Sunday, March 15, 2009

New Obama Taxes on People Making Less than 250K

1. New proposed taxes on health care benefits. To pay for the insurance of the 40 million of uninsured people (note that 20-25 million) are probably illegal aliens, Obama must raise revenue to pay these costs. There is also an additional cost that is not necessarily measured in dollars, but quality. Once the Government gets involved in the business of providing health care, rationing of resourses will be necessary because resourse are not unlimited. I can't wait to see the reaction of American citizens having to wait in line behind illegal aliens to receive health care (which is happening now in some cases). Perhaps the terrorists at Gitmo, once moved to the US, will have a higher priority for health care than veterans who fought for their country. Who knows what will happen with this radical socialist administration in charge.

2. Additional "Green Energy" taxes. This is a big one. Green energy is not efficient compared to fossil fuels, and you will pay the difference. Expect to see your electric bills to increase 15-40 percent. Especially vulnerable are people who live in areas where coal fired plants are producing their electricity. This will happen as a result of Obama's Cap and Trade proposals. So called green house gas polluting companies will pay more to produce energy. Industries will be 'capped' at certain production levels, and will have to buy additional credits from other 'less polluting' industries to continue operating. You will pay for those credits. Additionally, manufacturers and other industries will pay more for energy, so absolutely everything you buy from clothing, education, groceries, medicine, and gas will cost more. These industries will pass as much as they can to customers just like you. Corporations really don't pay taxes, they pass additional cost (taxes) to you whenever possible. Thats the dirty little secret Democrats don't like to discuss while they rail at the evil corporations. The corporations are really just tax collection agencies.

3. Be prepared (especially at State and Local Level) to see sales taxes, especially on beer, cigarettes, guns, ammo, to rise in addition to the green energy premiums that will added to the purchase price of these products. States will probably have to raise taxes across the board, because higher energy prices will mean the cost of government services will proportionally rise. Police, ambulance, schools, everything will cost more.

4. Fewer deductions on income taxes will mean more will go to the Federal Government.

There is little doubt that with the growth in Government, the Amercan people will have much less money jingling in their pockets. We will reach a point that we can no longer borrow nor sustain the huge deficits Obama is proposing. Few 20 or 30 somethings remember the malaise of the Jimmy Carter years, with double digit interest rates, double digit unemployment, high inflation, high gas prices, energy shortages (gas lines), and the US pressed on every front by our enemies. They are about to get a good taste of what that was like.

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