health benefits would be delayed until 2018 and would apply only to premiums exceeding $10,200 a year for individuals and $27,500 for families.
Democrats argue that high-income families fared well under tax cuts enacted in the past decade, so it's time to pay up. Republicans argue that many of those taxpayers are small business owners struggling to stay afloat.

Under the new health care bill, married couples with combined incomes approaching $250,000 would have to keep tabs on their spouses' pay to avoid an unexpected tax bill. Those with investments would have to pay even more attention to the income they earn from interest, dividends and capital gains.

Unless they are very conscientious folks who constantly monitor their income tax withholding, they're going to have quite a surprise when they go to file their income taxes," said Jeffrey L. Kummer, director of tax policy at Deloitte Tax LLP.

The new Medicare taxes would raise an estimated $210 billion over the next decade. The new tax on investments would be on top of capital gains and dividends tax increases already proposed by Obama. The president wants to increase the top tax rate on capital gains and dividends from 15 percent to 20 percent. If Congress goes along, the new top rate would be 23.8 percent in 2013, when the health care taxes kick in.

The new tax on high-cost insurance plans, $32 billion.

-- A fee on the makers and importers of brand-name drugs, $27 billion.

-- An excise tax on the makers and importers of certain medical devices, $20 billion.

-- An annual fee on health insurance providers, starting in 2014, $60 billion.

-- The repeal of a tax loophole that could allow paper manufacturers to get tax credits for generating alternative fuel in the paper making process, $24 billion.

---a possible end to the income tax exclusion for employer-paid health benefits.

The IRS will be the agency in charge of compliance in purchasing insurance or paying fines......collecting and enforcing mandatory "premiums".  So much for smaller government.]
Boustany said the bill, allocating $10 billion to pay for 16,500 new government jobs in the IRS, would allow the IRS to confiscate refunds if there are penalties for not buying health care.
Taxpayers could be required to buy insurance under President Barack Obama’s reform proposal by 2014 or face penalties of roughly $325 per individual that the IRS would collect. [Gee, shall I pay the fine, or pay thousands of dollars for insurance?  I think I might choose to go without insurance, especially now that pre-existing conditions are a-okay.  So, let's follow this trend.  Fewer people actually get insurance until they get sick or injured.  Insurance companies are forced to take a pool of customers who have a 100% risk, so they must increase premiums to everyone else or go out of business.  Oh, perhaps that is the ultimate plan, just as has actually been stated by this administration?  The Cloward and Piven strategy works so well!  Now we will all have our hands out to the government, completing the move to Socialism, and to perpetual votes for the Democrat Party.]
President Obama starts a victory lap on health care Tuesday, signing it into law at a White House lawn party - and hitting the road to sell it to the American people. That may be the tough part. A national CNN poll last night found Americans opposed the bill 59% to 39%
[Does anyone else find it interesting that about 40% of Americans either pay no taxes or pay very little?   The Tax Foundation reports: Despite the charges of critics that the tax cuts enacted in 2001, 2003 and 2004 favored the “rich,” these cuts actually reduced the tax burden of low- and middle-income taxpayers and shifted the tax burden onto wealthier taxpayers. Tax Foundation economists estimate that for tax year 2004, a record 42.5 million Americans who filed a tax return (one-third of the 131 million returns filed last year) had no tax liability after they took advantage of their credits and deductions. Millions more paid next to nothing.  In addition to these non-payers, roughly 15 million individuals and families earned some income last year but not enough to be required to file a tax return. When these non-filers are added to the non-payers, they add up to 57.5 million income-earning people who will be paying no income taxes.
Table 2. How “Refundable” Tax Credits Work
Married Couple with Three Children
Tax Liability Under 2004 Tax Law

Adjusted Gross Income in 2004
Minus Standard Deduction
Minus Personal Exemption
Taxable Income
Gross Taxes Owed
Minus 3 Child Credits
Taxes Owed
"Refundable" Credit Received

Please know that there is something we can do here in Michigan to protect the rights Washington Democrats are threatening.  Cameron Brown is proud to be the only candidate for Secretary of State to co-sponsor Senate Joint Resolution K, which would allow Michigan residents to vote on an amendment to our state constitution guaranteeing our right to make our own health care decisions. Thirty-eight other states are in the process of adopting similar measures. 
And for those of you who want to be part of history by co-signing the health care bill, Organizing For America has provided a site for you to do so:
The health care reform bill signed into law by President Barack Obama Tuesday requires members of Congress and their office staffs to buy insurance through the state-run exchanges it creates – but it may exempt staffers who work for congressional committees or for party leaders in the House and Senate. Staffers and members on both sides of the aisle call it an ''inequity'' and an ''outrage'' – a loophole that exempts the staffers most involved in writing and passing the bill from one of its key requirements.
IBD reports: "HR 4872, Heritage reports, would "force companies to pay a tax penalty if that business employs 50 or more workers as soon as one worker qualifies for, and opts to accept, a health insurance premium subsidy."
That $3,000 penalty is on top of the $2,000-per-worker penalty for all workers beyond the first 30 for such companies not offering a "qualified" health plan or paying 60% of employee health premiums. Such companies would be faced with a $3,000 penalty for hiring a single parent, the very kind of person desperately in need of employment.
Here's where it gets even more bizarre. According to Heritage, under the reconciliation bill, if Company A lays off an employee with a working spouse, this could generate a $3,000 tax penalty for the other spouse's employer, unless Company B also lays off the other spouse.
The power to tax is indeed the power to destroy. As we have said, this is not about health care. This is about power and the redistribution of wealth. And the IRS will be making a list and checking it twice to see who's being naughty and who's being nice."
Finally, The Washington Examiner reports:  "Sen. Charles Grassley, R-Iowa, Tuesday night offered an amendment that would require the president, vice-president, members of Congress, political appointees and congressional staff to get their federal health benefits through the soon-to-be-created health insurance exchanges."  [This one is so much better than the one insuring that felons in prison do not get to have Viagra.]


No comments:

Post a Comment