Obamacare = 5.4% of your gross income (pre-tax) - and top bracket goes from 35% to 45% tax

www.foxnews.com...

Phil Kerpen - FOXNews.com - July 15, 2009
The Eye-Popping Cost of Obamacare
Guess what? Everything we've ever heard about the Democrats plan for health care reform is true. And it's not a pretty picture.

The House Democrats released their long-awaited draft health care reform bill today, and every rumor about what tax hikes would be included was true--and then some. My friend Ryan Ellis over at Americans for Tax Reform posted the details.

The big shocker is that the surtax on high-income earners, including small businesses, is much steeper than the rumored 3 percent that I talked about in my podcast yesterday. Instead it's 5.4 percent. Not of taxable income, mind you, but of adjusted gross income. That means the tax applies to income that was spent on home mortgage interest, medical expenses, property taxes, charitable contributions, and nearly everything else currently deducted from taxable income.

Combined with President Obama's plan to repeal the Bush tax cuts on schedule in 2011, this would mean hiking the top marginal capital gains tax rate from 15 percent to 25.4 percent--much higher than Obama promised on the campaign trail, and near the 28 percent rate from before the 1997 Bill Clinton tax cuts. Such a tax hike would slam the brakes on capital formation and wallop capital markets with another gut punch just as they are finally beginning to recover from the financial crisis. It would also dramatically inhibit badly needed business investment.

The tax hit on capital gains, however, would pale compared to the new top rate on ordinary income, already scheduled to go from 35% to 39.6 percent in 2011, but now pushed up to 45 percent with the new surtax, and actually substantially higher than that as a percentage of taxable income because the new 5.4 percent surtax is applied to AGI.

Such punitive income tax rates would be a huge impediment to business activity throughout the economy, especially for the small and medium-sized business that create nearly all of the new employment that we need to lead us out of the recession.

And it actually gets a lot worse. Employers would also be mandated to provide health insurance under the bill, and the cost of health insurance would likely skyrocket because of new regulations called guaranteed issue and community rating. The only alternative, which many companies would either be forced into by cost considerations or choose for simplicity, would be to pay a payroll tax of as much as 8 percent. That's on top of the existing 15.3 percent payroll tax for Social Security and Medicare, creating a new total payroll tax of 23.3 percent.

There would also be a new tax on individuals who don't have health insurance, flying in the face of President Obama's key primary campaign promise not to require people to be insured. That tax would be another 2.5 percent of AGI.

These eye-popping numbers, of course, don't include state and local taxes, which are also rising in most of the country.

The tax hikes in this bill represent the last piece of the puzzle--along with loose monetary policy and high government spending--to repeat the key economic blunders of the 1970s, with all the misery that came with them.

They are already trying to sell this legislation with slick adds and sob stories, GIVE ME A BREAK ALREADY! I have lived with and without health insurance and never once was I ever denied necessary care. Right now, any hospital that receives Medicare/Medicaid money can turn no one away.....if they do they face a huge fine.
This is about control and subjecting the American people to the whims of a few wealthy, powerful idiots.....like maybe Tom Daschle who masterminded the proposed plan.
When this plan was first presented by The Clintons in 1995 it was published in book form and was rejected by the American people. Now they are trying to shove the same plan through in two weeks and they are selling it as something altogether new. Healthcare is 1/6 of the economy....and they are going to "fix"
it in two weeks?
The real plan-the government/taxpayers pay-and big business is no longer providing private insurance to their employees, because the government can do it for less. More profit for the banksters/wall street.
Then once we are all on the government plan, they will tell us that if we are overweight, have diabetes, high BP, etc then we will not have those conditions treated until we eat what they tell us and excercise a certain amount each week. Oh yeah, if you are in those childbearing years and female, you will probably have to have some kind of mandatory birth control.
Speaking of medication, tough luck, they will have a limited formulary of drugs to choose from, severely limit your choices.
I work for a healthcare company that is carrying $$billions in debt. We received a memo stating we need to support this new healthcare legislation. I figure, the Congress told them they would wipe out their $$billion debt if this legislation passes.
All the American people get from this legislation is higher taxes and government control of our health and well being.

This ObamaNation?

An abbomination!

You're right. The upper class wage earners are not wealthy, they're still servants. The ultra-rich don't pay taxes, they're wealthy.

Let's imagine we're all playing a game of Monopoly, and there's a fixed amount of money in the world. Eventually one person owns all the money. The only way to keep the game going is that that rich person lends money to everyone else, puts them in debt, and collects tax on all transactions. We're all slaves to the tax payment, and every favor (healthcare) makes us more indebted to the tax.

My boss is a small business employer (5 employees) and he grosses about 400k per year. We were thinking of hiring a new part-time employee to help out - but I am glad that the extra taxes will probably prevent this (400,000 x 5% = 20,000 approx. cost = 1 less part-time employee). That stupid 19 year old girl with the high-school education can go shove her limited typing and phone skills where the sun don' shine! Go find work at a burger joint loooooser! And I'll have to pick up the slack (with no extra pay - sigh).

Thanks Obama! You'll make everyone's life sooooo much better! Maybe, in a year or two, we can hike the rate up even further to pay for the "unexpected" cost-overruns. That should eliminate another one of these pieces of human driftwood and place them on the welfare roles where they belong! (Which I will pay for in my taxes and extra work load - sigh)

I agree, this is horrible for the moderate to small businesses. My family owns a private business, my parents are way passed retirement age, but they still have the business and several employees. All of their employees are Native American and receive healthcare from the Indian Health Service. If this passes they are closing up shop, just not worth the headaches and the extra taxes. Their employees already have a great health plan, so why should they be burdened with this too.
It is small business that drives the economy out of a depression, and this healthcare legislation will lead to economic disaster. Remember, healthcare is 1/6 of the economy and they want to pass this in 2 weeks. I call this stupid and irresponsible, congress needs to return to Earth.

Good. The faster we get to hell the quicker we'll get to heaven. Chop Chop! And at this pace we should be seeing heaven fairly shortly.

I have to admit, I'm really not surpised.

Sad, disheartened, disappointed, but not surprised.

Why this, right now? I have to wonder. Millions are without work, families going hungry, soup kitchens with lines longer than anyone has ever seen, and this is where we're at? This is our priority as our country descends into a depression? Is it to control what we eat, drink, smoke? Vaccines?

I know many people who are barely getting by now, just feeding their families and keeping them off the street, and this...?

I've never been so ashamed of our congressmen and President, and it appears I have to be. Apparently they have no shame at all.

At some point we will have to take action as a nation. They cannot FORCE us to pay taxes (yet). They can't throw all of us in jail at once. Steve Forbes should have been president, and we would have a flat tax of no more than 33%. The more you consume, the more tax you should pay because you impact resources proportionately. We are NOT powerless, united we can say no more, divided we can do nothing but complain and comply. What is it going to be? Perhaps now is the time to initiate a flat tax by modifying withholding. Just a thought.

[edit on 16-7-2009 by lostviking]

[edit on 16-7-2009 by lostviking]

Icenine my f'ing hospital sent out a mass email supporting this and telling us all we should support it. They can go F@#$ themselves. If I could I'd quit this place !

Obama: (n) a Kenyan word meaning "worst decision possible"

Seriously, I take little joy in telling all the moronic retards who voted for this utter waste of oxygen that I told you so, but I told you so. Thanks a lot for your vote against America, folks!

reply to post by burdman30ott6


The real problem is that a large percentage of the lapdog liberals think the high taxes are a good thing. When you total up all the new taxes and surcharges they are talking about, the average person no matter what wage class will be paying 40-60 percent gross tax on earnings just to DC that's not the new taxes states are forcing through because of loss of tax income.
YUP, CHANGE WE CAN BELIEVE IN!!!!

It's the Union of Socialist United States now and going further than at any time in history in the WRONG direction! Thank you FDR for setting the stage for this BS!
Zindo

modern day slavery

thats all taxes are...oh lets not forget inflation

Originally posted by icenine

This is about control and subjecting the American people to the whims of a few wealthy, powerful idiots.....like maybe Tom Daschle who masterminded the proposed plan.

If he did in fact mastermind this plan then everyone is in trouble. This guy was voted out of SD for a reason.

He's the most power hungry person I've ever met. I mean that by, yes I have met and talked with him in the past (multiple times). He's solely in it for himself and his political career. His plan is the presidency and so help us god if he tries for it. All I can say is just say no when he runs.

It wouldn't surprise me if he did mastermind it as it's pretty much on par with everything else has done or has tried to do. It's not about the people it's about his career.

Go figure lol I thought he was about dead in Washington but guess he conned a few more people so he could stick around.

reply to post by Darthorious


Daffy Daschle knows where all the bodies a buried...so to speak..! He was in DC long enough and helped many who are now in power before the good citizens of his sate caught on to his idiocy. The 1000 plus pages of this bill hold all the hopes and dreams of this power grab by the elite that they have come up with for 50 years. It's going to destroy many of those who have decent jobs in all sectors and specially the insurance employees themselves!

Zindo

reply to post by Zosynspiracy


Of course the hospitals want it as it just means more money to them.

Not that, that is a bad thing but the bad is the side effects it will have.

That being said if you work in a hospital stay there because they may get a permanent govt. bailout bonus without even asking for it.

Originally posted by ZindoDoone
reply to post by Darthorious

 

Daffy Daschle knows where all the bodies a buried...so to speak..! He was in DC long enough and helped many who are now in power before the good citizens of his sate caught on to his idiocy. The 1000 plus pages of this bill hold all the hopes and dreams of this power grab by the elite that they have come up with for 50 years. It's going to destroy many of those who have decent jobs in all sectors and specially the insurance employees themselves!

Zindo

It just solidifies he's out for himself if he did work on this bill. After all if it goes through he then will have a huge advantage and be able to tout he was behind the govt. health care plan. Now if it is implemented and fails miserably he'll start spouting off how he was against it sense the beginning but was strong armed into it. Pretty typical of him. Chances are at that point he would switch back to republican again to continue jockeying for the presidency.

reply to post by Darthorious


Government jobs at Hospitals, that clarifies the plan. First Government Finance, then Government Motors, then Government Hospitals. It's all part of the 'Change' toward 'Government ('the people'): Everything, Individuals: Nothing'.

It's amazing that they can suspend the constitution for Congress while making these 'Changes'. It has the opposite effect on individuals (takes liberty away and imposes government controls).

I calculated the effect of these tax hikes on my income... I will be forced to pay an additional $3,800 in taxes, approx, between the two of us. while I already make just enough to get by at the moment..

WTF IS THIS MORON THINKING????

And to top it off, this is preliminary, the government NEVER ... NEVER!!! stays within it's budget.. Which either means higher deficits or even higher taxes.

Thanks Democrats, I appreciate the largest overhaul in taxes in American history.

There may be some hope for sanity here, folks.
www.nasdaq.com... ck-health-bill

U.S. Rep. Mike Ross, D-Ark., a leader of fiscally conservative House Democrats, said Wednesday a House plan to overhaul the U.S. health-care system is losing support and will be stuck in committee without changes.

"Last time I checked, it takes seven Democrats to stop a bill in the Energy and Commerce Committee," Ross told reporters after a House vote. "We had seven against it last Friday; we have 10 today."

I beg of you all, if you have a non-extremist democrat representative for your district, send them a note telling them you oppose this abomination of a bill and, if your representative is among those who stand in opposition of the bill already, send them a note of support and thanks. I do not want to see this bill passed and have to wait 3 more years before Obama's replacement and the realligned House and Senate remove it from the books.