A Tale of Two Assassins
Why Politico's Headline About Undercover FBI Assets at the J6 Riot Is Priceless
That ProPublica Hatchet Job on Pete Hegseth Just Got Worse
Time Magazine Asked Trump What He Thought Was Kamala’s Worst Error in the...
Trump's Nominee for FBI Director Dropped a Major Allegation About the CIA, COVID,...
Amazon, Meta Donate $1 Million to Trump’s Inaugural Fund
NJ Lawmaker Asked for His Reaction to Kirby's Drone Claim. He Didn't Mince...
GOP Rep Blasts What the Biden Administration Is Now Doing With Unused Border...
Seattle Traffic Sign Hacked to Display This Disturbing Message After Murder of UnitedHealt...
Remember Mayorkas' Impeachment Proceedings? Well...
Google Features ‘Non-Binary’ Influencer for Woke Christmas Ad
Food Network Now Trouncing CNN in Ratings
The Democrats' Buts
Government Is Not the Solution
Maintaining the SALT Deduction Is Good Tax Policy and Good Politics
Tipsheet

Obamacare's Massive Tax Grab

I'm giving Phil Klein a nickname: "The Indispensable" Phil Klein [disclosure: I have never met Mr. Klein]. Mr. Indispensable has the best breakdown of the fiscal irresponsibility of the newest iteration of Obamacare
Advertisement
.

The new proposal raises taxes on savings and investment, disincentivizing both these activities. It raises the overall tax burden and includes additional "marriage penalty" tax hikes. Furthermore, it robs from Social Security, a program already headed for insolvency.

Back in November, Senate Democrats unveiled a plan that increased the Medicare payroll tax by 0.5 percent for individuals earning over $200,000 and couples earning over $250,000 (thus a marriage penalty). The following month, to raise additional revenue for the costlier version of the Senate health care bill that ended up passing, the tax was raised to 0.9 percent. But in the White House proposal released last month, President Obama decided to keep this tax, and then impose an additional 2.9 percent tax on income "from interest, dividends, annuities, royalties and rents..." But not to be undone, the House Democrats have announced that the new investment tax would be increased to 3.7 percent. This effectively means a capital gains tax hike, coming on top of the 0.9 percent tax, which comes on top of existing payroll taxes.

And one other thing that's worth noting. During the campaign, Obama touted the idea of imposing a payroll tax on higher income earners as a means of helping to make Social Security solvent. Instead, he's now tapping into that revenue stream to create a new entitlement.

Advertisement
Read the whole thing.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement