President Obama has recently taken to the air waves to ask Americans to help him with his deficit plan. Although no one has yet seen his plan, we do know that, in his mind, unless we raise taxes immediately, the sky will fall. So, I say, let’s help him.
Help him remember, that is.
He is obviously so busy that he has forgotten that he has already passed the largest tax tax increase since 1993, one which, by 2019, is scheduled to raise taxes by $1 trillion over a 10 year period. It’s called Obamacare.
As to the evil, rich, millionaire, billionaire, corporate jet owner making more than $200,000 per year, beginning in 2013, he or she will see a 3.9% tax increase. His or her Medicare tax will increase by .9% on earned income (taking it to 3.9%), but now, he or she will also pay 3.9% on interest income, dividend income and capital gains income. This will raise $210 billion over 10 years, and, no doubt, will be put in the “Medicare lock box”.
But, the President didn’t stop there.
As we don’t have enough evil, millionaire, billionaire, corporate jet owners making $200,000 per year, the President raised taxes on everyone.
- the cost of your prescription drugs increased this year to pay for the $2.7 billion per year tax on drug companies,
- if you itemize deductions, beginning in 2013, your unpaid medical expenses will now need to be more than 10% of your income (up from 7.5%) to claim the deduction,
- the same year, you will see a 2.3% “excise tax” on any medical device you need, from an artificial hip to a pair of crutches,
- in 2014, insurance companies will pay $6 billion per year in increased taxes…guess who will pay that in the form of higher premiums, and,
- in 2018, if you have a “cadillac” insurance plan, you will pay a svelte 40% “excise tax” on it.
Then, of course, we have the tax on any individual who has the temerity to not purchase a “government approved” health insurance plan, and the tax on any employer, with more than 50 employees, who doesn’t provide a “government approved” health insurance plan to his or her employees.
We are “taxed enough already”, Mr. President.
What’s your plan to cut expenses?