Published on July 13, 2009 By Island Dog In Politics

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!

 

 


Comments
on Jul 13, 2009

The sad part is most people don't understand that just because these taxes are not coming out of them, it's gonna be them who will pay it with lost jobs, higher prices and let product.

on Jul 14, 2009

Just becuase of the blind ignorance of your statement "trillions wasted on a stimulus project that does nothing but fund groups like ACORN" I decided to look up projects that are being funded by the ARRA. Here is a list of just some state projects being funded:

Alabama

Alaska (guess Palin did not mind feeding at the trough while she was still Governor)

Arkansas

California

Colorado

Delaware

District of Columbia

Florida

Indiana

Iowa

Loiusiana

Mass.

Michigan

Missouri

Nebraska

North Dakota

Nevada

Ohio

Oregon

Pennsylvania

Rhode Island

South Carolina

Texas

Washington State

 

Here is some projects for the US Forest Service being funded by the ARRA: Project List

 

Remember all these projects employ people and build infratructure for the long term.

Now I agree with you that there are areas of the stimulus that are wasteful, but to claim that the only purpose was to funnel money to community activist groups is just an outright lie. I know that I work in building material sales, and we just recently landed a 250K roofing replacement job for a housing authority apartment complex in Southern Michigan. This project was funded through the ARRA. So, complain all you want, but I know some roofers and shingle manufactures that are thankful for the ARRA. Not to mention my wife, because I get paid commission on that job. Oh, and the resturant/waitress at the place we went out to dinner to celebrate. Guess this stimulus has ZERO impact on real people, my bad.

on Jul 14, 2009

Guess this stimulus has ZERO impact on real people, my bad.

It pretty much does.  Unemployment is much worse.  Of course, you can always cite a few alternative reasons, but you should look further at the so-called stimulus and see the amount of money that is nothing but waste.

 

on Jul 17, 2009

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.

You know, I don't even have a big problem with politicians implementing socialist policies. Maybe they will work? How knows?

But I wish they would be honest about it.

House Democrats will force the wealthiest Americand to help pay. Ask is what conservative Republicans are doing.

Show me one conservative Republican who not immediately sign a letter that asks, not calls for a law to force, but asks rich Americans to contribute to some sort of healthcare system.

 

on Jul 17, 2009

Show me one conservative Republican who not immediately sign a letter that asks, not calls for a law to force, but asks rich Americans to contribute to some sort of healthcare system.

I know of no conservative that would want government controlled heath care, asked or forced. This will push the deficit over 2 trillion. Reforms, perhaps.