Five Ways Obamacare Raises Middle Class Taxes



Obama’s Tax Increases Fund Government For Eight Days & Would Destroy Jobs, Slow Economic Activity, & Raise Prices On Goods And Services

12/02/2012

President Obama, democrats in Congress, the liberal media, most Obama supporters and even some Republicans/Independents think these tax hikes should happen. Actually, they think it is a fabulous idea. Just do it already, what’s the big deal?  If you are not understanding their logic it’s because they have none and this is merely class warfare at its best. Thanks a lot Barry.

***Class Warfare: The Mortal Enemy Of Economic Growth And Jobs***

 

Big Government:

President Barack Obama has proposed raising taxes on the rich to put America’s fiscal house in order, but critics say federal spending is so massive that the wealthy don’t have enough money to cover the nation’s unprecedented debt.

In an interview with MSNBC’s Andrea Mitchell, Rep. Tom Price (R-GA) said President Barack Obama’s plan to raise taxes on the wealthy would only generate enough revenue to fund the federal government for eight days.

The president’s plan to increase taxes on the upper two percentcovers the spending by this federal government not for eight years, not for eight months, not for eight weeks but for eight days. Eight days only,” said Mr. Price. “It’s not a real solution. So, again, I’m puzzled by an administration that seems to be more interested in raising tax rates than in gaining economic vitality.”

The problem is that the rich don’t have enough money to put so much as a dent in America’s $16 trillion national debt. “If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion,” writes John Stossel. “That’s only a third of this year’s deficit. Our national debt would continue to explode. READ MORE

 

 

***Obama’s Most Dangerous Tax Hike: Savings and Investments***

 

Washington Post:

What policymakers fail to realize is that most small business owners, who also employ most of the country’s workforce, declare their business profits on the owner’s personal income tax return and are taxed at the personal income tax rate. Given that the net income number for many will be over $250,000, the proposed tax hikes could have a dramatic effect on small businesses and the growth and hiring decisions they will make.

Another point policymakers overlook is that business owners will ultimately pass this cost on to the middle class by raising prices on goods and services, possibly triggering layoffs and stalling hiring. READ MORE

 

Heritage Foundation:

Based on data from the President’s own Treasury Department, tax hikes on upper-income earners would directly fall on 91 percent of income earned by job-creating businesses that pay their taxes through the individual income tax, which are known as flow-through businesses. 

Successful small businesses face a double whammy from the Obama tax hikes. In addition to allowing the Bush tax cuts to expire for wealthy Americans, President Obama’s signature health care law will raise their taxes yet further. As Heritage’s Curtis Dubay explains:

The higher tax rate on wages and salaries will cause workers to cut back on their hours, which will slow economic growth. It will also deter job creation at small businesses. The income of certain small businesses (sole proprietorships) is wage and salary income to the owner. As both employee and employer, the owner therefore pays the entire newly increased 3.8 percent [hospital insurance] tax rate. With more of the owner’s—and therefore the business’s—income taken by higher taxes, the owner will have fewer resources to invest back into the business to create jobs. READ MORE

{ 1 comment… read it below or add one }

1 Howard McTaggart December 5, 2012 at 10:11 am

if Obama gets his way and increases the tax burden of Corporate America the US is in for a tough 4 yrs, maybe if the US survives they’ll say hey it’s time to bring in people who know something about business and vote GOP, cause when you have lawyers and social workers running the show your bound to have problems, the history of tax increases has been bad economic news for the US so hopefully Obama and his group will review the history and realize, hey this is a route to take.

http://www.discoverthenetworks.org/viewSubCategory.asp?id=310

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