$1 Trillion in new taxes will not create jobs!

Posted by: Barthélemy Barbancourt

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So the fondest Washington hopes for a grand debt-limit deal have broken down over taxes. House Speaker John Boehner said late Saturday that he couldn't move ahead with a $4 trillion deal because President Obama was insisting on a $1 trillion tax increase, and the White House quickly denounced House Republicans for scuttling debt reduction and preventing "the very wealthiest and special interests from paying their fair share."

Wow!, Just wow. Obama just had one of the most dismal jobs reports imaginable and he wants to kill more jobs with higher taxes. This guy is certifiably insane. Let's look at a few other job killing taxes Barry O has pushed onto American businesses.

• Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.

• For first time, the bill also applies Medicare's 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on "the rich."

• Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That's estimated to raise $20 billion.

• Already underway this year is the new annual fee on "branded" drug makers and importers, which will raise $27 billion.

• Another $15.2 billion will come from raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%.

• Starting in 2018, the bill imposes a whopping 40% "excise tax" on high-cost health insurance plans.

These are just some of the taxes in Obamacare. You could write a 2,500 page book on the new regulations that are strangling our economy.

The sad fact is that there will be no relief until 2013 and only if a strong Republican is elected and the Republicans take the House and the Senate and listen to the tea party. If Barry O'Dipshit is given another term, America is screwed.

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JW of Minnesota
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written by JW of Minnesota , July 11, 2011

"raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%."

Fucking A. This, combined with the fact that our company plan's cost increased 28% this year, is not good. My medical costs, just for premiums and deductibles, is continues to go way up, in no small part to "reform".

Here's a real life example of 'reform' taking a few grand out of my pocket that would have been spend in the domestic economy for goods and services.



Sequel
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written by Sequel , July 11, 2011

How about 2 Trillion or 4?
10 Trillion in new taxes and 99% on the rich, that will create prosperity across the land!



JW of Minnesota
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written by JW of Minnesota , July 11, 2011

"We are going to make it easier for you"
PNB

So by doubling the cost to my employer, and then reducing the tax benefit of my payments, it's somehow easier for me.

Not to mention our retirement plan was downsized to offset the health care costs.

An Irish in this country gets him a good job, holds on to it for a while, but "the Man" just finds another was to shit in his hat.



TomC
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written by TomC , July 12, 2011

The clueless lot in the current administration have not even felt the effects of the increases in capital gains taxes that are to take effect soon. The 3.9% that will be added onto CGT for medicare. There is no limit to their lust for money and power.



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