American Elephants


Re-elect Me And I’ll Raise Your Taxes – Massively! by The Elephant's Child

How dare Republicans not agree to break their campaign promises and raise taxes when the jobless rate is 9.2% and President Obama’s economic recovery is in jeopardy?

So said the Wall Street Journal yesterday. Nobody seems to have noticed that Mr. Obama has already signed the largest tax increase since 1993.  While everyone has focused on the Bush tax rates that expire  after 2012, there are already new tax increases scheduled to hit the economy due to the 2010 Affordable Care Act.

  • Starting in 2013 the bill adds an additional 0,9% increase to the Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.
  • Medicare’s 2.9% payroll tax rate is added to all investment income — dividends, capital gains and interest. ($210 billion).  Alternative Minimum Tax as well.
  • A2.3% excise tax on medical device manufacturers and importers ($20 billion)
  • Annual fee on ‘branded’ drug makers ($27 billion)
  • Cuts in allowable medical deductions from 7.5% of income to 10%
  • 40% excise tax om high-cost health insurance plans.
  • A new annual fee on health insurance providers starting in 2014.

Business doesn’t pay these taxes.  They pass them on to you in higher costs.  Many think this was Obama’s tax-and-spend plan from the beginning.  Mr. Obama is pushing to reduce the payroll tax by two percentage points for another year to boost the economy.  So if that creates jobs this year, what does raising the tax in 2013 do? And how many jobs does that kill?

And now President Obama is suggesting that if he doesn’t get his way — the old folk’s Social Security checks just might not go out in August — he can’t guarantee that they will.  When all else fails, scare the old folks! Maybe they will rise up and attack the Republicans and make them give Obama all the money he wants to spend on — oh yes, infrastructure again.

About these ads

6 Comments so far
Leave a comment

this is why I’m a FAIR TAX guy. Force these cowards to defend their tax policy proposals to all of us.

Comment by Andrew K. Boyle

And how has all of the infrastructure work helped so far? How will it help to do more?

Comment by zeusiswatching

I’m more for the Flat Tax. I think there is too much record-keeping imposed on every sort of business by the Fair Tax. Makes no sense to me. But what really gets to me is paying taxes and simply having the money wasted by big-spending bureaucrats who have no grasp of either history or civics!

Comment by The Elephant's Child

I can respect that, the Flat Tax is a great start. Speaking of infrastructure spending I recently wrote an article trying to put the (roughly) 10 trillion spend under Obama into perspective by showing what the private sector could construct for $10trillion.

Read it here: http://andrewkboyle.com/2011/07/11/one-state-covered-in-football-stadiums/

Also I would oppose government bureaucrats who did had excellent command of both history and civics, the job of bureaucrat is unbecoming of a republic despite the personal virtue of particular body holding down the chair.

Comment by Andrew K. Boyle

I used to work with a fellow who advocated a national retail sales tax to replace just about every Federal tax (and thus end the need for just about every Federal tax deduction). In theory, I thought it a good alternative, but knowing our government’s love of “revenue” I think we would end up with both the taxes we have now and the national retail sales tax.

Ultimately, it is the people we permit to govern us. Ultimately, we need to insist upon better.

Comment by zeusiswatching

Well said, Zeus!

Comment by The Elephant's Child




Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s



Follow

Get every new post delivered to your Inbox.

Join 6,432 other followers

%d bloggers like this: