Listed below are some taxes that are sure to hit families that earn LESS than $250K. So, the question is this: Did Obama break his “firm pledge” or did he out and out lie?
Effective yesterday there is a 10% tax on in-door tanning [which personally I find rather racist considering those who "tan" are 90%+ CAUCASIAN].
As of January 1, 2011, the Medicine Cabinet Tax goes into effect, which means that over the counter and non-prescription medication can no longer be purchased using Health Savings Accounts (HSA), Flexible Spending Accounts (FSA) and Health Reimbursement Accounts (HRA).
There will be a cap imposed January 1, 2011, on FSA’s of $2,500, which will greatly impact families with special needs children. Many of those families use FSA’s for tuition, which can exceed fourteen thousand dollars a year.
As of January 1, 2014, anyone who doesn’t purchase “qualifying” health care coverage must pay an income surtax. In the years that follow it wouldn’t surprise me to see changes in the definition of “qualifying” and the amount of the surtax--as our illustrious government has been known to change on a whim, even in the dead of night while we’re all asleep in our beds.
Currently we can itemize and deduct our high, out of pocket medical costs if they exceed 7.5% of our adjusted gross income. As of January 1, 2013, that will be increased to 10%.
Effective January 1, 2011, there is an additional 10% tax being added to non-medical early withdrawals from HSA’s. This will leave them lacking relative to IRA’s and other tax-advantaged accounts which will remain at 10%.
Let’s not forget that the Bush tax cuts are going to expire and inheritance tax rates are going up at the end of this year, plus, there are rumors about a Value Added Tax (VAT). Additional cigarette taxes were added almost immediately after Obama was elected and it’s well known that more lower income people smoke than do higher income.
If this Administration were a gift, it certainly wouldn’t be one that kept giving, it would be one you’d want to re-gift!
Well, Americans for Tax Reform has found a way to try to get out of paying those “extra” taxes that we were promised we wouldn’t have to pay AND poke some fun at Obama in the process.
It’s the Obama Tax Hike Exemption Card!
When you have to pay any extra taxes just show the clerk your card and tell them you’re exempt because Obama broke his promise--or lied, whichever you prefer! It may not get you a tax break, but it should leave any Liberal clerks speechless considering there is NO way they can spin it--unless they have a top!
I'll put that in my wallet next to my GWB (Republican party promise) card to cut spending and government.
ReplyDeleteMy % of the 12 trillion dollar debt (caused by Republican financial policies from 1983 on) is about $60,000.
Maybe Obama will come up with some program that lessens my cost of the Republicans "free lunch" philosophy to national economics. Like taxing the rich who got the benefits of those Republican tax cuts.
It's easy to get votes when you promise "No New Taxes!"
To bad Republicans just want to blame Obama for the deep debt we are in, instead of explaining to the American people how "responsible" Republican economic policies put us 12 trillion dollars in debt.
Pam - Excellent post! You hit it out of the ballpark with this one.
ReplyDeleteYou'll have the progressive collectivists falling all over themselves to spin this one.
Happy Independence day!
What's even easier to get is a giant base of moochers when you say you want to "spread the wealth around". You spend more time bashing republicans than understanding that both parties are the party of spending, Tom. That explains why your icon is a robot I guess.
ReplyDeleteThe government needs to collect taxes in order to operate. Referring to sin taxes as a "hike" is dishonest, IMO. Every president has had new taxes instituted on his watch. President Obama did NOT lie, any more than any candidate who promises more than he or she can deliver (all of them). The fact is working folks have received a tax cut under Obama!
ReplyDeleteFrom Politifact... "During the campaign, the independent Tax Policy Center researched how Obama's tax proposals would affect workers. It concluded 94.3 percent of workers would receive a tax cut under Obama... In his SOTU address Obama said, "We cut taxes. We cut taxes for 95 percent of working families...". Politifact says, "TRUE".
"Grover Norquist for Tax Reform" is a corrupt conservative front group shilling for the interests of the wealthy elite and corporations. Of course they're going to lie about President Obama's tax CUT.
Taxing tanning isn't "racist", it's a tax on unsafe behavior, same as the cigarette tax. These things both cause cancer and should be taxed to discourage their use. Neither tax is in the least bit "racist".
I agree with what Tom said regarding the Republican national debt. I don't understand how they get away with their BS.