Tag Archives: Tax Increase

News

75% of the costs of Obamacare will be paid by those making $120,000 or less

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The video shows the chief economist of the Wall Street Journal, Stephen Moore, making the claim that nearly 75% of Obamacare costs will fall on the backs of those Americans making less than $120,000 a year. (H/T Gateway Pundit)

The Heritage Foundation explains more, using the official numbers from the Congressional Budget Office. (H/T Bad Blue)

Excerpt:

President Obama repeatedly promised not to raise taxes on middle-class families. Yesterday, the Supreme Court ruled that he already has.

Chief Justice John Roberts upheld the President’s health care law on the grounds that the “individual mandate” is a constitutionally permissible tax increase. This violates Obama’s pledge. Middle-class families will pay the vast majority of these new taxes.

Obamacare imposes a penalty—or tax increase—on Americans who do not purchase health insurance. The Congressional Budget Office estimates that most of those paying these taxes are middle-class individuals and families making less than 500 percent of the federal poverty level: $59,000 for an individual and $120,000 for a family of four. Three million lower-income and middle-class Americans will pay an estimated $2 billion in these “mandate taxes.”

The Supreme Court’s interpretation puts the President in a peculiar situation. In 2008, he promised not to raise taxes on the middle class and accused Republican nominee John McCain of wanting to tax health benefits: “And I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase…not any of your taxes. My opponent can’t make that pledge.… [H]e wants to tax your health benefits.” Who could have predicted that Obama would raise taxes on millions of Americans who do not have health insurance?

Obama grossly mischaracterized his health care plan, and now American citizens will pay the price. He has both attacked individual freedom and burdened millions in the middle class.

I thought that Obama said that he would raise taxes on the middle class? For a full list of the taxes in Obamacare, click here.

News

In 2013, taxpayers will be paying more of their incomes to government

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From CNS News.

Excerpt:

The tax increases scheduled to take effect in January 2013 – dubbed Taxmageddon – could have the American people spending more days than ever working to pay for federal and state government, areport from the Tax Foundation shows.

A host of tax rates are scheduled to rise in January 2013 – when George W. Bush-era tax rates and the annual patch for the Alternative Minimum Tax expire – leading to a tax increase of approximately $500 billion in 2013, according to the conservative Heritage Foundation.

The Congressional Budget Office reported in January that taxes would increase by $4.6 trillion over ten years, if Congress allows the rates to rise as scheduled at the end of this year.

Tax Foundation economist William McBride estimated that this historic tax increase would push Tax Freedom Day to its latest point ever.

Tax Freedom Day is the day when – theoretically – Americans begin working for themselves and can stop paying for government. It assumes that 100 percent of a person’s wages go to paying for federal and state tax burdens. The day when government operations are fully paid for is Tax Freedom Day.

In 2012, Tax Freedom Day was April 17. However, Taxmageddon may push it until the end of April or beyond, McBride reported in a blog post on the foundation’s website. At the federal level, the 2012 tax increases would add 11 days to the Tax Freedom Day calculation, pushing it to April 28.

Adding in rising state and local tax revenues could push Tax Freedom Day beyond its May 1 record.

The Taxmageddon provisions adding to the cost of government – measured in the days that Americans will spend paying for it – are as follows:

  • Bush tax rates – 2.6 days
  • Alternative Minimum Tax – 2.2 days
  • Small business tax cuts – 0.4 days
  • Corporate income tax – 3.4 days
  • Payroll tax cut – 2.5 days
  • Estate tax – 0.2 days

One of the problems with all of this voting for bigger government is that there is less money for people to make their marriages and families work. The more we vote for bigger government, the less we haves as individuals for our own plans, including our marriage and family plans.

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Julia Gillard’s carbon tax leads to massive defeat in Queensland election

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Australia 2010 federal election results
Australia 2010 federal election results (Red = Labor Party)

I was disappointed with Queensland because of the last federal election in 2010. They elected several Labor Party MPs. And now the federal Labor Party is pushing for a carbon tax and gay marriage, too.

Look what happened in 2010:

Turnout 94.41% (CV) — Informal 3.56%
Party Votes % Swing Seats Change
Australian Labor Party 1,020,665 42.91 +8.13 15 +9
Liberal Party of Australia 818,438 34.40 –5.01 10 –7
National Party of Australia 239,504 10.07 +0.32 3 –1
Australian Greens 133,938 5.63 +0.57 0 0

The Liberal Party and the National Party are the two conservative parties – they form a conservative coalition, and they continued to lose seats, just like they did in 2007.

Given that, I was heartened by the results from this past weekend, when Queensland held state-level elections. (H/T Bill M.)

Excerpt:

[Opposition leader] Tony Abbott has sought to capitalise on the Queensland election saying Labor MPs right across the country will be worried about the “fundamental lesson” from yesterday’s landslide defeat.

Speaking on Sky News’s Australian Agenda the Opposition Leader said Labor needed to have a “good, long, hard look at itself” and said the party’s brand was “toxic” around Australia.

“This is a triumph for Campbell (Newman) and the LNP,” Mr Abbott said this morning of the Queensland result.

“I think Labor members of parliament right around Australia would be very worried about the fundamental lesson from this which is that a government which isn’t competent, which isn’t frugal and which isn’t truthful loses and loses big time.

“The basic message is that the Labor brand is toxic right around Australia.”

“Certainly there were two candidates for Queensland one of them Anna Bligh, who was for the carbon tax, and the other Campbell Newman who was against it,” Mr Abbott said.

Mr Newman’s Liberal National Party ended Labor’s 14-year reign in Queensland last night with a crushing win.

The latest forecasts have the LNP winning as many as 78 seats in the 89-seat parliament, with Labor expected to hold just seven seats of its former 51.

Mr Abbott said while the Queensland election had buoyed the Coalition’s hopes of winning the next federal election he conceded things could be different if Julia Gillard improves.

“If the federal Labor government is able to lift its game and be truthful, yes things could be different,” the Opposition Leader said.

“But I think federal Labor has clearly established its character.”

Mr Abbott stood by his comments last week that the Queensland election would be a referendum on the carbon tax and dishonest politicians.

Those results are now final – Labor went from 51 seats to 7 seats! This is as bad as what happened to the leftist Liberal Party in Canada in 2011.

Let’s hope that Julia Gillard, the head of the Australian Labor party, doesn’t learn anything from this and continues to push for left-wing fiscal and social policies. Tony Abbott is quite awesome in general, so they do have a good candidate running against her whenever the next election is held.