Quoted from the Wall Street Journal.
"The White House's new health-care proposal promises the "largest middle class tax cut for health care in history," which is a creative way of describing a vast taxpayer-subsidized insurance entitlement. Naturally, the fine print goes on to describe one of the largest tax increases for health care in history, too.
This new ObamaCare bargain would for the first time apply the 2.9% Medicare payroll tax to "interest, dividends, annuities, royalties and rents," so-called passive income that we are told includes capital gains, though the latter wasn't explicitly mentioned in the proposal. This antigrowth investment tax would apply to singles earning more than $200,000 and joint filers over $250,000 and comes on top of the Senate's 0.9-percentage-point increase in the payroll tax, which would bring the combined employee-employer share to 3.8%.
The rate hike on investment income would presumably take effect at the same time the 2001 and 2003 Bush tax cuts are due to expire next year, bringing the top rate to 22.9% as the current top capital gains rate would also rise to 20% from 15%. That's a 52% jump, and the last time investors were slammed with anything comparable was 1986 when the capital gains rate bounced to 28% from 20%—or a 40% increase—as part of the Reagan tax reform that reduced income tax rates.
In part this is a sneaky way of waging the House's war on "the rich" by other means while appearing to compromise. Speaker Nancy Pelosi's 5.4-percentage-point "surcharge" on modified adjusted gross income above $1 million—which also includes capital gains—was supposedly too extreme for the Senate, but the White House is trying to smuggle in its 2.9-percentage-point cousin. Of course, $250,000 is a lot lower income threshold than $1 million, and the rate can always be inched up later once the tax is already in place.
The House surcharge is certainly destructive but it is at least above-board. The White House levy muddies up both the tax code and Medicare financing.
The Medicare payroll levy was designed as a social insurance program with some connection, however attenuated, between taxes paid and benefits received. When Medicare passed in 1965 it was modelled after Social Security and the tax was supposed to be equivalent to a "premium" for guaranteed health-care insurance for seniors; everyone "contributed" at the same rate. Until 1993, the payroll tax was assessed only on the first $135,000 of wages, until the Clinton Administration and the Democratic Congress lifted the Medicare cap entirely. "
QUOTE FROM GUNS SAVE LIFE
By John Boch
(Guns Save Life) - President Barack Hussein Obama’s final act is playing out as his world crashes down around him. Americans are abandoning support for a man who has talked a good game, but failed to provide good jobs, affordable energy and a strong economy that Americans expect.
Even worse, Obama’s foreign policy chickens are coming home to roost.
September 11th is the when the tide formally turned for President Obama in 2012. Our embassy consulate in Libya was attacked and gutted in a terrorist attack by al-qaeda muslim savages (capitalization intentional). Not only did the Obama administration lie to the American people, claiming the murder of our Ambassador, a diplomat and two former Navy SEALs was the result of a savage islamic protest, but they then blamed a YouTube video for the supposed protests for almost two weeks.
To make matters worse, the justice department sought the arrest of the man responsible for that YouTube video in question, “Innocence of muslims” (again, capitalization intentional) – a production so bad that it was funny to watch.
Many across America were stunned that the man who created this pathetic YouTube video was effectively arrested because of some “protests” by muslim extremists half a world away. What happened to free speech in America?
Arresting film-makers here in America after “protests” allegedly over their film is not the America Americans know and love.
To make matters worse, over one month has passed since the murder of our ambassador in Libya without any meaningful response from the Obama administration.
All we’ve gotten from the White House is talk. They talk that we’ll bring those responsible to justice, but a few days later we find out the Obama administration has waited 17 days for VISAs to be issued to investigative personnel to enter Libya so they may go to the scene of the attack and look for evidence. What kind of farce is this?
Americans are upset. We don’t want to bring those responsible to justice. We want to bring justice to those responsible.
Just when the Libya debacle was winding down, President Obama calls the incident “not optimal”, once again ginning up American anger at the ineptitude with which Obama’s team has handed the attack and its follow-up. Most Americans recognize the murder of an ambassador and embassy staff isn’t “not optimal”, instead it is an act of war.
But the September 11, 2012 attack was just the first and perhaps largest single issue of a cascade of problems for Obama and company.
His disastrous first debate performance hurt him badly. Romney got his first opportunity to be seen alongside President Obama and Romney wasn’t the cold-hearted monster the mainstream media has painted him these last six-plus months.
Americans saw first-hand and un-edited Romney’s calm and steady demeanor and his presidential appearance.
Romney was human and likeable. Obama was cold and distracted, as if his mind was on his later plans with his wife on their 20th Anniversary instead of the debate.
The Vice-Presidential debate gave us old Uncle Joe, the pompous jerk who seemed more like a slimy used-car salesman (no offense to car salesmen) than a Vice-President of the United States. Romney’s VP pick, the staunchly pro-gun Paul Ryan, held his own and didn’t get distracted or unnerved by Biden’s repeated interruptions and snickering.
The second Presidential Debate saw Obama do better, but he still couldn’t match Romney’s juggernaut. Romney slashed Obama’s record in two minutes and left Obama stammering to change the subject. In another answer, he told Americans “it doesn’t have to be like this” referring to high gas prices, high unemployment and trillion-dollar deficits.
Another key moment was Candy Crowley picking a gun control question as a “gotcha” moment against Romney.
It turned out to be a huge “gotcha” for President Obama, who has successfully kept a very, very low profile on the gun issue for the last four years, instead telling voters he won’t take their guns time and time again. Obama’s answer contradicted four-years of sleight of hand by Obama. He basically affirmed his desire to see a ban on America’s favorite rifle, the AR-15, and tens of millions of similar guns and maybe even bans on affordable handguns as well.
Romney? Romney said he opposes further gun control laws or banning certain guns. Period.
It was worse than that though. The mainstream media trumpeted Obama’s call for banning semi-automatic rifles and many of his gun-owner supporters started asking themselves if President Obama was going to ban their hunting rifles and shotguns, along with guns they depend upon to defend their families from potential predatory criminals.
Poll numbers continued to shift towards Romney in this time.
States Obama previously expected to win are leaning Romney and Obama’s campaign team is triaging to staunch the bleeding of electoral votes.
It continues to rain bad news at the White House and the Obama campaign headquarters.
More recently, we find the Republicans are trouncing the Democratic Party in fundraising. In fact, the DNC is nearly 15 million in the red, basically relying on bank loans to subsidize their operation with over two weeks to go before the election.
Obama has taken a 15 million loan from Bank of America in the past few days, apparently needing that money to pay their staff and campaign expenses.
The Republicans, on the other hand, enjoy nearly $100 million in the bank, and they’re going to use that money to bury the Democrats in key races and states in the last couple of weeks before November 6th.
At this point, if this trend doesn’t change quickly for Obama and crew, it’s not a matter of whether or not he’s going to lose, but the only question is how badly will it be and how much will be be in debt when it’s over.
Get out and vote on November 6th.
Help make this a reality for America.
This entry was posted on October 20, 2012 at 1:35 pm and is filed under Blog. You can follow any responses to this entry through the RSS 2.0 feed.
I agree with everything you copy and pasted from World Net Daily above - Even better is that I now know that Syria is Iran's route to the sea thanks to Mr. Romney's huge crushing win in the third debate last night - Otherwise how would Iran get to water...