Monday, December 31, 2012

Taxes going up? Blame the "low information voters" who reelected Pres Obama!

Pres BO, and many in the media, are avoiding the reality of January 1st.  The fact is that taxes are going up and it has nothing to do with "the fiscal cliff".  It has everything to do with Obama-Care, the single most irresponsible & expensive piece of legislation in US history.

This is a sample of the taxes going up from Americans for Tax Reform:

"Obamacare contains twenty new or higher taxes. Five of the taxes hit for the first time on January 1.  In total, Americans face a net $1 trillion tax hike for the years 2013-2022, according to the Congressional Budget Office."

We will soon see:

1) "Medical Device Tax:  Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year.  In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to artificial hips more expensive."

2) "The 30-35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2500. This will squeeze $13 billion of tax money from Americans over the next ten years. (Currently, the accounts are unlimited under federal law, though employers are allowed to set a cap.)"

3) "The Obamacare Surtax on Investment Income: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single)."

And there are others.

Of course, the Obama "spin" is that the rich will pay more, or their "fair share".  In fact, the rich won't pay more.  They will invest less, hire fewer people and move their dollars to tax shelters overseas.

Again, don't blame me because I voted for Romney.  Blame that "low information voter" who voted for Obama because he is "hip" or "cool".

Check out our chat with Dr Ileana Johnson Paugh on Friday:

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