The Wealthy Will Be Tapped To Pay For health Care
Jul 8, 2009 Political
How many ways can the wealthy (those making more than 200k or 250 k depending upon who in the administration is speaking) be taxed to provide for all the grandiose schemes that Obama has come up with? It has already been shown that if all the income of all the wealthy were completely confiscated it would not pay for the massive increases in spending so taxes will trickle down to those below the stated threshold.
The Obama administration (in its redistribute the wealth philosophy) keeps talking about raising taxes on the wealthy as a method to pay for “things.” It is a given that their regular income taxes will increase though Obama has delayed that until 2011 (just after the midterm elections). Now the House Ways and Means Committee is looking at adding a surtax to the wealthy as a way to pay for health care. The surtax, favored by tax CHEAT Charlie Rangel, will be applied to adjusted gross income before any itemized deductions are allowed.
So what we have is a person making over 250k who already pays taxes at the highest tax rate. Then, the government will raise that tax rate on these people so that they will pay more in income taxes. Then, to add insult to injury, the government will add a surtax to the AGI of these same people who pay about half of the taxes in this country (the data breaks down at 1% and 5% where 200k would be at about 3%). The bottom 50% of wage earners, by contrast, pay only 2.99% of the income taxes in this country and yet that group stands to benefit the most from the health care plan.
The “rich” (and 250k is by no means rich) are a tapped out resource. They are continually robbed of their money in order to pay for schemes that Congress devises. They are robbed of their money by people who do not pay their own taxes and then that money is redistributed to pay for the well being of others. It is not the job of the rich to pay the bills of the poor. If a person does not pay his own way he should be deprived of the vote. One should not be allowed to vote in a system which benefits him financially when he does not contribute, has nothing to lose and when he lives on the largess of the wealthy people in the country.
Is it any wonder that people who make just over the 250k mark are looking for ways to reduce income to avoid taxes?
Why should they continually pay for schemes that Congress comes up with?
How long will they continue to be raped before the backlash comes?
One way or another we are going to hit a tipping point where people say enough is enough and then things are going to get very, very nasty.
We can start being nasty by voting all these people out of office.
Tax and spend is no way to run the country.
Source:
Bloomberg
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Tags: Obama, rangel, surtax, tax an spend