Archive for the ‘tax hike’ Category

Taxs found so far in the 1900+ page democrat "heath care" bill

October 30, 2009

If you thought Health Care was expensive now, just wait until it is “free.”
Here is a list of the new taxes you will be paying found so far:

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).

Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.

Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.

Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).

Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.

Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.

Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.

Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

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Cap and Tax

March 30, 2009

Our Dear Leader‘s so-called “Cap and Trade” program is really a “Cap and Tax” program that is going to suck more money from the paychecks of every American.

This energy tax is going to hit the poorest the hardest, since they pay the largest percentage of their income on energy costs (electricity, heating and transportation).

White House sources have admitted that this will be an average increase of $1,800 per family!

President Obama’s energy tax plan — a version of the failed European “cap and trade” global warming fiasco — may cost families $1,800 yearly in higher utility bills, far exceeding his promised $800 a year tax cut for 95% of Americans.

While campaigning, Obama admitted that his energy plan would cause electric bills to “skyrocket.” President Obama’s energy tax plan — a version of the failed European “cap and trade” global warming fiasco — may cost families $1,800 yearly in higher utility bills, far exceeding his promised $800 a year tax cut for 95% of Americans.

While campaigning, Obama admitted that his energy plan would cause electric bills to “skyrocket.”

So when Candidate Obama said that Americans making less than $250,000 a year would not see any new taxes, he was lying! Get used to it folks. It’s a long way until January 20, 2013.

Also published at the Urbin Report.

Obama’s massive middle class tax hike

March 16, 2009

Our Dear Leader is planning “the largest middle-class tax increase in history.”
This is a plan to tax medical benefits. As part of our Dear Leader‘s plan to socialize the medical industry here in the United States. Step one: fleece those with medical insurance to raise money to screw them.

The hypocrisy is pretty thick:

In television advertisements last fall, Mr. Obama criticized his Republican rival for the presidency, Senator John McCain of Arizona, for proposing to tax all employer-provided health benefits. The benefits have long been tax-free, regardless of how generous they are or how much an employee earns. The advertisements did not point out that Mr. McCain, in exchange, wanted to give all families a tax credit to subsidize the purchase of coverage.

Lies of the Obama cabal

February 27, 2009

Two big ones in a row.

First from the gaffmeister himself, Joe Biden. You can almost forgive him, because he has a long history of just saying wacky shit, but he is an official spokesman of our Dear Leader, so BHO should be keeping a leash on him.

Biden falsely claimed that Louisiana is loosing jobs a rate of 400 per day
. Of course, the actual truth is the opposite of what came out of Joe Biden’s mouth. Louisiana is adding jobs, i.e. the unemployment rate is falling. Don’t expect MSNBC (i.e. the “Obama network”) to point out this obvious error of the Obama administration.

The next big lie came from our Dear Leader personally. BHO claims that he can jack the taxes of “wealthiest 2% of Americans” to pay for his massive socialist government spending. The Wall Street Journal points out that the numbers just don’t add up.

Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and “the wealthiest 2%.” Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That’s about 7% of all returns; the data aren’t broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% — about 1.65 million filers making above $388,806 — paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.

Note that federal income taxes are already “progressive” with a 35% top marginal rate, and that Mr. Obama is (so far) proposing to raise it only to 39.6%, plus another two percentage points in hidden deduction phase-outs. He’d also raise capital gains and dividend rates, but those both yield far less revenue than the income tax. These combined increases won’t come close to raising the hundreds of billions of dollars in revenue that Mr. Obama is going to need.

The bottom line is that Mr. Obama is selling the country on a 2% illusion. Unwinding the U.S. commitment in Iraq and allowing the Bush tax cuts to expire can’t possibly pay for his agenda. Taxes on the not-so-rich will need to rise as well.

On that point, by the way, it’s unclear why Mr. Obama thinks his climate-change scheme won’t hit all Americans with higher taxes. Selling the right to emit greenhouse gases amounts to a steep new tax on most types of energy and, therefore, on all Americans who use energy.

The numbers just don’t add up, and I’m betting that Team BHO knows it. They are just hoping that most Americans won’t do the math until it is too late.

Mass Gov Patrick deals with recession by jacking gas taxes through the roof

February 10, 2009

With the Peoples Commonwealth hemorrhaging high tech jobs, our democrat Governor Deval Patrick is responding by wanting to raise the gas tax to highest in the country.

Deval Patrick is not only planning on jacking the gas tax by 27 cents per gallon, he plans on raising it over and over again. The tax he is proposing has a built in yearly increase based on the Consumer Price Index. So raising the gas tax to $0.555 a galleon is just the start.

It doesn’t stop there. Our democrat Governor is also planning on charging drivers for miles driven. Your mileage would be tracked by a chip installed in a vehicle inspection sticker. The Governor plans to have this tracking chip in place starting in 2014. Hopefully housing prices will have recovered before then so more people can vote with their feet over that one.

On top of this the the Turnpike Authority, a separate entity from the state transportation department, is still planning on raising toll rates, in some cases, by 100%.

While the citizens have to cut back and become more efficient in the current recession, the government of the Commonwealth, under the guiding hand of democrat Deval Patrick, in his first government executive, and elected, position, continues to grow our bloated, inefficient state government by leeching the life blood of the citizens though oppressive and regressive taxes.

HT to Michael Graham.

Hold on to your wallets

October 29, 2008

The “official” Obama line was that he was going to “cut taxes” for 95% of working Americans. Even the 40% who don’t pay any federal income tax! His Trillion dollars plus of new spending was going to come from taxing only those who made over $250,000 a year.

Hmmm…I don’t think the math on that ones adds up.

It seems that someone in the Obama campaign has figured out how to use a calculator, since as TigerHawk points out, the income level of those who are going to pay for the Obama plans of a Socialist America keeps dropping. Joe Biden is now saying it’s $150,000. When the Trillion plus dollars starts getting spent, it’s going to drop to everyone who earns a legal paycheck.

A Patriot responds to Joe Biden

September 19, 2008

Combat Vet John Lucas responds to Joe Biden:

After spending a year under fire as an infantry platoon leader in Vietnam, I returned to the U. S. and went to law school. Afterwards, by dint of hard work and many long nights, I got to the point where Joe Biden wants to take money from me to redistribute to others. That may be a fair political debate, but it is galling beyond measure to hear him present it as my patriotic duty.

I am the same age as Joe Biden. Unlike him, however, I have not been a politician virtually all my adult life. But I have been to war for this country — I was fighting the North Vietnamese army when Joe Biden was preparing to run for the U. S. senate. My son has served three tours in intense combat in Iraq. My nephews have done the same. I’ll be damned if I will be lectured on patriotic duty by the likes of Joe Biden.

democrat deja vu

August 17, 2008

An Obama mouthpiece is on Meet the Press (God, I miss Tim Russert) claiming that Barak H. Obama is for “middle class tax cuts.”

I remember hearing the same thing from Billy Jeff Clinton back in 1992. The reality is that one of the first things he did (with a democrat congress) once he got in office was raise taxes across the board.

Given that Obama is long on speeches, short on details, except on how he plans on spending massive amounts of taxpayer dollars, I just can’t put much trust in any solid tax cuts from him. He is also all over the place on just where on the income scale “middle class” and “rich” are.

Color me not surprised.

August 12, 2008

Massachusetts democrat governor Deval Patrick is planning on shooting the state economy in the back of the head by raising taxes through the roof.


Meanwhile corruption continues in the Peoples Commonwealth
,

Just as Gov. Patrick was close to shaking his “Cadillac Deval” image, his administration has disclosed that more than 500 state employees get to cruise home in gassed-up, state-owned vehicles, among them elevator inspectors, a tree climber and a bridge painter.

With gas hovering at around $4 a gallon and the state facing a billion-dollar deficit, administration spokesman Kyle Sullivan, responding to a Herald public records request, released a list of a whopping 501 officials and employees with take-home vehicles paid for by taxpayers.

The sheer size of the state’s take-home vehicles struck fiscal watchdog Michael Widmer as an eye-popping expense as state officials face a crippling budget shortfall.

“With the state running a billion-dollar deficit, every dollar counts,” said Widmer, president of the Massachusetts Taxpayers Association. “It’s time for a review of vehicle usage when you have that many being taken home.”

Obama’s bait and switch scam

June 13, 2008

Barak Obama is betting that his supporters can’t do basic math or are actually are in favor of massive tax hikes.
The New England Republican points out that Obama is stealing a page from Bill Clinton‘s playbook, promising a tax cut to get elected. He also reminds us of what actually happened once Billy Jeff Clinton got in the White House.

Bill Clinton’s middle class tax cut turned into the largest retroactive tax increase in our history. A quick look at Obama’s web site tells you the same has to happen here. For example, along with the tax cut, he promises:

* A national healthcare plan
* More drugs and coverage for seniors
* Funding for Zero to Five education
* A $4,000 tax credit for college kids
* More teacher pay
* And on and on it goes….

But the reality nobody wants to face is that we can’t do everything. You can run around yelling “Believe in change!” all you want, but as John Adams pointed out “facts are stubborn things.” Just ask Massachusetts residents about Deval Patrick’s property tax relief if you want to know what happens when a snake oil salesman tries to sell you “change”.

Quite simply, the stubborn fact is that Obama can’t deliver on all his promises and the tax cut will be jettisoned faster than you can say Trinity Church.

Barak Obama has promised to raise the Capital Gains tax, even though he knows that it will result in less revenue collected by the Feds. He wants to take the cap off the Social Security payroll tax, he wants to reinstate the Bill Clinton income tax increases, and the list goes on. Obama wants Change alright, you however, won’t be left with change in your pockets.