The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Archive for March 22nd, 2010

John Boehner: Can you say this was done openly, with transparency and accountability, without backroom deals and struck behind closed doors hidden from the people? HELL NO YOU CAN’T!

Posted by iusbvision on March 22, 2010

This is the must see video of the year. It is the greatest speech in the well I have ever seen.

Interesting how the Democrats start to say yes when Boehner asks if they even read the bill when everyone knows that the final version of the 2000 page bill was only put out a short time before the vote was taken.

Posted in 2012, Chuck Norton, Culture War, Government Gone Wild, Obama and Congress Post Inaugration | Leave a Comment »

The Myth of the Pro-Life Democrat in Congress – UPDATED!

Posted by iusbvision on March 22, 2010

UPDATE IIIStupak’s “Pro-Life” Caucus $4.7 Billion in Earmark Funds after Voting for Public Funding of Abortion

Editor’s Note – The moral of this story is, politicians lie, the lies are often planned in advance using rhetorical strategies such as “triangulation”. It does not matter what party a politician is in, they lie. A party in power will lie more than a party out of power. My experience has been that about 10% of the politicians I have encountered are true statesmen. Some lie worse than others. Some tell big fat whoppers and some just dissemble a little.

A politician is a true master of telling the majority of people what they want to hear, even if that means dividing the people up and telling different groups opposite things. We need to be more comfortable calling out the liars as liars, both to their face and to the people. Now that we face economic ruin from losing our AAA rating too much is at stake to allow our public servants to speak such bold faced whoppers with a smile in the name of nicety.

By the way – Meet Bart Stupak’s Republican Challenger – LINK.

Bart Stupak, the self-proclaimed leader of the “pro-life Democrats”, after repeatedly promising to vote no on national TV, voted yes in exchange for a promise to sign an executive order from Obama to not allow federal funding of abortion. A promise from the most pro-abortion president in history, who even supported laws protecting infanticide as a state legislator in Illinois that NARAL wouldn’t even support.   

Indiana’s own Mike Pence on Stupak:

Pence – Members of congress exchanged 30 years of pro-life law for a piece of paper from the most pro-abortion president in American history. … There is public funding for abortion in this bill…. An executive order cannot change the law. Such an executive order would be thrown out by the courts.

Bart Stupak knows this for he is not a stupid man. I have always said that Stupak would cave and so have many others, because the leadership of the Democratic Party are no longer Democrats, they are statist progressives who see the state as the highest moral authority. In that vote we saw 34 real Democrats join with Republicans to vote no, in the face of 219 statist progressives.

Phyllis Schlafly comments HERE.

UPDATE – So after going on national TV promising and promising to never vote for a bill that included public funding of abortion, after going on and on how standing up for life in the Democratic Party is a living hell,  look at what Stupak said in front of a small audience when he didn’t know he was being recorded last year – Via NewsReal

UPDATE II – The law on executive orders and what Obama used to say about them from last night’s debate:

Posted in 2012, Chuck Norton, Culture War, Health Law, Lies, Obama and Congress Post Inaugration | Leave a Comment »

Krauthammer: Obama Will Propose New VAT Tax – CIGNA CEO: health care bill will drive up costs and premiums

Posted by iusbvision on March 22, 2010

[pyoutube=http://www.youtube.com/watch?v=yjq1rTp7RH4]

Posted in 2012, Chuck Norton, Economics 101, Health Law, Is the cost of government high enough yet?, Obama and Congress Post Inaugration | Leave a Comment »

Here come the new taxes with ObamaCare – UPDATED!

Posted by iusbvision on March 22, 2010

More updates will be coming to this post tonight – stay tuned.

Here we go, we will be taxing the wealth and business out of the country even more and below is not even near a complete list of the new taxes and expenses we will be paying.

Taxes on Tanning Salons, medical savings accounts, medical devices, taxing insurance benefits, and a $2000 per year tax per employee if the employer cannot afford to buy the mandated insurance. I work for a chain retail store 1-2 days a week part-time, now it will cost that chain an extra $2000 to keep me on the payroll, or buy me insurance that will cost more than what I earn per year. Imagine what this will do to part-time and entry-level jobs.

Think of all of the prices that will have to go up at markets, restaurants, stores, gas stations etc to pay for it. There is a tax credit for small businesses to help pay for the $2000 tax, but how many small businesses are profitable in the first three years? This is a total job and risk killer.

Only ins Washington is something made “more affordable” by taxing it up one side and down the other. Remember that while the CBO said that this law will make insurance premiums go up by $2100 a year, Obama has PROMISED it will lower them by $2,500 a year.  Senator Dick Durbin said just days before the vote that premiums will still go up. So did the Oliver-Wyman study.

UPDATE – Wall Street Journal has a more comprehensive list of the new taxes:

Drug makers face annual fee of $2.5 billion (rises in subsequent years). [We are making drugs cheaper by adding 2.5 billion a year + in new taxes…hey it makes sense to both Democrats and socialists so maybe you should just go along…]

New Medicare taxes on individuals earning more than $200,000 a year and couples filing jointly earning more than $250,000 a year.

Tax on wages rises to 2.35% from 1.45%. [Obama promised that your taxes would not go up one dime of you made under 250,000…]

New 3.8% tax on unearned income such as dividends and interest. [Why invest here and pay the tax when you can do it in China for zip…]

Excise tax of 2.3% imposed on sale of medical devices. [Make the best new technology more expensive by taxing it, that will raise quality of care…]

Employers with more than 50 employees that don’t provide affordable coverage must pay a fine if employees receive tax credits to buy insurance. Fine is up to $3,000 per employee, excluding first 30 employees.

Insurance industry must pay annual fee of $8 billion (rises in subsequent years). [We are making the cost of insurance cheaper by adding 8 billion a year in new taxes to it…]

In 2016 the penalty for those who don’t carry coverage rises to 2.5% of taxable income or $695, whichever is greater.

In 2018 Excise tax of 40% imposed on health plans valued at more than $10,200 for individual coverage and $27,500 for family coverage. [This is a direct 40% tax on your insurance benefits or if you buy your own ad the government says your insurance is “too good”. Remember when Obama said that evil John McCain weas going to tax your insurance benefits…..]

 

Below is a partial list from Bloomberg News.

Bloomberg News:

March 22 (Bloomberg) — President Barack Obama said on the campaign trail in October 2008 that he wanted to “spread the wealth around.” With Obama on the verge of signing sweeping health-care overhaul legislation, he’s about to do just that.

High-income investors would pay higher Medicare taxes, tax breaks for out-of-pocket medical deductions would be curtailed, and it would cost insurance companies more to pay executives millions of dollars. Those levies will help fund expansion of Medicaid services for the poor and subsidize health insurance to cover millions who don’t currently have benefits.

“It’s very clear that taxes are levied on the wealthy and the benefits will spread across the entire income distribution, with a lot going to expanded Medicaid distribution and expanding health insurance,” said Roberton Williams, an economist at the Tax Policy Center, a Washington research institute backed by the Urban Institute and Brookings Institution. “One couldn’t claim he didn’t keep that promise” to “spread the wealth around.”

In all, the bill would generate $409.2 billion in additional taxes by 2019, according to an analysis by the congressional Joint Committee on Taxation, a nonpartisan agency. The bill also imposes about $69 billion more in penalties for individuals and businesses who don’t meet mandates to buy insurance, according to the Congressional Budget Office, another nonpartisan agency.

Higher Medicare Taxes

Most of the revenue would come from higher Medicare taxes on about 1 million individuals earning more than $200,000 and about 4 million couples filing jointly who make more than $250,000.

The legislation would for the first time apply Medicare taxes to investment income received by these households beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents, and royalties. It wouldn’t apply to other income subject to income taxes, including interest from municipal bonds and retirement accounts such as 401(k) plans until funds are withdrawn.

Obama’s budget proposes to allow the existing 15 percent tax rate on dividends and capital gains to rise to 20 percent in 2011 for the same high-earners. Layering a 3.8 percent Medicare tax on top of that would mean a new top rate on dividends and capital gains of 23.8 percent. The top tax rates on interest and rental income would rise to as high as about 44 percent, assuming other Obama tax increases on high-earners are enacted.

The bill also increases the individual’s share of Medicare tax currently imposed on salaries starting at $200,000 for individuals and $250,000 for couples to 2.35 percent, from 1.45 percent currently.

Cost to Couples

The combination of the new Medicare taxes and Obama’s budget proposals, if they were in place this year, would cost a married couple with a household income of $5 million an extra $287,100 in taxes, according to analysis by the consulting firm Deloitte Tax in Washington.

The Medicare taxes superseded an earlier Senate proposal to tax high-value employer-provided insurance coverage, dubbed “Cadillac plans.” That 40 percent excise tax was delayed until 2018, when it would begin to apply to benefits over $10,200 for individuals and $27,500 for couples.

Those thresholds would be indexed to inflation, which grows at a slower pace than the cost of health care, meaning more employers would likely face the levy over time.

Other provisions likely to affect higher-income individuals would scale back tax preferences associated with paying out-of- pocket medical expenses. Starting in 2013, Americans under 65 won’t be able to deduct medical expenses until they exceed 10 percent of income, up from 7.5 percent now; retirees would keep the lower threshold.

Savings Accounts

The bill in 2011 places new restrictions on what can be purchased using special savings accounts funded with pre-tax dollars including health savings accounts. Improper withdrawals from the accounts also would be hit with a new 20 percent tax.

And the legislation for the first time would place a $2,500 limit on what can be contributed to employer-sponsored flexible spending accounts, another type of account funded with pre-tax dollars that can be used to pay for medicines, co-payments, and other expenses.

Employers currently set their own limits, typically between $3,000 and $5,000 in the absence of a government cap. This change would cost an average worker about $625 in tax savings, according to WageWorks Inc., a San Mateo, California, company that administers 1.5 million accounts.

Tanning Salons

Consumers who frequent tanning salons would pay a 10 percent excise tax, and those who buy devices such as wheelchairs would pay a 2.9 percent excise tax. Drugmakers may pass on a $3 billion annual fee. Insurers would be denied deductions for executive pay over $500,000.

Under the reconciliation bill, individuals who don’t purchase insurance would be subject to a fine of $325 in 2015 and $695 in 2016. Individuals may be subject to a charge equal to as much as 2.5 percent of their income in 2016, if the total is greater than the flat payment.

Employers with 50 or more workers would pay $2,000 per worker if they don’t offer health insurance. The legislation offers a small business tax credit to help pay for employer- provided premiums.

 

Update II – The Promises

August 6, 2008

OBAMA: A system where we’re gonna work with your employers to lower your premiums by up to $2,500 per family per year.

October 4, 2008

OBAMA: We will start by reducing premiums by as much as $2,500 per family.

September 6, 2008

OBAMA: Here’s what change is saying to people who already have health insurance and the employers who are providing it: We’ll work to lower your premiums by up to $2,500 per family per year.

May 3, 2008

OBAMA: I also have a health care plan that would save the average family $2,500 on their premiums.

January 3, 2008

OBAMA: And if you already have health care, then we’re gonna reduce costs an average of $2,500 per family on premiums.

October 7, 2008

OBAMA: We’re gonna work with your employer to lower the costs of your premiums by up to $2,500 a year.

Campaign Ad

OBAMA: And we’ll cut the costs of a typical family’s health care by up to $2,500 per year.

March 14, 2008

OBAMA: And if you’ve got health care, we’re gonna work with your employer to lower your premiums by $2,500 per family per year.

February 23, 2008

OBAMA: And we will lower premiums for the typical family by $2,500 a year.

June 17, 2007

OBAMA: And cut the cost of health care by up to $2,500 per family.

August 17, 2008

OBAMA: And if you already have health care, then we’re gonna work with your employer to lower your premiums by up to $2,500 per family per year.

Campaign Ad

EVAN BAYH: Barack’s policies will provide health care cost reductions of about $2,500 for the typical family.

June 27, 2008

OBAMA: It’s time to bring down the typical family’s premium by about $2,500. And it’s time to bring down the costs for the entire country.

February 19, 2008

OBAMA: And if you already have health insurance, we will lower your premiums by $2,500 per family per year.

April 22, 2008

OBAMA: We’re gonna work with your employer through a catastrophic reinsurance plan to lower premiums by $2,500 per family per year.

October 15, 2008

OBAMA: The only thing we’re gonna try to do is lower costs so that those cost savings are passed on to you. And we estimate we can cut the average family’s premium by about $2,500 a year.

March 1, 2008

OBAMA: We’ll work with your employer to lower your premiums by $2,500 per family per year.

Campaign Ad

NARRATOR: Barack Obama will provide rural America with affordable health care, and save the typical American family $2,500 a year.

May 30, 2008

OBAMA: And reduces every family’s premiums by as much as $2,500.

April 20, 2008

OBAMA: If your employer does offer you health care, then we’re gonna work with your employer to lower premiums by up to $2,500 per family per year.

March 13, 2008

OBAMA: And cut the cost of a typical family’s premiums by up to $2,500 per family per year.

Posted in 2012, Chuck Norton, Health Law, Obama and Congress Post Inaugration | Leave a Comment »