The Coming Tidal Wave of Obamacare Taxes
Posted under:General— @ 1:41 am
The Coming Tidal Wave of Obamacare Taxes
by Jeff Davis
Democrats only know how to do two things: tax and spend. Obama has just committed the US to provide medical insurance for everyone in America. On Jan. 1st, 2011 we will be forced to start paying the bill for that monstrous mandate. Not only are the Bush tax cuts gone, tax brackets will soon be going up. And look forward to a 55 percent death tax. Obama and the Dems will literally be picking the pockets of dead White people to pay for all the little brown Latino babies that the Democrats consider the future of America.
An article at Investors.com reports: “Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something’s done soon, the new year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers. Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade. But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.”
I can tell you one effect already. If millionaires are going to lose 55% of their estate on their death, then they will start shifting massive amounts of private wealth offshore in the same way this occurred in Britain from the 1940s onward, depriving the country of an untold reserve of capital that might be used for job creation, research and development and economic recovery. Obama and his Court Jews have just cut this country’s economic throat and on January 1st we start to bleed to death.
The article notes “Resurrection of the death tax, however, isn’t the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it’s not just the rich who will pay. The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%. But the damage doesn’t stop there. The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase. Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers. Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020. But even more tax headaches lie ahead. This ’second wave’ of hikes, as Americans for Tax Reform puts it, are designed to pay for ObamaCare…”
This is where you need to go to the article and read the rest of it yourself. It’s a horror story.
This was a bill, bear in mind, that most of the Congressmen and Senators who voted for it admit they did not read beforehand. Now we know why Obama and his Court Jews had to bribe or threaten Senators and Congressmen to shove this through.
Obamacare is about the redistribution of wealth out of the hands of White people to Blacks and Latinos in the guise of free health care for minorities and crippling taxes for Whites. It is a very rare thing for me to advocate voting for any Establishment party, but we had better hope the Republicans seize both Houses of Congress in November because there is at least some chance they will do something about this. Not because they give a damn about ordinary White people but for the sake of their corporate cronies in the healthcare and insurance industries.