As America wakes up on a cool January 1, 2013 from perhaps a night of celebrating the New Year, making resolutions for a new better year, full of lofty resolutions and promises to self to lose weight, quit smoking or be a better parent the US government and a fake president are placing huge tax burdens on you to fund OBAMACARE.
The circle of life continues and singing Aud Lang Syne is echoing in the distance while an oppressive and repressive tax is being placed on you once again.
We have discovered the Medical Devices tax or another retail tax as some in the house call it that soaked us for about 40 billion but another tax has been unveiled with many tentacles called a “surtax on Investment income”, a 3.8 percent tax relative to income earners of 250,000 (jointly) or 200, 000 dollars (single).
Taxes are increased from 39.6% to 43.4% Other unearned income includes (for surtax purposes) gross income from interest, dividends, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.
It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens. This stands out to me as possibly the oddest exemption in this new tax. Why are non residents aliens given a break and I am an American who pays more than my fair share of taxes, does not get an exemption from this huge tax. I dont understand.
It DOES however, include the sale of your home. Long term capital gains tax will increase from 15% to 20%. Add the 3.8 percent surtax and the long term capital gains tax becomes 23.8%.
In addition, there is an increase in Medicare Payroll Tax of .9 percent for single employees making over $200,000/year and married employees making over $250,000/year: Payroll Tax currently at 1.45% increases to 2.35%.
I know many that are unfortunately at the poverty and below level think that 200 to 250,000 dollars is whole lot of money. I understand that “that kinda money” can go along way when your means to sustain life requires minimal amounts and that amount of money applied to your current situation would greatly improve it.
This is barely above a high middle income earner in today’s economic system. Many of these income earners are your small job creators, your mom and pop restaurants or a successful landscaping business. These are the same people that would hire 20 to 50 people in your neighborhood and now we add another tax on this struggling population?
No one is getting wealthy at this income level. These are people who have decided to pursue the “American Dream” , to work hard, provide a better life for his/her family, maybe even send a child or two to college. And our US government is heaping another tax of 3.8 percent, to some this is their profit margin.
What has our country become when we are no longer promoting our small business owners? Why are we not making things easier on the ones who work hard, hire others and assure themselve the inalienable gift of life, liberty and the pursuit of happiness?
I believe I know the answer and I don’t like it. I believe many within our government at all levels have resigned that America as we know it is about to change to a purely socialist state. There are many in this country who are ok with letting the government provide for you and all that must be done is surrender your income and your sovereignty to a regime in DC that is, by design, creating a Socialist utopia that is setting up America for it’s eventual collapse and demise.
This slow growing tumor has surfaced and through many persistent years of effort the right recipe has been found, a mindset has surfaced in this country through indoctrination that less effort and more entitlement is the preferred reward.
God bless America. This tax of 300 plus billion and another 2.3 trillion may be just enough weight may be just enough to collapse her!
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