Sometimes I have to wonder if democrats are intentionally trying to destroy the economy, or they are just plain ignorant when it comes to economics. Being that we are already in double-digit unemployment, trillions wasted on a “stimulus” package that has done nothing but send funds to groups like ACORN, I guess that just isn’t enough.
Now comes the tax increases in order to help pay for ObamaCare, another huge entitlement program that we can’t even begin to pay for in reality.
First up. Tax the “rich”.
House Democrats will ask the wealthiest Americans to help pay for overhauling the health care system with a $550 billion income tax increase, the chairman of the tax-writing Ways and Means Committee said Friday.
The proposal calls for a surtax on individuals earning at least $280,000 in adjusted gross income and couples earning more than $350,000, said the chairman, Representative Charles B. Rangel of New York.
The problem with this is the average American voter doesn’t understand how this will affect them. They listen to the democrats and their buddies in the media who tell them the “rich” should pay for it. What they don’t tell them is that taxing businesses will only lead to further job losses. Many more job losses.
But don’t think taxes will stop there.
Here are some other proposed taxes and fees coming from democrats:
-- Raise taxes on sodas and sugary drinks. A 3-cent hike could pick up $30 billion, and a 10-cent hike could make $100 billion. This one already appears out of favor: Many senators have specifically ruled out the sugar tax, and a Senate Democratic source said it was the one option that was clearly not gaining traction with committee members.
— Broaden the 1.45-percent Medicare tax on earned income to “passive income,” which could include money from capital gains, rental properties and businesses that do not require direct participation. This could raise $100 billion.
— Levy a five-percent surtax on individuals who earn more than $500,000 and couples that make $1 million.
— Tax health benefits at a higher level than had been considered. Two scenarios are in play. Taxing plans worth more than $20,300 for a family and $8,300 for an individual could raise $240 billion. Increasing the cut-off to plans worth more than $25,000 would bring $90 billion.
— Capping the tax break on itemized deductions at 28 percent, as President Barack Obama had proposed, or freezing the top deduction rate at 35 percent when the Bush tax cuts expire in 2010. The first scenario would raise $168 billion, while the second would collect $90 billion.
— Issue tax credit bonds to pay for the proposed Medicaid expansion, raising $75 billion.
— Charge fees to pharmaceutical manufacturers, bringing in as much as $20 billion, and insurance providers, raising $75 billion.
Of course these are just propositions and may not make the final cut, but there is little doubt democrats will tax just about everything they can to get their new government entitlement going. Beware taxpayers!