Posted on 03/11/2010 5:14:17 PM PST by Kaslin
Investors who have been paying close attention to the tax provisions of ObamaCare for the past year are no strangers to its new tax increases. There are tax hikes on medical device manufacturers, health insurance company CEOs, families of special needs children and (strangest of all) tanning salons.
Yet the White House's "compromise" health care outline released in February contains a damaging new tax hike on investors — a 2.9% surtax on "unearned income." There is a high probability that this surtax will apply not only to interest and dividends, but also to capital gains.
The tax rate on investment income is already scheduled to rise next year. The top federal tax rate on interest, rent, royalties and passive S-corporation and partnership profits will go up from 35% in 2010 to 39.6% in 2011. The Obama budget calls for the top rate on capital gains and qualified dividends to rise to 20% from 15%. The new Obama health care plan calls for an additional 2.9% surtax on this "unearned income" for families making more than $250,000 annually (singles making more than $200,000).
Here's where it gets interesting. On the White House Web site, there is a listing of all the types of "unearned income" this new 2.9% surtax will apply to. Conspicuously absent is any mention of capital gains.
Thus, it would appear from a cursory reading of the president's plan that the top tax rate on interest, dividends, rent, royalties and passive investments in partnerships and S-corporations will rise by 2.9%, but that the capital gains tax rate will "only" rise to its already-scheduled hike to 20%.
(Excerpt) Read more at investors.com ...
This is part of an opinion I had in a local paper in Bart Stupaks district..
EDITOR:The American people are about to be put on a path that will cost them their liberty. A little history for you to think about after you read this.
There was a nation that was the leader of the world in science and tech and manufacturing. This nation had a debt so huge it could not pay its bills, so it printed money, so much so that it actually took a bushel basket of money to buy a loaf of bread. As a result, a man came to power in that nation who was a great speaker and could tune into the masses. He mesmerized those citizens so that they did not question whatever he proposed. The party he represented gained power by first, getting control of the news media and then abolishing any opposition by any other media to he and his party.
Then they gained control of the education system propagandizing the children to worship him and whoever did not attend “the schools” were at first shunned/beaten up and later disappeared. They gained control of the medical system and many of the elderly and mentally ill disappeared.
At first the military did not support this man or his party but later when the military were purged. They swore oath to him giving him control, which gave him complete control over the entire nation by all means.
He installed a police force and with the help of this nation’s citizens, you were taken away and never seen again if you spoke out against this man.
He allowed the capitalists to remain in their places running their business as long as they supported his party and supplied them with materials to do what they wanted, in short, they knew they could not survive without the likes of Krupp Steel.
The ultimate result was the complete destruction of this nation. Sound familiar? This was the National Socialist Workers Party of Germany and its leader is infamous in history.
My question to you is this. Why on earth would any political party commit suicide in this country by trying to push an agenda onto its people like one political party is trying in this country?
Unless, they might be thinking of never giving up power? You know what I am talking about. The health care issue that is before us, which will give control over you as well as the Cap and Trade the will come up before this is over.
I am talking about a cost that is unimaginable to you not only in money but liberty.
That piece was in the Iron Mountain Daily, Iron Mountain Mich, last Oct.
Any mention of Roth IRA’s ?
I’m assuming the tax proposal will not be applied to tax-exempt interest. Investors may start looking at municipal bonds as a cover.
There’s already talk of melding 401(k)’s and IRA’s with Social(in)Security with funds invested in “safe” Treasuries to “protect” (stupid)investors from themselves.
Assume that ANY income stream or asset is under consideration for further taxation by this bunch of thieves. The don’t produce one good or service that we would volunterily purchase with our earned dollars. Their specialty is TAKING not MAKING money.
It’s too bad Grover Norquist doesn’t stick with tax issues, and get the GOP back on track instead of pushing all his socially liberal issues in smokey back rooms, like AMNESTY.
Grover Norquist...one of the biggest problems with the GOP.
Calling out Grover Norquist
http://www.freerepublic.com/focus/f-news/2469696/posts
There will be no more elections.
We are officially in a dictatorship.
This is part of an Op Ed I put in the local paper-Iron Mountain Daily News. Oct 09.
The American people are about to be put on a path that will cost them their liberty. A little history for you to think about after you read this.
There was a nation that was the leader of the world in science, tech and manufacturing. This nation had a debt so huge it could not pay its bills, so it printed money, so much so that it actually took a bushel of money to buy a loaf of bread. As a result, a man came to power in that nation who was a great orator and tuned into the masses-he mesmerized those citizens so that they did not question whatever he proposed. The party he represented gained power by first, getting control of the news media and then abolishing any opposition by any other media to he and his party. Then they gained control of the education system propagandizing the children to worship he and his party - whoever did not attend “the schools” were at first shunned/beaten up and later disappeared. They gained control of the medical system and many of the elderly and mentally ill disappeared. At first the military did not support this man or his party, but later when the military were purged, they swore oath to him giving him control, which gave him complete control over the entire nation by all means. He installed a police force and with the help of the citizens, you were taken away and never seen again if you spoke out against this man. He allowed the capitalists to remain in their places running their business as long as they supported his party and supplied them with materials to do what they intended, in short, they knew they could not survive without the likes of Krupp Steel. The ultimate result was the complete destruction of this nation. Sound familiar? This was the National Socialist Workers Party of Germany and its leader is infamous in history.
My question to you is this. Why on earth would any political party commit suicide in this country by trying to push an agenda onto its people like one political party is trying in this country? Unless, they might be thinking of never giving up power? You know what I am talking about. The health care issue that is before us, which will give CONTROL over you as well as the Cap and Trade that WILL come up before this is done with-at a cost that is unimaginable to you not only in money but liberty.
OOPS..My bad! I thought this was another thread..Sorry.
I got so many replies to answer..
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