Posts Tagged ‘2012 Election’
Top Five Worst Obamacare Taxes For 2013
September 29, 2012 – This comes from the Americans for Tax Reform:
Top Five Worst Obamacare Taxes Coming in 2013
Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013:
The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.
The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.
The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:
| Capital Gains | Dividends | Other* | |
| 2012 | 15% | 15% | 35% |
| 2013+ (current law) | 23.8% | 43.4% | 43.4% |
The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.
The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.
The Obamacare Medicare Payroll Tax Hike — an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:
| First $200,000 ($250,000 Married) Employer/Employee |
All Remaining Wages Employer/Employee |
|
| Current Law | 1.45%/1.45% 2.9% self-employed |
1.45%/1.45% 2.9% self-employed |
| Obamacare Tax Hike | 1.45%/1.45% 2.9% self-employed |
1.45%/2.35% 3.8% self-employed |
Click here to view PDF form.
Joe Biden Says GOP Out Of Touch With Average Americans
March 13, 2012 - Vice President Joe Biden spoke to 87 filthy rich liberals at a Democrat fundraiser last night. The event was held at the home of Sen. John Kerry in Georgetown.
Biden criticized Republicans for being out of touch. “These guys don’t have a sense of the average folks out there,” Biden said according to the pool report, “They don’t know what it means to be middle class.”
The 87 guests were served grass-fed New York strip steaks and white truffle mashed potatoes and paid a minimum of $10,000-per-couple to attend the dinner.
Those Democrats really have a sense of how the average folks live. Steak and mashed potatoes sounds pretty damn average to me. -JRoycroft
Related articles
- Joe Biden: Republicans Don’t Know What it Means to be Middle Class (tarpon.wordpress.com)
- Biden slams GOP lawmakers for failure of debt deals (politico.com)
- Joe Biden at Exclusive $5000-Per-Plate Fundraiser At Noted Gigolo Princeling John Kerry’s Mansion: Those Damn Republicans Don’t Know A Thing About Middle Class, Average Folks (minx.cc)
- Truffle-eating Biden: ‘They Don’t Know What It Means to Be Middle-class’ (mikesright.wordpress.com)
- Biden swaps ties with fundraiser attendee (politico.com)
Michelle Obama Joins The Class Warfare Bandwagon

2008-George Hussein Onyango Obama, President Barack Obama's long lost brother was tracked down living in a hut on the outskirts of Nairobi
February 25, 2012 - Michelle Obama joins the class warfare bandwagon and questions how the rich can feel good about themselves while others struggle. She preached her little sermon to a crowd of about 300 supporters who payed $300-$10,000 to a fund raising event in Ohio.
Michelle reminded her crowd of wealthy folks about how her husband had been raised by a single parent, with the help of his grandmother – understands the problems of struggling families “because he has lived them.”
I was just wondering, does Barrack Obama’s brother still live in a shack in Kenya? If so, would Obama’s Marxist plan to spread the wealth extend to family living outside the United States? -JRoycroft
Related articles
- Michelle Obama: Our choice in the upcoming election will impact our lives for decades to come (usamericanfreedom.com)
- Shared Sacrifice … Michelle Obama Style (usamericanfreedom.com)

