Dan Kennedy

Of course, the big lie is that all taxes are a tax on income – what else are they paid with? But the semantic spin can’t mask the reality that Obama’s schemes will soon bury the middle income earner, Andy Stearn’s union workers, small business owners – everybody – in a volcanic eruption of taxes.

The unfunded mandates and new demands on Medicaid must send states scurrying even more than they already are to patch epic budget gaps with higher income, property and sales taxes and new taxes on everything from dog-walking to doughnuts. The health bill is very much a bill, a collection of new taxes and tax increases, such as those on medical devices (and wait until everybody sees how that definition expands), insurance benefits, even to the micro-silly, like taxing use of tanning beds. Starting in 2011, employers must report the value of health benefits on employees W-2’s. What does that predict?

Currently, the Medicare tax is limited to 2.9 percent of earned income. The new 0.9 percent bump in it is only for those rich slobs earning over $200,000, but there’s also a little mentioned 3.8 percent Unearned Income Medicare Contribution, effective 2013, if this mess isn’t repealed and replaced. This is a brand new kind of tax, on all investment income. That is, everybody’s investment income, regardless of earned income; on every penny of interest, dividends, rents, and so forth. Perhaps it’s a shock to Obama that plenty of people with incomes far below $250,000 have investments and rely on interest from responsible savings and dividends from prudent investing of money earned and already taxed – if he is that stupid, somebody ought enlighten him. His own $5-million income may have put him a bit out of touch.

Obama’s amusing himself creating new taxes and tax. You could fill a lot of pages with them. More than 2,000 pages. And we are not amused.

Dan Kennedy

Dan Kennedy is a serial entrepreneur and contributor to the Business & Media Institute.