Tax Lawyer's Blog

Here is Stephen Ohlemacher of the Associated Press on the funding of Obamacare:

The bill is funded largely from a 5.4 percent tax on individuals making more than $500,000 a year and couples making more than $1 million, starting in 2011. The tax increase would hit only 0.3 percent of tax filers, raising $460.5 billion over the next 10 years, according to congressional estimates.

But unlike other income tax rates, the new tax would not be indexed for inflation. As incomes rise over time because of inflation, more families — and more small business owners — would be hit by the tax.

So you thought this comment Obama made to Joe the Plumber back in 2008 was just a throwaway line, huh?

My attitude is that if the economy’s good for folks from the bottom up, it’s gonna be good for everybody. I think when you spread the wealth around, it’s good for everybody.

Ohlemacher continues:

The new health care tax would come on top of other tax increases for the wealthy proposed by Obama. The top marginal income tax rate now is 35 percent, on income above $372,950. Obama wants to boost the top rate to 39.6 percent in 2011 by allowing some of the tax cuts enacted under former President George W. Bush to expire.

Confiscating people’s wealth because you are too lazy, incompetent or cowardly to control spending and eliminate waste is a form of economic treason that will only serve to further divide America and diminish its competitiveness in the world.

A plague on both your houses!

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