Higher taxes than France… Doesn’t sound like a good idea.
November 21, 2009 12 Comments
Since the Health Care debate began a couple of months ago, we realised that Democrats have a lot of talent and imagination when it comes to creating new taxes.
Currently, the top federal tax rate is 35%. In addition, the House of Representatives’ version of health care reform includes a 5.4 percent surtax on incomes over $500,000 a year. All these increases, combined with state and local income taxes, would raise the average top marginal rate in the U.S. to over 52 percent. This would be higher than traditionally high-tax countries such as Italy, Spain, and even France.
Let’s keep in mind that raising taxes in the middle of a recession is not the smartest thing to do. I would actually propose a tax relief, since people don’t have money in their pockets (maybe because the government takes it away).
Also, let’s remember that Obama promised last year while campaigning, not to raise taxes on the middle class. He would only tax “the wealthiest.” He probably should go back to kinder, there they could teach our President that 2 plus 2 equal 4 and that you can’t afford massive government spending by taxing just the wealthiest. Personally, I want lower taxes for everybody, and oppose any kind of tax hike on anybody.
The following is a list of the tax hikes included in the House of Representatives bill, the Senate bill and those other taxes that have been mentioned as a way of financing this government takeover of 1/6 of the American economy.
- An income surtax on taxpayers earning more than $500,000 a year
- An excise tax on high-cost “Cadillac” health insurance plans that cost more than $8,500 a year for individuals or $21,000 for families,
- An excise tax on medical devices such as wheelchairs, breast pumps, and syringes used by diabetics for insulin injections,
- A cap on the exclusion of employer-provided health insurance without offsetting tax cuts,
- A limit on itemized deductions for taxpayers with a top income tax rate greater than 28 percent,
- A windfall profits tax on health insurance companies,
- A value-added tax, which would tax the value added to a product at each stage of production,
- An increase in the Medicare portion of the payroll tax to 3.4 percent for incomes great than $200,000 a year ($250,000 for married filers),
- An excise tax on sugar-sweetened beverages including non-diet soda and sports drinks,
- Higher taxes on alcoholic beverages including beer, wine, and spirits,
- A tax on individuals without acceptable health care coverage of up to 2.5 percent of their adjusted gross income,
- A limit on contributions to health savings accounts,
- An 8 percent tax on all wages paid by employers that do not provide their employees health insurance that satisfies the requirements defined by the Secretary of Health and Human Services,
- A limit on contributions to flexible spending arrangements,
- Elimination of the deduction for expenses associated with Medicare Part D subsidies,
- An increase in taxes on international businesses,
- Elimination of the tax credits paper companies take for biofuels they create in their production process–the so-called “Black Liquor credit,”
- Fees on insured and self-insured health plans,
- A limit or repeal of the itemized deduction for medical expenses,
- A limit on the Qualified Medical Expense definition,
- An increase in the payroll taxes on students,
- An extension of the Medicare payroll tax to all state and local government employees,
- An increase in taxes on hospitals,
- An increase in the estate tax,
- Increased efforts to close the mythical “tax gap,”
- A 5 percent tax on cosmetic surgery and similar procedures such as Botox treatments, tummy tucks, breast enhancements, breast lifts and face lifts,
- A tax on drug companies,
- An increase in the corporate tax on providers of health insurance, and
- A $500,000 deduction limitation for the compensation paid by health insurance companies to their officers, employees, and directors.
Seriously? I didn’t know I was living in France. I thought this was the United States of America.
The tax list provided above was taken from a Heritage Web Memo titled “Taxes Proposed to Pay for Health Care Reform.