The Coming ObamaTax Bomb

Townhall.com ^ | June 29, 2012 | Katie Pavlich

[RWB Patriot]

Start reading Atlas Shrugged if you haven’t already, folks. The world in that book is coming very quickly.

[TurboZamboni]

By allowing the 2003 tax cuts to retire, President Obama will be increasing the bottom rate from 10% to 15% ...
more math here:
Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.

Raising the 35% bracket to 39% represents what percentage of increase? Hint: The correct answer is NOT 4%.

Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?

Extra extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?

To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.

So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money, but the percentage compared to what they already make is lower.

[TurboZamboni]

I didn't see this big one listed:

A little known fact of the Obamacare Law (among many other unpleasant surprises in the fine print you can be sure) is a 3.8% tax to be imposed when you sell your home--most people's greatest or only asset. 3.8% to Uncle Sam right off the bat. So how will that tax impact those who are involved in distress sales, who are underwater on their homes?

http://online.wsj.com/article/SB10001424052748704113504575264513748386610.html

[Excellence]

SRB

[unique1]

Last Tuesday President Obama got off the helicopter in front of
The White House - carrying a baby piglet under each arm.
The squared-away Marine guard snapped to attention, saluted and said:

“Nice pigs, sir.” The President replied: “These are not pigs. These are
authentic Arkansas Razorback Hogs. I got one for Secretary of State
Hillary Clinton, and I got one for Speaker of the House Nancy Pelosi.”

The squared-away Marine again snapped to attention, salutes and said,
“Excellent trade, sir.”

[jongaltsr]

See you in the “Klinker”, the “Can”, “Behind Bars” - ya know (JAIL). Bring some cards and plenty of smokes (if you smoke) (if not you can always sell them and get snickers and M&Ms in the mess hall.)

[Praxeologue]

A little known fact of the Obamacare Law (among many other unpleasant surprises in the fine print you can be sure) is a 3.8% tax to be imposed when you sell your home--most people's greatest or only asset. 3.8% to Uncle Sam right off the bat. So how will that tax impact those who are involved in distress sales, who are underwater on their homes?

http://online.wsj.com/article/SB10001424052748704113504575264513748386610.html

Your link is to a Laffer opinion piece that does not discuss the 3.8% tax that reference.

Can you please provide a link to support your claim.

[BobL]

“So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money, but the percentage compared to what they already make is lower.”

I really don’t have a problem with that. I’d like THE POOR to start paying their way, a bit, at least, now that they have free health care (along with free food, free housing, and free spending money).

[thouworm]

Ping

[LucyT]

Thanks, thouworm. .

[TurboZamboni]

Yes, the health law will impose a 3.8 percent tax on investment profits and other non-wage income starting in 2013. But that tax applies only to couples with adjusted gross income of $250,000 (or individuals with AGI of $200,000). About 95 percent of households make less than that, and will be exempt from the law no matter what.

In addition, couples who sell a personal residence can exclude the first $500,000 in profit from tax ($250,000 for singles). That would be profit from a home sale, not proceeds. So a couple that bought a house for $100,000 and sold it for $599,000 would owe no tax, even under the health law.

http://www.forbes.com/sites/beltway/2012/04/02/there-is-no-obamacare-tax-on-most-home-sales-really/

turns out to NOT be true. thanks for having me fact check and throw out an old , irrelevant link.

[bgill]

And because of these taxes already on the books, the cheaper generic meds you’ve been getting will be axed and an even cheaper generic will be substituted. It’s already happening and those cheaper ones are causing people problems. It’s only going to get worse.

[Beave Meister]

Can someone please tell me if this is true. Will Congress and their staff have to get the same healthcare plan as the rest of us? I’ve been going back and forth with a flaming liberal friend of mine.

EC. 1312. CONSUMER CHOICE
(d)(3)
D) MEMBERS OF CONGRESS IN THE EXCHANGE-
(i) REQUIREMENT- Notwithstanding any other provision of law, after the effective date of this subtitle, the only health plans that the Federal Government may make available to Members of Congress and congressional staff with respect to their service as a Member of Congress or congressional staff shall be health plans that are—

(I) created under this Act (or an amendment made by this Act); or

(II) offered through an Exchange established under this Act (or an amendment made by this Act).

(ii) DEFINITIONS- In this section:

(I) MEMBER OF CONGRESS- The term ‘Member of Congress’ means any member of the House of Representatives or the Senate.

(II) CONGRESSIONAL STAFF- The term ‘congressional staff’ means all full-time and part-time employees employed by the official office of a Member of Congress, whether in Washington, DC or outside of Washington, DC.

[yellowhammer]

Thanks for that! I will definitely be using that info.

[thecodont]

Start reading Atlas Shrugged if you haven’t already, folks. The world in that book is coming very quickly.

I can see Starnesville from here!