It has been a pretty solid line of upper resistance the past week or more. If it breaks I think there will be enough momentum behind the move to take up back to the 52 week high to retest that upper point and maybe pull back to see if $46 becomes a new support level.
Obama Sees a Middle Class Tax of $I.7 Trillion Increase as a Victory read this and vote for Obama if you like it.
–Obamacare law contains 20 new or higher taxes on American families and small businesses–
The Largest Tax Hike in US History has just been upheld by the Supreme Court of the United States and President Obama sees this assault on the middle class as a victory.
The already unpopular 2010 health care reform law has been converted by the court into a $1.76 trillion tax increase funded by escalating taxes to be paid the vast majority of taxpayers. The high court’s ruling leaves in place 20 tax increases in the health-care law, of those, 12 tax hikes would affect families earning less than $250,000 per year, including a “Cadillac tax” on high-cost insurance plans, a tax on insurance providers, and an excise tax on medical device manufacturers. By formally converting ‘Obamacare’ into ‘Obamatax,’ the court allows Obama to raise taxes on the middle-class.
The decision is a distressing blow to taxpayers and represents the single largest tax increase on young people in the nation’s history. When it takes full effect, the Internal Revenue Service will have immense new power and authority to persecute and prosecute a whole new group of taxpayers.
If the law takes full effect, it will devastate small businesses and destroy any chance for a sustainable economic recovery. It will add trillions of dollars to the national debt and push the country toward bankruptcy even faster than current projections. Any individual who believes that
this decision must be overturned must do everything possible to undo the damage that has been done, especially at the ballot box on November 6.