Obama to Propose More Taxes From Estates, Firms to Fund Health Care Reform[$60 billion]

FOXNEWS ^ | May 09, 2009 | FOXNEWS

[Son House]

The Obama administration will propose $60 billion in new tax increases over 10 years on wealthy estates, businesses and others to make up for shortfalls in its fund to pay for an expensive overhaul of the health-care system.

Officials said that upon further analysis they realized that they had overestimated savings and tax increases proposed in February to help pay the bill.

One element would raise an estimated $24 billion over 10 years by tightening estate-tax rules, giving taxpayers less flexibility to minimize their liability on inherited goods by claiming a different value on the same item for different transactions.

A second element, which would raise $10 billion over 10 years, would require businesses and others who make payments to corporations to report such payments to the Internal Revenue Service. Under current law, payments to individuals are required to be reported on a 1099 form, but no such requirements exist for similar payments to corporations. The goal is to make sure that the recipient corporations report all their taxable income.

How to pay for a health-care overhaul estimated to cost more than a trillion dollars over a decade is one of the trickiest questions facing the administration and Congress.

[Son House]

Another reason why no one is starting a business, paying for all that health care, and we know $60 billion is a under stated amount due

[RU88]

60 billion over ten years is no where near enough to fund the health care of even the uninsured let alone any one else. This is the opening salvo of many more tax bills to come. I'm convinced that you will not hear any complaining from the sheep until Zero finally has to reach into their pockets after he fleeces whatever he can from every one else. I'm 46 years old and I have never in my lifetime seen a presidency start off so ominously.

[pieceofthepuzzle]

If Americans were required to turn over 100% of what they earn to the government, that still wouldn’t be enough to cover the spending. Ultimately money is just an agreed upon physical representation of the amount of work that a person does, or service they provide etc. Redistribution is essentially taking one persons work/effort and giving it to others. If those others can’t work for reasons beyond their personal control, then society has a moral responsibility to use the work/effort of those that can to help them. Beyond that, however, wealth redistribution is essential theft of the work/efforts of individuals.

[randita]

Socialized medicine is fine for those people who are essentially healthy, but if you suffer from chronic heelth problems requiring regular monitoring by specialists, expensive medication or surgery, take a number and get in line. You have to wait months to see a specialist now. Imagine the wait if this is implemented and there are less and less specialists to cover the load.

[pieceofthepuzzle]

Tuition alone at private medical schools is ~$40,000/yr, with some schools much higher than that. So, $160,000 for tuition alone for four years of medical school. Fees, living expenses etc. during that time add easily another $80,000 - $100,000 over the four years, and it's very difficult to work or earn much during that period because of the demands of the training. This, after four years of undergraduate university training that could easily have cost $100,000 or more. With interest on loans, etc., it is very easy to owe 100s of thousands of dollars when you graduate from medical school, at say 26-30 years of age if you take the quick route.

So, then you start residency training, during which you often work 80+ hours per week (used to be worse) and make a starting salary in the $35,000 - $45,000 range, and your loans are coming due. The shortest residencies are 3 years, and many go on for five years. Then, if you sub-specialize, you do a fellowship, also for relatively low pay for an additional three to seven years. After that you can go out and start practicing.

If you go private you will be the low man/woman on the totem pole and thus make significantly less than others in the group, and often be saddled with extra holiday and weekend call. The bottom line is that it's not going to make sense to people to go through that if at the end of the day the government decides what you can earn, and if you can earn as much or more doing other things that require less years of training and time commitment.

[Son House]

Yep, going by the clinic the other day, a remark was made about the tulips, to which I replied, enjoy them while you can, the Government is going to take over

[RU88]

I'm in complete agreement with your assessment. That's another issue that does not get brought up enough is this whole debate: the projected shortfalls of both doctors and nurses. Common sense would dictate that if you are going to add millions of people to the roles of the insured rationing of health care is a given.

The ignorance of our community organizer and chief in this, and most matters is breathtaking. In one breath he's telling us that Wall St. will play a less dominant role in America's life and that traders should now become engineers and computer programmers while in the next breath he's pontificating the value of universal health care. Where are these additional doctors and nurses going to come from? Thin air? And as you've stated, where is the incentive to become a doctor, with all of the expense in time and treasure involved, only to be told what you can make and what patients you'll be required to administer to? These questions do not have easy answers as he will soon find out.

[Gaffer]

The doctors and nurses will come from government-sponsored medical schools staffed with 'diversity' entrants. In the meantime, the time while this influx of highly capable students get trained, the ranks will be fielded with specialists from Sri Lanka, Bangladesh, the Caribbean Medical School, Mexico and other likely third world countries

He doesn't give a rat's ass about the quality of medical care he'll be providing, only that the care he will be providing is free. Why not, he won't have to use it. King-for-Life Barack Obama Da-Da will be treated to the best the nation can offer.

[ebersole]

I don’t believe he is ignorant. Just that he doesn’t care and this is another way for his regime to control another aspect of individual’s lives. Notice how at this time the suggested tax increases are worded to target the wealthy because many American lemmings still don’t understand that the cost/”taxes” are passed down.

[underbyte]

With the inflation over the next 5 years we will all be in high tax bracket. Our children should should get zero on our estates. The game here is to take every last cent IMHO

[Vaduz]

$60 billion in new tax increases over 10 years on wealthy estates.that should keep wealthy from moving out of the country obama’s piggy bank will dry up soon.

[pieceofthepuzzle]

I agree, and I absolutely agree with your comment about the ‘ignorance’ of Obama. I'm very tired of people calling him ‘brilliant’. What are they basing that on? The implication is that he knows what's best for everyone because he is ‘brilliant’. That's a joke, and would continue to be a joke no matter what politician's name was substituted into that proclamation.

I certainly do not see Obama, or most politicians, as exceptionally bright people. Nonetheless, they each proclaim themselves as ‘experts’ on things that they know about generally only at a superficial level. Al Gore comes to mind, but there are many, many, many others. Until we return the stature of politicians to where it's supposed to be, that of “public servants”, we will continue down the road of political elitism, and that is a very destructive path to follow.

[Son House]

proclaim themselves as ‘experts’ on things that they know about generally only at a superficial level

.
point, and a brilliant one, if I may add that

[dennisw]

Steal from family farms and steal from the semi-wealthy. Warren Buffet will be overjoyed

This brings more corporate farming as family farms cannot be passed down and more Monsanto style GM foods where the farmer is utterly dependent on Monsanto for seed

[Son House]

Great point on rationing, just wait till Doctors are demonized like business Executives and told what their highest salary is

[kitkat]

***These questions do not have easy answers as he will soon find out. ***

He, and his communist pals know the answer. THEY will get free health care for themselves and their families for their lifetimes. 0 doesn’t care about the rest of us.

[Kakaze]

I'm sure the definition of Wealthy estates will be set around one positive dollar on your gov't approved balance sheet...........after taxes it will be worth 30 cents before inflation, which will make you a millionaire in the new bizzaro world.

[Tarpon]

Government health care reform

RATIONING and taxing

Cap and trade

Taxing and RATIONING

See the difference?