Monday, July 11, 2011

The Spend & Tax Plan

The WSJ nails it in today's Opinion page - Taxes Upon Taxes Upon...: 2019 the annual revenue increase is nearly $90 billion, or $900 billion in the 10 years after that. Yet Mr. Obama wants to add another $1 trillion in new taxes on top of this.
We think this was the President's spend-and-tax plan from the very first. Run up spending and debt in the name of stimulus and health-care reform, then count on Wall Street bond holders and the political establishment to browbeat Republicans into paying for it all. He apparently didn't figure on the rise of the tea party, or 1.9% GDP growth and 9.2% unemployment two years after the recession ended.

The editorial lists 7 of Obama's tax increases that have already passed through Congress (yes, Pelosi's Congress). They include:

1) 0.9% -a nearly triple increase on medicare for singles to 2.9%,
2) Then applies that medicare 2.9% to investment income,
3) 2.3% import tax on medical devices starting in 2013,
4) An annual fee on drug makers and importers,
5) Allowing medical deductions from 7.5% to 10%,
6) a 40% tax on private insurance policies starting in 2018,
7) an annual fee on healthcare insurance companies in 2014.

So which of these new taxes will be passed onto citizens? 3, 4, 6 and 7.

1, 2 and 5 are not "passed on" because they go directly to the citizens.

Kudos to Rep. Boehner and GOP'ers. Everytime they say "no", they represent me and my fellow tea-partying patriots.

1 comment:

ProAynRand said...

the gipper in all his glory