The Adventures of Taxicus Spendicus
Almost four years ago Americans went to the polls and took a chance on a new comer they knew nothing about. Barrack Hussein Obama, a silver tongued snake oil salesman convinced enough of the electorate he had the answers to Americas problems. He was the solution to what that evil George Bush had done to us. Just give him a chance and he would heal the sick; raise the dead and lower the seas.
Well almost four years into his so called presidency (so called because presidents govern while Obama rules), here is what he and his Regime have given us. Since taking office three and ½ years ago, the Obama Regime has signed into law twenty-one new or higher taxes on the American people:
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. Statistics have shown that the median income of smokers is just over $36,000 per year so Obama’s first act out of the box was to raise taxes on the people he claims to represent 156%.
Next along comes the much maligned Obamanation known as Obama Care; it can now also be referred to as the Roberts Retreat (from liberal media pressure wherein he surrendered his constitutional values). With this new Tax, which goes into effect in 2014, anyone refusing to purchase health insurance must pay an income surtax according to the higher of the following:
Note this goes into effect in 2014; after the Regime has successfully duped the public into another 4 years in which to plunder and pillage. Beginning in 2014, a single adult pays the higher of 1% of his or her adjusted gross income or $95; two adults pay the higher of 1% of their combined adjusted gross incomes or $190 and a family of 3 or more pay the higher of 1% of their combined adjusted gross incomes or $285. This is an ever increasing scale between 2014 and 2016 wherein the % increases from 1% up to 2 ½% while the dollar amount increase 29.2%, 2014 to 2015 and 46.7% 2015 to 2016. This has been called by some the single largest tax increase on the middle class ever.
Now, remember that 300 pound gorilla standing in the unemployment line I keep talking about, well here he is. This is Obama’s kiss of death to small business; 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; this tax applies to all employers with 50 or more employees. Now do you understand why employers are not hiring?
Remember Obama’s war on Investment Capital; you know the Baine Capital ads that blew up in their face. Well my friends here’s his little tax through which he expresses his disdain for the Investment Capital group. Effective Jan. 2013, just 2 months following what he hopes to be his Regimes second term election, 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: Capital Gains increases from 15% to 23.8%; tax on dividends up from 15% to 23.8% and the tax on all other investment income go up from 35% to 43.4%.
More on the additional taxes associated with Obama Care and Roberts Ruling of Disorder; get this, effective January 2018; WHAT, that’s right 2018; 2 full years after his Regime’s second term ends if God forbid they get a second term, a new 40 percent excise tax goes into effect 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. The only salvation in all of this is if they get another term no one would be able to afford these so called Cadillac Plans so there will be no plans to tax!
I’ve only enumerated 5 taxes in this first blog; to learn about the remaining 16 you’ll have to tune in to the next 2 or 3 chapters of the Adventures of Taxicus Spendicus! Frankly I have to get away from this for awhile to get some fresh air; just writing about Obama and Roberts makes me ill!