Tuesday, July 3, 2012

The Obamacare Tax

More taxes...and more taxes..... and this comes while we are already seeing how other US government run programs are simply unsustainable. With Medicare and Medicaid going bankrupt, it is not a far stretch to see how Obamacare will be a disaster for this country. I believe it is designed to fail, so Americans will eventually cry for a single payer system (but that's another blog post) ... unfortunately single payer doesn't work and one only has to see the countries that employ that model and how it fails delivering quality care while bankrupting their national treasury. Meanwhile doctors are beginning to flee the system here at home. I personally know several doctors who have thrown up their hands and shut their practices, because they understand what is coming.  Practices are already incurring huge costs and hate the electronic medical records that they have been forced to swallow.

But let's look at the economic cost to average Americans for this so-called "free healthcare":

76% of people who will have to pay the new Obamacare tax for not having healthcare are those people making less than $120,000 per year. In this economy, these are the families who can least afford a tax increase. Obamacare is the largest tax increase on the middle class in American history.

There will be 21 new taxes heaped on the American people as a result of this horrid healthcare bill - they include:
• A 2.3% excise tax on U.S. sales of medical devices.
• A 3.8% surtax on investment income from capital gains and dividends that applies to single filers earning more than $200,000 and married couples filing jointly earning more than $250,000.
• A $50,000 excise tax on charitable hospitals that fail to meet new "community health assessment needs," "financial assistance" and other rules set by the Health and Human Services Dept.
• A $24 billion tax on the paper industry to control a pollutant known as black liquor.
• A $2.3 billion-a-year tax on drug companies.
• A 10% excise tax on indoor tanning salons.
• An $87 billion hike in Medicare payroll taxes for employees, as well as the self-employed.
• A hike in the threshold for writing off medical expenses to 10% of adjusted gross income from 7.5%.
• A new cap on flexible spending accounts of $2,500 a year.
• Elimination of the tax deduction for employer-provided prescription drug coverage for Medicare recipients.
• An income surtax of 1% of adjusted gross income, rising to 2.5% by 2016, on individuals who refuse to go along with ObamaCare by buying a policy not OK'd by the government.
• A $2,000 tax charged to employers with 50 or more workers for every full-time worker not offered health coverage.
• A $60 billion tax on health insurers.
• A 40% excise tax on so-called Cadillac, or higher cost, health insurance plans.

Wiping out the middleclass via more taxation and inflation seems to be the goal of this administration, and has been the goal of many Marxist/Socialist models. By wiping out the middle class they create government dependency and an elitist ruling class. Of course that elitist ruling class wants to make it seem that what they mandate is "for the people"... when in fact it is to keep people poor and dependent. It's the way of the Statist.

Aside from higher taxation there is another factor that helps to eliminate the middle class is long term unemployment. We should be especially worried about long-term unemployed workers. Studies show that the longer they go jobless, the more likely it is that they’ll lose their skills, that companies will refuse to hire them, and that they’ll drop out of the workforce entirely. This means they fall into substandard jobs, or rely solely on government assistance... or both.

This isn't healthy for our country at all.

“The most perfect political community must be amongst those who are in the middle rank, and those states are best instituted wherein these are a larger and more respectable part, if possible, than both the other; or, if that cannot be, at least than either of them separate.” - Aristotle

"If, from the more wretched parts of the old world, we look at those which are in an advanced stage of improvement, we still find the greedy hand of government thrusting itself into every corner and crevice of industry, and grasping the spoil of the multitude. Invention is continually exercised, to furnish new pretenses for revenues and taxation. It watches prosperity as its prey and permits none to escape without tribute." ~Thomas Paine