Wednesday, July 15, 2009

Health Care Reform Bill (Draft) Unveiled In The House

House Democrats unveiled…finally…the much talked about health care reform bill today. Well, the draft anyway. Those elusive details will be ironed out later. Talk about “sticker shock”! Small businesses and individuals in a high-income bracket will be nestling up to a whopping 5.4 percent surtax…of adjusted gross income, not taxable income…ergo it is applicable to almost everything which “was” deductible from one’s previous taxable income. Charitable contributions, medical expenses, and even home mortgage interests will be OBAMATIZED! But President Obama isn’t stopping there. In 2011 he plans to repeal the Bush tax cuts…right on schedule… raising the top capital gains tax rate from 15 to 25.4 percent. Ouch! Did he mention that during the campaign? Whose side is he on anyway? Maybe someone should hand him a few business textbooks to read on Air Force One. These “tax spikes” would rock small businesses…and let’s face it…middle-sized ones too. There is a recession going on and he seems clueless as to the role of small (and middle-sized) businesses during tough economic times…which we are now in the throws thereof. Maybe you aren’t too terribly phased by the “regular” income tax rate leaping from 35% to 45% (with the new surtax)…before being applied to ADJUSTED GROSS INCOME…but I am. the way...there will be a 2.5% tax on individuals who don’t have health insurance! Wasn’t there a casual mention of no requirement for people to be insured during his campaign? Well, I guess you don’t have to be…you’ll just be taxed for not being. I wonder if that one came up during a reading from Shakespeare? Who am I forgetting? Oh, yes…EMPLOYERS! They would be required to provide health insurance under two new regulations, guaranteed issue ( a health policy which offers health insurance coverage to people with preexisting conditions) and community rating (everyone pays the same premium) which would probably send the cost soaring…or…pay a payroll tax of up to 8%. Keep in mind that it is above the existing Social Security and Medicare payroll taxes. Now, before you think the roller-coaster ride is over…hold onto your seats because your state and local taxes haven’t been thrown into the mix. As we speak, they are dreaming up ways to tax us for anything from the rain falling on our roofs (and going into sewers) to designer speeding tickets (for “Super Speeders”). All I’ve got to say is…it is a great time to be an illegal alien!

Note: The only reason the government isn’t taxing happiness is because they don’t have a gauge…but I’m sure a blueprint is in the works.

May God bless America…and may America deserve it!
Zanne Booker 7-16-09