Posts Tagged ‘$3.9 billion’

ObamaCare To Raise BILLIONS of dollars In New Taxes On Backs Of Middle Class

April 15, 2010

Let me begin with an article from ATR.org:

More Tax Hikes On Persons Earning Under $200,000
From Tim Andrews on Wednesday, April 14, 2010

On numerous occasions we’ve pointed out how President Obama’s pledge not to raise taxes on person’s earning under $250,000 was, to use a subtle and technical term, a total, absolute, and utter, lie.

Of course, continuing to make Orwell proud,  on Saturday Obama said that he kept his promise not to tax families making less than $250,000 per year. So it was nice to see the  Joint Committee on Taxation say yesterday that this was… how do I put it… a lie.

As The Hill reports:

Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress’s official scorekeeper…Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.
Working families will suffer, the economy will continue to stagnate, and our President will continue to say the exact opposite of what he is doing.
George Orwell eat your heart out.

Okay.  to sum up so far: Barack Obama is a liar, not to mention an Orwellian demagogue.  And the middle class – contrary to all bogus Democrat promises – will be paying BILLIONS OF DOLLARS IN TAXES TO FUND OBAMACARE.

The Hill article goes on to say:

The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.

Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income. Starting in 2013, most taxpayers will only be able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.

Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.

Let me see.  I’m a math whiz.  14.7 divided by 14.8 million equals 99.3 percent.  Which means that 99.3% of Americans paying this tax will make LESS THAN $200,000 a year.  Now Obama said people making under $200,000 a year wouldn’t see their taxes go up by so much as one dime.  I guess it’s true that $15.2 billion isn’t “one dime,” but that kind of dodge makes even Bill Clinton’s famous “It depends on what the meaning of the word is, is” look sincere.

And a lot of those 14.7 million Americans who will be hit are small business owners who create jobs.  Quite possibly your job.

Boy.  Wouldn’t it kind of suck for you if your boss laid you off to give Obama your salary?

The mainstream media once drove George H.W. Bush (i.e. Bush I) out of office because he said, “Read my lips.  No new taxes.”  And frankly, they were right to do that.  But you know they won’t have the integrity to expose Barack Obama’s broken word.  It’s too bad that they only exposed Bush’s broken promise because they were liberal propagandist ideologues, rather than professionals who actually care about the truth.