Nathan R. Jessup

The Facts Obama Doesn't Want You To Know

In Uncategorized on March 27, 2010 at 7:45 pm

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(By Joanne Galloway)

Does one person’s need constitute another’s obligation to provide?

Really think about that folks. Our Constitution says no, most American’s say no, (see Rasmussen today) but in effect, that’s what our government has done for years by way of taxation. In the case of Obamacare – that obligation will become an all out smorgasbord of benefits stolen from those who have, rendered unto those deemed “in need”, ala the Karl Marx principle “From each according to his means, to each according to his needs”.

Evidence to this fact is an article on biggovernment.com. We are entering a period in American history where we have unsustainable appetites for freebies from Uncle Sam – and an ever-increasing demographic of voters promulgating higher taxes for only the earning half of Americans.

The author states, “President Obama campaigned on the promise that any tax increases proposed by his Administration would be imposed only on the highest five percent of the population and that taxes for the rest of the people would not go up by a dime.  His cutoff point is often said to be $250,000 per annum.” How many times have we heard that promise?  Like so many other promises our sitting president has made, this statement is disingenuous on many levels. Thanks to Obamacare, taxes, penalties, fines – even over the counter medications (OTC) will be increasing at alarming percentages.  Last time I checked allergies, headaches and colds were not exclusively contracted by only those making 250K/year or more.

The article goes on to state:

“The National Center for Policy Analysis reports as follows:

  • According to data from the IRS, the bottom 50 percent of income earners pay approximately 4 percent of income taxes.
  • The top 25 percent of income earners pay nearly 83 percent of the income tax burden, and the top 10 percent pay 65 percent.
  • The top 1 percent of income earners pays almost 35 percent of all income taxes.
  • The top 400 richest Americans [out of 320 million of us] paid 1.58 percent of total income taxes in 2000.

Empirical evidence also shows that the wealthiest citizens are also paying an ever-increasing proportion of all taxes collected by the federal government.  Data from the Congressional Budget Office(CBO) show not only that taxes on the wealthy have risen over time, but also that the 2001 Bush tax cut barely kept their share of the tax burden from rising further.”

Did you catch that last part there?  That’s right folks – the mantra of the left, indicating that the Bush tax cuts were a tax cut for the wealthiest 1% was a complete lie! According to the National Center for Policy Analysis, the top 1% actually saw their overall federal tax burden increase slightly, from 33 to 33.2 percent. And we’ve already established the wealthiest among our citizens are shouldering the near 40% of people who paid no taxes whatsoever.

The government is stealing our hard-earned money, and handing it to those they consider “in need” – all 40% of them who paid NO taxes at all.  We go to work, spending our lives and our substance away from our homes and families (where I’m sure we’d all rather be) so that we can hand over half of it to people who do not, will not, and in some cases cannot work.

A quick study on taxes you’ve been paying–

  • Federal Income tax up to 33+ % (dependent on income)
  • Social Security tax of 6.2% if you are an employee (or 12.4% if you are self-employed) on the first $106,800 of earnings
  • State income taxes of up to 12 % in some states (some lucky enough not to have this tax)
  • Medicare tax of 1.45 percent on total taxable income (2.9% if you are self-employed)
  • Sales taxes up to 10%  in some cities and states
  • Local taxes, usually near 1%.
  • And now introducing the “death tax” –  55% of anything you might have left over for posterity.

Now, under Obamacare, add these –

  • Under Obamacare, a new income surtax of 5.4 percent on MAGI (modified adjusted gross income) over $500,000 ($1 million married filing jointly).  This effectively raises the top marginal tax rate in 2011 from 39.6 percent under current law to 45% — the highest tax rate we’ve seen.
  • Medicare going up to 3.8% on ALL income, including interest, dividends and capital gains, which the left refers to as “unearned income”
  • FSAs and HSAs (Flexible Spending Accounts – like where you put money for childcare and some medical care pre-tax) now annually capped of $2500 – previously un-capped.  Yeah, that doesn’t cover even half a years tuition at my baby’s daycare. There is an increase of penalty for any disbursement of this pre-tax money back to you if unused.  It was formerly 10%, now is 20% (that is in addition to the tax you’d have had to pay on it anyway if you’d withdrawn it unused). And, you can’t use this to buy OTC drugs anymore.  If you DO use your HSA for OTC meds, you will pay a fine of 40% of that cost.
  • Codification of the “Economic Substance Doctrine” (Page 349 of the bill): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related. ( Boy could this one have a million interpretations under the law)
  • Individual Mandate Surtax (Page 296 of the bill): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium.  MAGI adds back in the foreign earned income exclusion and municipal bond interest.

These are just the taxes I’ve been able to pick out of the bill (thus far, it’s not an easy read) that seem to affect you directly in your day-to-day life – directly our of your wallet.  But there is a great host of taxes on insurance companies, DME (durable medical equipment), and employers that has not been mentioned here that will indirectly affect you.

With all these new taxes, fines and penalties on businesses – only two things can happen:

First – businesses will offset their costs by passing part of the tab onto you, the consumer, via price increases on their products.

Second – Jobs will be cut as employers scamper to find ways to cut costs.

So, the way I see it, this will make all our purchased goods cost more, while families are left either jobless, or one income short.  Uh huh.  And these unfortunate families will be added to the block of people who by need now have to put their hands out for more help.  And who are these unfortunate economic casualties more likely to vote for?  Reactionary voters are going to go with the politicians willing to dole out more to their ever more impoverished families.

According to the article: “The more we have a society where substantial numbers of people pay no taxes (now close to 40%), the more we create a voting bloc of citizens who will inevitably support new programs for which they don’t have to pay.”

So I suppose when Al Sharpton said last week that America overwhelmingly voted for Socialism by electing Obama, it was the most honest thing I’ve ever heard him say.  Well, does one person’s need constitute another’s obligation to provide? Karl Marx, and Obama voters say yes.

Socialism 1

Constitution 0

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