Curtis LeMay had a way with words. One of his sayings concerning America’s mortal enemies was:
“We should bomb ’em back to the Stone Age, and then make the rubble bounce.”
By that measure, America is Obama’s mortal enemy. Because that’s exactly what he’s going to do with both the American economy and the American housing market beginning January 1, 2013. Both are already in ruins. But Obama is going to bomb them again and make the rubble bounce.
Let me first refresh your memory of Obama’s promise to the American people:
“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.” — then-candidate for President Sen. Barack Obama, September 12, 2008
To quote Joe Wilson, Obama lied:
3.8% Medicare tax on the sale of YOUR HOUSE
August 21st, 2011 | Author: milwaukeeco1
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
In February 2010, 5.02 million homes were sold, according to the National Association of Realtors (NAR). On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property could slam middle-income families with a new tax they can’t afford.
This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.
Additional Document: The Costly Consequences of Health Care Reform (Courtesy of the Budget Committee)
The Obama economy is rancid. In Bill Clinton’s words:
“I hate to sound like a broken record but we could create an awesome number of jobs from this in this lousy economy.”
And Clinton is obviously a DEMOCRAT, which is to say that “lousy economy” is the most positive spin you can GIVE Obama’s economy.
And our housing market is ABOUT TO GET WORSE AS IT IS.
If that isn’t bad enough, the medical exclusion has been increased from 7.5% of adjusted gross income to 10%, which will cost anyone (in many cases people who make well under $250k/yr) who deducts medical expenses. Flexible spending accounts (FSAs) will be reduced to $2,500 down from $5,000. And there will be a new medical appliance tax that will hit a lot of people.
ObamaCare is literally shaping up to be a death sentence for special needs children (after it destroys those children’s parents’ savings). You know, if said family can afford to stay in their house after the tax hits them.
If not enough Republicans get elected to gut this monstrosity, or if the Supreme Court doesn’t find the mandate to force the American people to purchase insurance unconstitutional, America is going to look back to the good old days that we’re living through right now.
Oh, and for what it’s worth, the Obama administration – which promised that no one making less than $250,000 a year would see their taxes go up one dime under his regime, will be going before the Supreme Court to argue that their mandate which will soon hit every American is a TAX. Under ObamaCare, be ready to pay much more to get much less.