Posted on 03/17/2010 9:52:50 AM PDT by bigbob
Here are three inconvenient little facts about ObamaCare that the MSM might not want people to hear . . .
Financial guru Jim Cramer says ObamaCare would:
1. break the federal budget; 2. cause federal income tax rates to rise to 50-60%; and 3. cause capital gains and dividends to be taxed like ordinary income [i.e., at those 50-60% rates instead of the current 5-15%].
Cramer made his sobering predictions on today's Morning Joe.
JIM CRAMER: I think this is a bill where if you get amnesty, it goes into law, you get amnesty. You break the budget. That means we're going to see 50-60% federal tax—I'm not kidding. And I also think we see capital gains and dividends being taxed at ordinary income rate. I know the bill doesn't say that now --
LARRY O'DONNELL: So you're in favor of it!
CRAMER: Exactly! I really want to go broke. It's important to me.
O'DONNELL: Broke? You get to keep half your money. What are you talking about?
CRAMER: Well after Jersey taxes, I get to keep 35%. I work for the government until about September 15th, and then it's a-l-l-l mine!
O'Donnell was kidding—I think. But if Cramer is anywhere close to being right, this is no laughing matter. Will the MSM give any play to his predictions about Obama's catastrophic consequences?
Read more: http://newsbusters.org/blogs/mark-finkelstein/2010/03/16/cramer-obamacare-would-rocket-tax-rates-50-60#ixzz0iSAmPVIy
But I post this to pose the question: What impact will Obamacare have on the stockmarket? Many of us are investors in stocks and mutual funds, either individually or through our pensions, IRAs and 401Ks. We've already seen how quickly years of gains from doing the right thing have evaporated almost overnight.
So I ask fellow FReepers - what changes, if any, are you making to your investments based on the potential passage of ObamaCare?
...and who did Cramer vote for again?
I thought Cramer was one of the greatest cheerleaders for the foul turd Obama.
funny you ask....husband just got “distribution” from early retirement/layoff.....seems Bond Funds right now is what he is choosing....a little hard to put it in cash....BUT, me? I’m buying things NOW in anticipation of hi inflation down the road. Want to be able to be COMFORTABLE in our home no matter what happens....and be able to take care of ourself. Just remembered...got to put a pressure cooker on the list....oh, and some more liquor/wine.
Not found in the discussion of Health *Insurance* reform are the trillions of dollars held in reserve by the States.
State Insurance Commissioners are currently responsible to audit “domestic” carriers and those funds is out of the jurisdiction of the Federal Government.
If the Federal Government has oversight over health insurance - their first order of business will be to confiscate those reserves under some devised regulation.
Also not mentioned are the Group Life and Disability plans that will likely get chucked overboard in order to reduce employer costs. There are billions of reserves for those plans also. Where do they go when the policies are lapsed?
redistributing the wealth.
In talking with my financial advisor today, those are exactly the words I echoed. He gets it, but so many - Bill O’Reilly being the most notable - continue to look at Obama as a “left wing guy” but refuse to label him as the Socialist he is.
My fear (and my advisors) is that if ObamaCare passes, no matter what it’s ultimate fate may be, this will be touted as a victory by Obama and will breathe new life into Cap and Trade, Amnesty, and all the rest of his “redistribution” plans.
And as I said, whether you like Cramer or not, his prediction of 50-60% tax rates would not be much of a stretch.
So, what can we as individual investors do to keep him from redistributing OUR wealth?
It’s not his fault. He had no idea that elections had consequences.
I’m literally thinking of leaving the country. Hopefully a bunch of doctors will move to Panama or some such country. I’ve been there and liked it.
OKAY..I went and did a little research....by “reserves” are you talking about private companies “unpaid claims reserves maintained?” If so, you are right.....there’s a LOT of money there. See here.. on pg 60, for instance.....http://insurance.oregon.gov/health_report/3458-health_report-2009.pdf
I watch Jim Cramer almost every night, he is a Democrat, but has been blasting virtually every one of Obama’s ideas and proposals.
Hey, maybe we’ll be neighbors! :) (I’ve had exactly the same thoughts - and my pre-med son as well).
It really is a nice place. “old town” is absolutely charming. There is a freeper who lives there - ex-pat in Panama or something. It’s fairly Americanized.
I go to International Living.com and it talks a lot about the benefits of living in Panama. That’s a useful site if you want to check it out.
I really am hoping that a robust ex-pat colony develops somewhere to which we refugees from Obama can escape.
And that’s just Oregon. Multiply by 50 and take into account those States with higher populations.
IMHO - this is the golden goose that the Dems would like to get their filthy hands on. It would be deposited into general funds until the Universal Health Care kicked in.
Perhaps earlier to make Medicare, Medicaid and Social Security appear solvent.
What did people think? That healthcare was really free? Counties that have healthcare provided by the government pay atl east 50% of income for it. IIRC the tax rate in the UK is somewhere close to 763% by the time local taxes are paid, add their VAT in and you get to keep just enough to feed yourself maybe.
Be sure to read the whole entry - start to finish. Interesting stuff;)
http://www.plunkettresearch.com/Industries/Insurance/InsuranceTrends/tabid/239/Default.aspx
In America alone, the insurance business employed about 2.31 million people in 2008, and insurance gross premiums totaled $1.13 trillion, making the U.S. the world’s largest insurance market. For 2009, life, accident (including supplemental health) and annuity premiums in the United States will total an estimated $679 billion. Property and casualty premiums will total about $450 billion for 2009. U.S. life insurance firms held about $4.51 trillion in assets in 2008, according to the Federal Reserve Bank. Approximately 4,500 companies underwrite insurance in America, but the industry is dominated by a handful of major players.
OOPPPSS not 763% =63%
That’s great to hear. I’ve been studying possible ex-pat locales for many years, and ultimately settled on Panama. However, with that said, there’s nothing better than the good ol’ USA, and any international location would, for me, be an option of last resort.
How much different is Obama from Chavez?
Same thing but he has to take it slower from what I see. I’m afraid he won’t leave when he’s supposed to.
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