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Obama: You know what we need to reduce the debt and stimulate the economy? More taxes!

Right, because he hasn’t signed off on nearly enough in tax increases, has he?  From WSJ:

Keep in mind that Mr. Obama has already signed the largest tax increase since 1993. While everyone focuses on the Bush tax rates that expire after 2012, other tax increases are already set to hit the economy thanks to the 2010 Affordable Care Act. As a refresher, here’s a non-exhaustive list of ObamaCare’s tax increases:

• 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.” Oh, and these new taxes aren’t indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires?

Taxpayer cost over 10 years: $210 billion.

• 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. Though it only applies to two years in the 2010-2019 window of ObamaCare’s original budget score, this tax would still raise $32 billion—and much more in future years.

• And don’t forget a new annual fee on health insurance providers starting in 2014 and estimated to raise $60 billion. This tax, like many others on this list, will be passed along to consumers in higher health-care costs.

Since businesses do not pay taxes (they merely collect them), any cost increase will be passed on to consumers, employees (in the form of benefits and pay cuts, no raises, etc.), and dividend recipients and shareholders (mainly retirees).  Continuing:

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.

Last November Republicans won the House and landslide gains in many states in large part because of the deep unpopularity of the stimulus and ObamaCare. Mr. Boehner has a mandate for spending cuts and repealing the Affordable Care Act. If Republicans instead agree to raise taxes in return for future spending cuts that may or may not happen, they will simply be the tax collectors for Mr. Obama’s much expanded entitlement society.

The man-child’s economic illiteracy will kill this country yet.

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July 11, 2011 - Posted by | big government, economic ignorance, Obama, taxes

4 Comments »

  1. “If Republicans instead agree to raise taxes in return for future spending cuts that may or may not happen.”

    Then these so-called Republicans won’t get re-elected!

    Comment by tnjack | July 11, 2011

  2. I don’t believe in the “man-child’s” illiteracy. I think he knows exactly what he is being told to do by his handlers. Yes, I know it sounds like I’m a conspiracy nut. I can account for all the Ovimit’s moves since being elected in no other way. He is not that smart, he screws up when he strays from prepared text via the teleprompter. I agree that he did not count on the rise of the tea party, etc., but it only made the powers behind the curtain skip a small beat in the march to the abyss for this nation. That they could not quash, or fix, these surprise factors made them push even harder for the goal for this country, socialism. Now the GOP is not going along with the plan and they are pushing even harder. If the RINOs did cave to the demonrats demands on the debt ceiling, etc. they will not be in office after the elections of 2012.
    Stupid liberals, can’t have it their way all the time. We The People are now paying close attention to what they are doing, and enough of us are connecting the dots to make a difference.

    Comment by J.Guidry | July 12, 2011

  3. […] Obama: You know what we need to reduce the debt and stimulate the economy? More taxes! (crushliberalism.com) Share this:TwitterFacebookPrintLinkedInDiggStumbleUponRedditEmailLike this:LikeBe the first to like this post. This entry was posted in Financial and tagged Adjusted Gross Income, Barack Obama, Excise, Flexible spending account, Health insurance, Individual Retirement Account, Patient Protection and Affordable Care Act, United States by pprnnews. Bookmark the permalink. […]

    Pingback by Comprehensive List of Obama Tax Hikes | Prepper Podcast Radio News | September 9, 2011

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    Pingback by Comprehensive List of Obama Tax Hikes « Pesky Emotional Republican | September 12, 2011


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