dragonfootball2001 wrote: So while cute, your 2008 vs 2012 comments are simply insignificant. Try thinking for yourself next time, not just repeating half-truths.
Not trying to be cute; just factual! And if you don't think Barry's crony green policy obsession is not hurting numerous American jobs and yes his lack of wisdom in the energy development field has directly affected gas prices. And Obomacare is simply the biggest tax increase of the world (fact/not cute). maybe some more facts will help you:
Description of “ObamaCare” (with effective yr & cost in tax increases)
Impose 3.8% Medicare Hospital Insurance payroll tax on investment income for individuals earning over $200,000 a year or households earning over $250,000 a year. 2013 $17.6
Impose a 40% excise tax on “Cadillac” health insurance plans that cost more than $10,200 for single individuals or $27,500 for families. 2018 $16.0 billion
Increase combined employer/employee Medicare Hospital Insurance payroll tax on individuals with incomes over $200,000 a year and families with incomes over $250,000 a year from 2.9% to 3.8%. 2013 $12.4 billion
Impose new excise tax on individuals to either buy health insurance or employers to offer it to their employees or pay penalty (tax). 2014 $10.8 billion
Impose a fee (tax) upon health insurance providers based on each individual company’s share of the total market. 2014 $10.0 billion Health Care Suppliers (Costs passed along to Consumers/Individuals)
Impose a new 2.3% excise tax on U.S.-manufactured and imported medical devices costing over $100. 2013 $2.9 billion
Increase “black liquor” bio-fuel tax. 2010 $2.4 billion
Increase income tax collections from taxpayers with high medical expenses (over 7.5% of their adjusted gross income) who deduct their health care costs on their taxes. 2013 $2.2 billion
New fee (tax) on manufacturers and importers of non-generic prescription medication based upon their share of annual sales of these product $2.2 billion Health Care Suppliers (Costs passed along to Consumers/Individuals)
Limit amount of pre-tax income that can be set aside in Flexible Spending Accounts to pay for expected annual health care expenses to $2,500 (previously unlimited.) 2013 $1.9 billion
Increase tax collections from businesses by eliminating the deductibility of paying for their retirees’ prescription drug coverage. 2013 $0.6 billion (Costs passed along to Consumers/Individuals)
Increase in existing income tax collections from no longer allowing non-prescription medication and other health care products to be paid for using pre-tax income set aside and saved by individuals to pay from their own expected or future health care costs using Health Savings Accounts or Flexible Spending Accounts. 2011 $0.6 billion
Consumers/Individuals
Increase tax collections from businesses under current law by preventing them from being able to reduce their tax liability using lawful tax deductions or business strategies. 2010 $0.5 billion Businesses (Costs passed along to Consumers/Individuals)
New excise tax on indoor tanning services. 2010 $0.3 billion Consumers/Individuals
Increase penalty (tax) for withdrawing money from a Health Savings Account for non-medical early withdrawals. 2011 $0.2 billion affecting Consumers/Individuals
Impose a maximum compensation limit for health insurance executives. 2013 $0.1 billion
Tallying up the annual increase the IRS will be looking to collect each year after the law is fully implemented; we find that the U.S. federal government expects to take in an additional $80.7 billion per year. Of that $80.7 billion, 37.3% ($30.1 billion) will come from high income earning individuals or their employers.
The remaining 62.7% ($50.6 billion) will either be paid by people with lower incomes or will be passed along to consumers and individuals by businesses through higher prices.
Given the distribution of income in the United States, most of that increased burden will fall upon households earning between $49,455 and $250,000, which covers about 48% of all U.S. households. Coincidentally, this is the segment of the U.S. population that pays the vast majority of all income taxes collected by the U.S. government each year. It is also the segment of the U.S. population that considers itself to be middle class, which includes the $172,000 annual income for a federal government employee that Barry himself described as being “relatively modest“.
With about 120 million households in the U.S. and 48% of that figure coming in at 57,600,000 households, that puts the average cost of ObamaCare per middle class household at $878.47. And that’s on top of all their other household expenses.
The only problem is that this figure is far short of what ObamaCare will really cost....
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Here's some more cute facts: The Tax Policy Center reports taxes would go up for 2013 by an average of almost $3,500 per household if the U.S. goes off the fiscal cliff – i.e., if all the expiring tax breaks actually expire as scheduled at the end of the year.
A typical middle class household – with income between $40,000 and $64,000 – would see its taxes go up by about $2,000. Households in the top 1% – with income of over $506,000 on up – would see an average increase of more than $120,000.
The study’s authors said even they were surprised by the size of the changes – in all, taxes are seen rising by $500 billion in 2013 from 2012.
“It’s just a huge, huge number,” said Eric Toder, an Urban Institute scholar. The TPC is a joint venture of the liberal-leaning Brookings Institution and the Urban Institute.
Here’s why you should be worried. For starters, remember that this is the same President who in 2009 promised, “if your family earns less than $250,000 a year, you will not see your taxes increased a single dime.” That’s a vow he’s broken, and in 2013, things are going to get even worseunder Barry.
The tax man won’t draw his billions from the American taxpayer with just one big needle — the massive tax increase will be the product of tax policies expiring in seven different categories, on top of five new Obamacare tax hikes taking effect. In a new paper, Taxmageddon: Massive Tax Increase Coming in 2013, Heritage’s Curtis Dubay details the tax hikes that will occur if President Obama and Congress do not act before the end of the year:
Almost 34 percent of the tax increase from Taxmageddon comes from the expiration of the 2001 and 2003 Bush tax cuts. These cuts are best known for reducing marginal income tax rates, but they also reduced the marriage penalty, increased the Child Tax Credit and the adoption credit, and increased tax breaks for education costs and dependent care costs.
Another 25 percent of Taxmageddon comes from the expiration of the once-temporary payroll tax cut. The expiration of the patch on the Alternative Minimum Tax (AMT) — which would raise the income threshold over which families qualify for the AMT to prevent middle-income families from paying this tax that is only supposed to impact “the rich” — accounts for 24 percent of the total potential 2013 tax increase.
The balance of the tax hikes comes in part from new taxes under Obamacare, the expiration of tax cuts in the 2009 stimulus, the expiration of a group of policies known as “tax extenders,” changes in the current policy on the death tax (in 2013, it will rise from 35 percent today to 55 percent and the exemption will fall from $5 million to $3.5 million), and the expiration of businesses’ ability to fully expense new capital investments.
This $494 billion in higher taxes will certainly hit families and business hard in 2013, but their effects are already being felt. Dubay explains that Americans must plan for tomorrow, and the tremendous uncertainty about tax policy makes the future much more uncertain, thus discouraging the investments and other actions needed to spur the economy to create jobs faster today.
So while Barry and Congress appear content to put off ’til the 11th hour what they can and should do today, those who will have to pay the higher tax burden are waiting to see what the future holds. Dubay says that this is “slowing job creation and stopping many of the millions of unemployed Americans from going back to work.”
Early on in his presidency, Barack Obama said he knew about the impact of taxes. Back in 2009, on a visit to Elkhart, Indiana, Obama emphatically stated his belief that raising taxes in a recession is a bad idea. Though America is not in recession today, it still struggles with very high unemployment, and so the President’s logic applies with equal force — raising taxes is a drag on job creation. Unfortunately, in a speech in Washington on Tuesday, President Obama unabashedly revealed that preventing tax hikes is not his priority. In fact, he wants to see even more taxes imposed on the American people and on job creators all in the name of “fairness” — may of which are in his budget. That’s a political doctrine, not an economic policy, and it’s a proven recipe for economic disaster.
If the Barry is reelected in 2013 we get Taxmageddon, his brand of “fairness” will result in the biggest tax increase in the nation’s history. And that storm will wreak even more damage on America’s already fragile economy. Congress shouldn’t wait for Obama to take the lead in preventing a policy nightmare he might actually favor. Instead, it should act now to prevent these tax hikes from crushing America’s families and our economy.