Free Markets, Free People

millionaire tax


Gird Thy Self – With Health Care “Reform”, The Tax Man Cometh

It should be abundantly clear by now, to even the slowest among us, that the promise that 95% of Americans wouldn’t see their taxes raised by one dime during an Obama administration was a flat out lie.

Of course, given the promise of health care and the cap-and-tax proposal pushed by candidate and now President Obama, the 95% should have been able to figure out the lie well before the election. But they didn’t.

The Heritage Foundation has laid out the proposed taxes Congress is looking at to fund this 1.5 Trillion “Health Care Reform” legislation being proposed (note: consider this 1.5 Trillion estimate in light of the Medicare estimate back in the ’60s. It was a low ball load of blarney then and I have little doubt that this estimate is a low ball one as well).

Proposed tax hikes in this category[tax the rich - ed.] include: 1) capping the value of itemized deductions including gifts to charities; 2) a 3% surtax on households earning more than $250,000; and 3) a millionaires tax.

But the left is beginning to figure out that you can only squeeze so much revenue from class warfare taxation. So Congress is also considering a slew of other taxes that will, again, force Obama to break his not tax hike promise. These include: 1) a tax on soda; 2) a tax on beer; 3) an increase in employer and employee payroll taxes; 4) a flat tax on health insurance companies; 5) broaden the Medicare tax on investment income; 6) an employer mandate; and 7) a value added tax on everything but food, housing, and Medicare. And we’re sure we missed some.

There’s no other way to “save money on health care” than to tax the hell out of those who will be stuck with the system they cobble together.

Then add cap-and-trade’s impact (and taxes) to the mix and explain how an economy already reeling with a loss of 15 Trillion in wealth is going to recover when more and more of the private sector’s money (and wealth) goes to government?

~McQ

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