Obama’s usurpation of health care means less health care, shoddier health care, costlier health care.
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Indeed, in 5 states politically dominated by liberal Democrats, California, New York, New Jersey, Hawaii, and Oregon, the total top tax rate would be higher than in socialist Sweden. The Tax Foundation reports that 10 states would suffer total top tax rates above 54%, which is higher than in socialist Belgium at 53.7%. Indeed, the Tax Foundation reports 39 states would suffer total top tax rates over 50%.
Moreover, the economically sensitive federal capital gains tax rate would be almost doubled from 15% today to 26.5%. The tax on corporate dividends would be more than tripled from 15% today to 46%.
No one, not even CBO, is taking into account the economic cost of these tax increases, which is an additional cost on top of the estimated costs for the Obama/Democrat health plans. But these tax increases will translate into still higher unemployment, fewer jobs, lower wages, and still slower economic growth.
Peter Ferrara is Director of Entitlement and Budget Policy for the Institute for Policy Innovation, and General Counsel of the American Civil Rights Union. He served in the White House Office of Policy Development under President Reagan, and as Associate Deputy Attorney General of the United States under the first President Bush. He is a graduate of Harvard Law School and Harvard College.
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It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
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