Tuesday, July 17, 2012

Obama's "Return To Tax Rates Under Bill Clinton" Lie

In almost every speech the President makes regarding the killing of the Bush tax cuts for the rich, he claims that all he is trying to do is change their tax rates to what they were under Clinton.  But, this a lie.

Under ObamaCare, there are 18  new taxes and tax increases that are, in a large part, aimed at those making $200,000 individually or at families making more than $250,000.  That same group that Barack Obama would target by killing the Bush tax cuts for the rich.

First, there is a nine-tenths of a percent increase in the Medicare taxes that are already being paid for by that $200k+ income group.  But, this is not a traditional income tax; which is imposed after deductions.  This tax is applied to unadjusted gross wages.   Iit is the equivalent of raising the income tax on the rich by 2% or more.

Then, too, there's the 3.8% investment tax that no other group will see.  Under the current laws, any person who sells a home at a profit won't have to pay a capital gains tax on those profits as long as they buy another home at an equal or higher value.   But, under ObamaCare, any profits made from home selling for high income earners will be hit with a surtax of 3.8%.  And, this 3.8% tax will also be added to all existing rates for any investment profits; including dividends and interest earned.

In addition, many extremely high income earners are self-insured when it comes to paying for their health care.  For that reason, it is highly likely that they will be hit with the Individual Mandate Tax of $900 a year.  Then, too, many wealthy have Cadillac insurance plans.  These plans give them goodies like private rooms when they are hospitalized and access to the best physicians and specialists.  The ObamaCare tax on those plans is a 40% excise tax.

On top of all the aforementioned taxes, the rich will also have the pleasure of experiencing all the other tax and related cost increases that the rest of us will experience.

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