U.S. House May Include Surtax on Wealthy (4% above $200K)in Health-Care Package

Bloomberg | July 7, 2009 | Ryan J. Donmoyer

[reaganaut1]

No excerpt allowed from Bloomberg.com, story here .

[Mom MD]

I can safely say it applies to at least 1/3 of the MD’s out there, particularly those close to retirement age. Thank-you for being so kind to say it would hurt my patients.
I believe socialized medicine and single party payor would hurt my patients and this nation far more than anything else Obama could dream up.

[Grampa Dave]

Below is a link to an early warning about the rats planning to tax 401ks, I posted in October of last year.

http://www.freerepublic.com/focus/f-news/2114880/posts

Go to the key word 401k to see other articles posted like this one: http://www.freerepublic.com/focus/f-news/2176111/posts

A friend, who is a good predictor of rats, says that the hits that our 401ks/iras took during the meltdown kept this from happening.

[Zeddicus]

What about those who perform and get promotions? WHY in the hell would you EVER WANT to? Why would I WANT to work harder? Why put in extra hours, why?

Bingo. John Galt, is that you?

I completely identify with this. I'm about ready to scrap my 20-year, six-figure IT career, sell the big house, radically downsize, and just fly under the financial radar.

Seriously. I'm done pulling the wagon.

The only way to starve this beast of a tyrannical government is for the producers to simply stop producing. Take off the comfortable, luxurious handcuffs and live simply.

[Recovering_Democrat]

Ignoramuses.

[mo]

Quick clue here....its NOT about health care...its ALL about taxes....none o us are getting any MORE healthcare for our dollar out of these clowns!!

[Wyatt's Torch]

I always wanted to be “wealthy”...I just didn’t know I’d be poor when it happened...

[Recovering_Democrat]

http://www.youtube.com/watch?v=Q8erePM8V5U

“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...you will not see any of your taxes increase one single dime.”
—Barack Obama
Dover NH, Sept 12, 2008

[I Drive Too Fast]

One of the guys I listen to on financial matters on the radio said there are 25 mistakes most investors make. One is funding a Roth IRA first instead of funding a regular one. They point out that the danger with a Roth IRA is that for now they [congress] "say" your earnings are tax free, but what is to stop them from changing this in the future or eliminating it altogether.

With a regular IRA at least you can reduce your taxable income now "assuming" they don't CHANGE" their mind on this one too.

As far as the 4% surcharge, I wonder if they forgot a zero and mean 40%?

[ConservativeMind]

That will teach them not to vote for 0bama next time.

[SES1066]

OK, I already knew about this one, just wanted to know if there had been a further development. Not saying that I am resting easy but this was a whack-job liberal academic called to testify in front of 'Baghdad Jim' McDermott's committee.

For the education of others, please remember who Representative Jim McDermott of Washington State is and represents. This is the guy who illegally released Speaker Gingrich's telephone conversation to the New York Slimes and others, went to Baghdad to make nice to Sadam and other America-hate stunts. He is probably one of the left-most Congress-critter types and represents Seattle's fruit and nuts crowd.

[SES1066]

Do you think John Kerry, Ted Kennedy, Barbara Boxer, Diane Feinstein, Maria Cantwell, et al would vote for a tax on wealth?

Depends on the wording - after all they are also fine with the 'Death/Estate Tax'. What they would be against is any tax that would tax the 'generational trusts' that avoid the estate taxes because the beneficiaries live on the proceeds from the principal which remains un-taxed.

Since many, if not most, of these people never actually held a job before government, they probably don't care about 401k or IRA plans - they got Congressional Pensions and golden trust funds. [Except for Monsieur Kerry - he is living off the wife's prior marriage trust fund from Heinz].

[ichabod1]

It could be a teacher and a fireman here in CA.

Ya see, there's your problem right there.

[xkaydet65]

Yeah the rich!! A Long Island landscaper with four trucks, a Nassau cop married to a NYC teacher, the two guys who own the 70 seat diner on Old Country Road, rich. When the Dems finally realize who or what rich is, the rest of us may have woken up from this nightmare and voted them all to hell.

[CottonBall]

You have many middle class families who have two hard working parents earning 200k

You're right - these days $200K is NOT wealthy by any means. I quit working years ago, mainly to raise my son but also because we were being punished for working so hard. My son is 18 now, but I'm not really considering going back to work because taxes are ridiculous on a 2nd income. I'd be taxed at close to 50% (25-28% federal depending on if the Bush tax cuts expire, 9.55% state, and 7.65% SS and Medicare). And we're not even in the top tax brackets!

I really wish more people would look at exactly how much they are paying in taxes. When I showed these very easy calculations to some coworkers, they just couldn't believe it. Whatever the 1st income's top bracket is, the 2nd income is taxed starting at that level and may even go into another bracket. So many of my neighbors leave their kids home alone - and all for about 50% of what they work for.

[voicereason]

Son of #%$@$.

With last years bonus, that came in this year, and my normal salary; I’m about $25K short of the magic number. I have two modest cars, and a modest house. Nothing fancy, try to live within well within my means...and now I’m supposed to pay even more? I honestly think that his country is slipping farther down the path to the next “real repeat of the Boston Tea Party”.

At some point, the elected Yahoos need to realize that goverment and government programs need to downsize in a big way, and let productive Americans loose.

[CottonBall]

It could be a teacher and a fireman here in CA.

Ya see, there's your problem right there.

Well, forget the example using union jobs. Most states will pay about the same for professional jobs and most professionals will eventually be making close to $100K in their careers. Some a little more, some less. I'm thinking engineers, accountants, methematicians - most BS degrees. Many blue collar jobs can also net that much, especially if overtime is involved.

Making close to $100K these days is by no means wealthy. And if both spouses worked hard, got an education or learned a valued skill, and worked their way up the ladder in their jobs - both making that much isn't that inconceivable. They certainly shouldn't be punished (with taxation) for their efforts.

[CottonBall]

I have two modest cars, and a modest house. Nothing fancy, try to live within well within my means...and now I’m supposed to pay even more?

We need to find a Galt's Gulch.

[andy58-in-nh]

I prefer honest thieves to liberals. They do not pretend to act for a noble cause while enriching and empowering themselves at your expense.

[CottonBall]

I’ getting tired of getting “soaked” to pay for everyone else.

I don't blame you. Unless you love your job and would do it for little or no pay, may as well figure out how to quit. Just my opinion. I did it years ago (engineering). I don't miss working for half of what I earned, although I do miss the challenges of solving complex calculations so I freelance now and then to keep things interesting. It's nice to chose when to work - and I keep tabs of if I'm earning too much and will end up in another tax bracket. Then I don't take on any new jobs until the new year starts - or have them delay paying me until then.

[stuartcr]

That’s why I never took a job in N VA or similar places.

Those are excellent sentiments, and I agree. I just also realise that it won’t happen in my lifetime.