On Nov 25, 5:48 pm, Sanity <
sanity-cla...@sbcglobal.net> wrote:
>
> Basically, the US is run by gangsters. It’s a protection racket,
> plain and simple.
Mr Community Organizer is simply your typical lying politician coming
from a long line of "Tax-n-Spend Democrats" of the worst kind.
The Democrats just can't help it.
They're addicted to spending YOUR money and no amount of sanity or
fiscal responsibility is going to convince them not to try and tax-n-
spend their way out of this recession.
They just can't freekin' help themselves!
"I can make a firm pledge. Under my plan, no family making less than
$250,000 a year will see any form of tax increase. Not your income
tax, not your payroll tax, not your capital gains taxes, not any of
your taxes."
- Barack "Kingfish" Obama, Dover, N.H., Sept. 12, 2010
LOL!!!
Just like a junkie talking to his parole officer!
Comprehensive List of Obama Tax Hikes
http://www.atr.org/comprehensive-list-obama-tax-hikes-a6433#ixzz1emKgSU14
Which one of these tax hikes will destroy the most jobs?
Since taking office, President Barack Obama has signed into law twenty-
one new or higher taxes:
1. A 156 percent increase in the federal excise tax on tobacco: On
February 4, 2009, just sixteen days into his Administration, Obama
signed into law a 156 percent increase in the federal excise tax on
tobacco, a hike of 61 cents per pack. The median income of smokers is
just over $36,000 per year.
2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014):
Starting in 2014, anyone not buying “qualifying” health insurance must
pay an income surtax according to the higher of the following
1 Adult
2 Adults
3+ Adults
2014
1% AGI/$95
1% AGI/$190
1% AGI/$285
2015
2% AGI/$325
2% AGI/$650
2% AGI/$975
2016 +
2.5% AGI/$695
2.5% AGI/$1390
2.5% AGI/$2085
Exemptions for religious objectors, undocumented immigrants,
prisoners, those earning less than the poverty line, members of Indian
tribes, and hardship cases (determined by HHS). Bill: PPACA; Page:
317-337
3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an
employer does not offer health coverage, and at least one employee
qualifies for a health tax credit, the employer must pay an additional
non-deductible tax of $2000 for all full-time employees. Applies to
all employers with 50 or more employees. If any employee actually
receives coverage through the exchange, the penalty on the employer
for that employee rises to $3000. If the employer requires a waiting
period to enroll in coverage of 30-60 days, there is a $400 tax per
employee ($600 if the period is 60 days or longer). Bill: PPACA; Page:
345-346
Combined score of individual and employer mandate tax penalty: $65
billion/10 years
4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/
takes effect Jan. 2013): Creation of a new, 3.8 percent surtax on
investment income earned in households making at least $250,000
($200,000 single). This would result in the following top tax rates
on investment income: Bill: Reconciliation Act; Page: 87-93
Capital Gains
Dividends
Other*
2011-2012
15%
15%
35%
2013+ (current law)
23.8%
43.4%
43.4%
2013+ (Obama budget)
23.8%
23.8%
43.4%
*Other unearned income includes (for surtax purposes) gross income
from interest, annuities, royalties, net rents, and passive income in
partnerships and Subchapter-S corporations. It does not include
municipal bond interest or life insurance proceeds, since those do not
add to gross income. It does not include active trade or business
income, fair market value sales of ownership in pass-through entities,
or distributions from retirement plans. The 3.8% surtax does not
apply to non-resident aliens.
5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax
hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40
percent excise tax on “Cadillac” health insurance plans ($10,200
single/$27,500 family). Higher threshold ($11,500 single/$29,450
family) for early retirees and high-risk professions. CPI +1
percentage point indexed. Bill: PPACA; Page: 1,941-1,956
6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes
effect Jan. 2013): Current law and changes:
First $200,000
($250,000 Married)
Employer/Employee
All Remaining Wages
Employer/Employee
Current Law
1.45%/1.45%
2.9% self-employed
1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike
1.45%/1.45%
2.9% self-employed
1.45%/2.35%
3.8% self-employed
Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93
7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan.
2011): Americans no longer able to use health savings account (HSA),
flexible spending account (FSA), or health reimbursement (HRA) pre-tax
dollars to purchase non-prescription, over-the-counter medicines
(except insulin). Bill: PPACA; Page: 1,957-1,959
8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect
Jan. 2011): Increases additional tax on non-medical early withdrawals
from an HSA from 10 to 20 percent, disadvantaging them relative to
IRAs and other tax-advantaged accounts, which remain at 10 percent.
Bill: PPACA; Page: 1,959
9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids
Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs
of $2500 (now unlimited). Indexed to inflation after 2013. There is
one group of FSA owners for whom this new cap will be particularly
cruel and onerous: parents of special needs children. There are
thousands of families with special needs children in the United
States, and many of them use FSAs to pay for special needs education.
Tuition rates at one leading school that teaches special needs
children in Washington, D.C. (National Child Research Center) can
easily exceed $14,000 per year. Under tax rules, FSA dollars can be
used to pay for this type of special needs education. Bill: PPACA;
Page: 2,388-2,389
10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/
takes effect Jan. 2013): Medical device manufacturers employ 360,000
people in 6000 plants across the country. This law imposes a new 2.3%
excise tax. Exempts items retailing for <$100. Bill: PPACA; Page:
1,980-1,986
11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to
10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently,
those facing high medical expenses are allowed a deduction for medical
expenses to the extent that those expenses exceed 7.5 percent of
adjusted gross income (AGI). The new provision imposes a threshold of
10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill:
PPACA; Page: 1,994-1,995
12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/
took effect July 2010): New 10 percent excise tax on Americans using
indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
13. Obamacare elimination of tax deduction for employer-provided
retirement Rx drug coverage in coordination with Medicare Part D (Tax
hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994
14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/
took effect Jan. 1 2010): The special tax deduction in current law for
Blue Cross/Blue Shield companies would only be allowed if 85 percent
or more of premium revenues are spent on clinical services. Bill:
PPACA; Page: 2,004
15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect
immediately): $50,000 per hospital if they fail to meet new "community
health assessment needs," "financial assistance," and "billing and
collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971
16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/
took effect Jan. 2010): $2.3 billion annual tax on the industry
imposed relative to share of sales made that year. Bill: PPACA; Page:
1,971-1,980
17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes
effect Jan. 2014): Annual tax on the industry imposed relative to
health insurance premiums collected that year. Phases in gradually
until 2018. Fully-imposed on firms with $50 million in profits. Bill:
PPACA; Page: 1,986-1,993
18. Obamacare $500,000 Annual Executive Compensation Limit for Health
Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013).
Bill: PPACA; Page: 1,995-2,000
19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes
effect Jan. 2012): Preamble to taxing health benefits on individual
tax returns. Bill: PPACA; Page: 1,957
20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took
effect immediately). This is a tax increase on a type of bio-fuel.
Bill: Reconciliation Act; Page: 105
21. Obamacare Codification of the “economic substance doctrine” (Tax
hike of $4.5 billion/took effect immediately). This provision allows
the IRS to disallow completely-legal tax deductions and other legal
tax-minimizing plans just because the IRS deems that the action lacks
“substance” and is merely intended to reduce taxes owed. Bill:
Reconciliation Act; Page: 108-113