Do you want tax increases? Support the health care bill!
March 21, 2010 11 Comments
I think Democrats are willing to pay higher taxes. The thing is normal Americans with brains don’t want to pay higher taxes that will be used to fund a golf course in a town with more cows than people (I’m not making this up, that was something the Democrats funded in order to “stimulate” the economy. So far, it’s worked great!)
Some Americans (41% of American voters according to Rasmussen), support this bill (and only 26% Strongly Favor). Those Americans are supporting a government takeover of 1/6 of our economy, a government takeover of the student loan market, cuts in Medicare, special deals (if I listed them all this post would never end), and tax increases.
We all know the economy is hurting. Many Americans are unemployed and there’s nothing that would hurt them than a tax increase. Yet, Obama and Company are telling them: Washington knows best.
The following is a list of tax increases in H.R. 4872….
Decrease in high-cost plans excise tax: The bill would delay the effective date of the high-cost plans tax from 2013 to 2018, raise the thresholds for what qualifies as a high-cost plan to $10,200 for singles and $27,500 for families. The bill would include a carve-out for multiemployer plans that generally cover unionized firms that allows single employees to qualify for higher the family threshold.
New Medicare HI tax on investment income: The bill would impose a 3.8 percent tax, transferred to the Medicare Trust Fund, on investment income for singles earning over $200,000 and families earning over $250,000. The bill would exempt active income from certain business ownership stakes and expenses and distributions from retirement plans. These thresholds are not indexed for inflation, so an ever increasing number of Americans would become subject to these investment and wage taxes over time.
Flexible Spending Accounts: The bill would delay the effective date of the $2,500 cap on flexible spending accounts from 2011 to 2013.
Increased Tax on Pharmaceutical Industry: The bill would delay the effective date of the pharmaceutical tax one year to 2011, increases the annual fee within the budget window to $4.2 billion in 2018, and increases the per-year fee in perpetuity to $2.8 billion.
Increased Tax on Medical Device Manufacturers: The bill would change the annual fee with a set dollar amount to an excise tax on medical device sales at 2.9 percent of the price of the device, delayed until 2013.
Increased Fees on Health Insurers: H.R. 4872 would delay the effective date on the net premiums for the insurance company tax from 2010 to 2014, provide an exclusion for certain non-profit insurers and voluntary employees’ beneficiary associations, and increase the annual fee to $14.3 billion in 2018, increasing thereafter annually based on premium growth.
Delay of Elimination of Deductible Part D Subsidy: The bill would end the deduction for the Medicare Part D subsidy two years later-in 2013.
Eliminates Credit for “Black Liquor”: The bill would prevent a byproduct from paper production known as “black liquor” from qualifying for the cellulosic biofuels tax credit.
But obviously, it’s Bush’s fault….