-
Adieu, Adieu, Remember Me
March 25, 2011 | 39 comments
-
DeMint's Defense of RomneyCare is Ignorant...And Dangerous
March 17, 2011 | 85 comments
-
McConnell Pushing Vote to Block the EPA from Regulating Carbon Emissions
March 17, 2011 | 9 comments
-
More Barbour on Afghanistan
March 16, 2011 | 8 comments
-
House Passes Three Week Spending Bill
March 15, 2011 | 8 comments
The Spectacle Blog
House Democrats have released the text of their reconciliation bill, which you can view here. There's a lot to go through, but it's immediately worth noting that one of the ways in which they will finance the increased spending in the latest version of their bill is to hike the Medicare payroll tax again -- making that the fourth time the tax has been hiked even before Obamacare becomes law.
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.
This follows the historical pattern of payroll taxes, which have increased 20 times since first introduced in 1935, going from a combined total of 2 percent (including employer/employee contributions) to 15.3 percent today. Now that this new tax is in place, we can only assume that if Obamacare is enacted, this pattern would continue.
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.
View all comments (22) | Leave a comment
Leave a Comment
More Blog Posts by Philip Klein
http://spectator.org/blog/2010/03/18/latest-dem-bill-raises-medicar
Follow us:
ADVERTISEMENT
Current Issue
- Religion Is Not the Enemy
- Bowling Alone
- Republic, Regained
- Digital Subscription (Save 78%)
- Buy a single issue (Save 50%)
- Send Spectator as a gift
Clip of the Day
ADVERTISEMENT
Gene| 3.18.10 @ 5:37PM
No surprises here , I seem to remember a promise by this (" misspoken ") president,, no new taxes on folks making under 250,000.HMMMM.
KL Tuttle| 3.18.10 @ 7:15PM
The .5 percent is probably misstated. It is probably and increase from 1.49 to 2.0% which is an increase of a third, 33%. An increase of a half percent would be hard to see. Medicare and surplus SS are free money to Congress. They borrow it, ha ha. When recessions come, the surplus disappears and wham, reality. To think Obama suggested increasing the SS tax last year which would have increased the amount wasted as 160 billion a year was available for use by Congress who did not follow the rules that SS is for SS and gas tax is for highways, etc, phony lock boxes and IOUs. Not good people.
Pingback| 3.18.10 @ 8:18PM
“DemonPass Lambs-to-the-Slaughter” Bill Passed, 222 – 203… Call Congress Today – Upd links to this page. Here’s an excerpt:
Pingback| 3.18.10 @ 8:19PM
Left-wing “Seattle Times” Hates Obama’s Health Care Bill, Too… Dems Desperate, Want links to this page. Here’s an excerpt:
Pingback| 3.18.10 @ 8:20PM
Pelosi’s Woodstock Flashback: Peace, Love, & ObamaCare Will Let You Quit Your Day Jo links to this page. Here’s an excerpt:
reebok| 3.18.10 @ 10:35PM
Welcome to Shop reebok wholesale shoes' online shop. Here, you can see our main sales are reebok easytone wholesale and reebok easy tone. If you buy reebok shoes in our store, you can get more discounts and privileges. And this is our wholesale reebok shoes Shop. This website sells reebok easytone. Reebok easy tone is the best pair of your all shoes,you can make a purchase for reebok easytone shoes online.I guarantee you will be fond of reebok easy tone shoes.
rayv| 3.19.10 @ 5:47AM
With each passing season,ray ban sunglasses sale styles change.ray ban 2010 sunglasses are like any other fashion accessory.So newer styles
can be seen at red-carpet and glamour queens on magazine covers andeventson the faces of Hollywood stars,at the same time,old
styles become the kind of ray ban wayfarer that "your grandmother used to wear,"Eventually those old styles stage comebacks as "retro"
ray ban sunglasses, and the fashion cycle comes full circle.
At the time,you can choose one kind of ray ban 2010 sunglasses if you guys want to look like Heath Ledger on the beach.
Stan REdmond| 3.19.10 @ 10:38AM
Damn you Pelosi, Reid, and especially Obama. It's YOU why my manufacturing facility is in another country. I doubt I will EVER move production back to this country. I can't afford the taxes. Ican't afford the regulations. I can't afford hiring spoiled little brats that learned absolutely nothing in public schools. If I didn't need the money and could retire at my age I would have shut down completely. The only stimulus for jobs will be people like me taking jobs to places like Mexico, India, or the Phillippines. I would love to make my products here in the USA but when most of my profits go to pay taxes and fees it's just not worth it.
Pingback| 3.19.10 @ 11:35AM
High Noon for Patriots: ObamaCare Tea Party Rally Saturday in DC « Frugal Café Blog links to this page. Here’s an excerpt:
Pingback| 3.19.10 @ 12:29PM
Phones Continue to Melt in DC Against ObamaCare & Slaughter Solution… Rush Limbaugh links to this page. Here’s an excerpt:
Pingback| 3.19.10 @ 4:12PM
Dems Want America to Feel Defeated… Game’s Not Over on Health Care, You Scoundrels — links to this page. Here’s an excerpt:
Pingback| 3.19.10 @ 5:33PM
ObamaCare: There’s an App for That, and 90 Seconds to Government-Run Health Care (vi links to this page. Here’s an excerpt:
Pingback| 3.19.10 @ 6:44PM
Thumbs Up: Check Out Barack Hates This.com « Frugal Café Blog Zone links to this page. Here’s an excerpt:
Pingback| 3.19.10 @ 8:47PM
Abortion Is Not Healthcare: New Anti-ObamaCare Ad to Pro-Life Democrat Leaders, from links to this page. Here’s an excerpt:
Pingback| 3.20.10 @ 7:18AM
Tyranny USA: Just When You Thought ObamaCare Couldn’t Get Worse… IRS Slotted to Beco links to this page. Here’s an excerpt:
office 2007| 3.26.10 @ 9:37PM
office pro 2007 VS office ultimate 2007 !
Coinex| 5.10.10 @ 8:00AM
I am so effing mad! Apparently I have to teach health care ppl how medicare works! They should pay me for my time!
Rare Precious Metal World & Chinese Coins from Coinex