Obama The Next One Term President Sees Middle Class Tax Increase as a Last Victory
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.
–Obamacare law contains 20 new or higher taxes on American families and small businesses–
WASHINGTON, DC – Obamacare contains 20 new or higher taxes on American families and small businesses. Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:
Taxes that took effect in 2010:
1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971
2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
3. “Black liquor” tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105
4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980
5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004
6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non- prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax- advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
Tax that took effect in 2012
9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
Taxes that take effect in 2013
10. Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93
Capital Gains Dividends Other*
2012 15% 15% 35%
2013+ 23.8% 43.4% 43.4%
*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents,
and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.
11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013): Current law and changes:
First $200,000 ($250,000 Married) Employer/Employee All Remaining WagesEmployer/Employee
Current Law 1.45%/1.45%2.9% self-employed 1.45%/1.45%2.9% self-employed
Obamacare Tax Hike 1.45%/1.45%2.9% self-employed 1.45%/2.35%3.8% self-employed
Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93
12. Tax on Medical Device Manufacturers ($20 bil/Jan 2013): Medical device manufacturers employ
360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for Mitt Romney’s surge continues.He has narrowed the gap against President Obama to a single point in the critical swing state of Ohio, with the president clinging to a one-point lead, according to a new pollThe Public Policy Polling tally shows the president topping Mitt Romney by 49-48 percent...
Obama Caught Telling Russian Leader To Wait Until After Election On Missile Defense
By obama_whisper_russia . Oct 22, 2012 12:36 PM
Can we Trust President Barack Obama as Commander and Chief? Here is a fact, Bill Plante of CBS News reports on Obama telling Russian President Medvedev that he will work on the missile defense system with Russia after the election (March 26, 2012). ( Obama failed to turn off his microphone and this Russian message was picked up ) Lied about 911 Libya Attack -
No Barack Obama Trust a Huge Problem in his Campaign Going Forward - No More people saying!
One latest poll shows that many young men, women and Veterans do not trust President Barack Obama any longer. Mitt Romney today has an overwhelming support of married women with children and many young women, young men and Veterans of all ages are switching to support Mitt Romney for President of the United States of America.
Tonight, the two candidates will share a stage for the last time. The race could not be closer: On Sunday, a new NBC News/Wall Street Journal poll indicated that the candidates tied, each with 47 percent of likely voters. Before the debates began, Obama led the same poll by 3points.
In this debate, Obama could face the opposite of the situation many envisioned weeks before. Instead of lending him credibility, his commander-in-chief role could make him more vulnerable, opening Obama to questions about a range of unresolved crises.
Romney is likely to renew criticism of the Obama administration’s reaction to a Sept. 11 attack that killed four Americans at a mission in Benghazi, Libya. And Obama is also likely to face questions about the civil war in Syria, a recent assassination in Lebanon and possible signals that Iran may be willing to bargain over the future of its nuclear program.
A White House official on Saturday denied a New York Times report that said the United States and Iran had agreed in principle to hold one-on-one talks about that program. The report said Iran wanted to wait until after the election for talks to begin.
“It’s not true that the United States and Iran have agreed to one-on-one talks or any meeting after the American elections,” White House spokesman Tommy Vietor said in a written statement. The Reuters news service reported that Iran also had denied the report.
Foreign-policy questions played a significant role in the last presidential debate, held last Tuesday in Long Island, N.Y. Romney was caught flat-footed with an overly broad statement that Obama had taken two weeks to label the attack in Benghazi an “act of terror.”
Romney was corrected by moderator Candy Crowley: Although Obama did not directly call the attack terrorism the next day, he did say that the U.S. will not retreat from “acts of terror.”
Since then, Romney has said little about Libya on the campaign trail. Advisers, who spoke on the condition of anonymity to discuss internal-campaign thinking, said Romney deliberately turned his focus away from Libya and toward the domestic economy and gas prices following the last debate.
His arguments on those issues had polled well among viewers last week, the advisers said. But
Libya is almost certain to come up again tonight.
Obamafusion - Another Crushing Blow to the USA Economy: Obamacare Will Cost US Corporations Billions
It’s almost as if Obama and democrats actually want the economy to collapse?
The country is just beginning to discover the massive economic damage from Obamacare.
GOP Senators reported:
Economic Damage Of Health Bill Continues
AT&T, 3M, And AK Steel Already Report Devastating Effects Of Health Bill
“AT&T Inc. Will Take A $1 Billion Non-Cash Charge In The First Quarter Because Of The Health Care Overhaul And May Cut Benefits It Offers To Current And Retired Workers.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“The Telecommunications Company Also Said It Is Looking Into Changing The Health Care Benefits It Offers Because Of The New Law.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“3M Company Today That It Expects To Record A One-Time Non-Cash Charge Of $85 To $90 Million After Tax… Resulting From The Recently Enacted Patient Protection And Affordable Care Act.” “3M Company said today that it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010. The charge is due to a reduction in the value of the company’s deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements.” (“3M Anticipates New U.S. Healthcare Law to Result in One-Time Charge of $85 — $90 Million After Tax in First Quarter of 2010,” 3M, 3/26/10)
“AK Steel Holding Corp., The Third Largest U.S. Steelmaker By Sales, Said It Will Record A Non-Cash Charge Of About $31 Million Resulting From The Health-Care Overhaul Signed Into Law By President Barack Obama.” (“AK Steel Sees $31 Million Charge From New Health Law,” Business Week, 3/23/10)
It was also announced today that the democratic bill will cost Florida at least 700 jobs immediately.
HotAir has more on the billions that Obamacare will cost US corporations.
Caterpillar Inc. announced that Obamacare will cost the company $100 million in one quarter.