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The Pelosi Tax Test
9:47 am, 11/11/09
Liberal Democrats have used the healthcare bill to secretly replace your usual, inflation-indexed taxes with taxes that will devour larger and larger portions of the economy over time.
All of those twentysomethings who voted for Barack Obama last year are about to experience the change they haven't been waiting for: the return of income tax bracket creep. Buried in Nancy Pelosi's health-care bill is a provision that will partially repeal tax indexing for inflation, meaning that as their earnings rise over a lifetime these youngsters can look forward to paying higher rates even if their income gains aren't real.With the unprecedented scope of the deficit spending that we're seeing, assuming 4% inflation may turn out to be very generous. Part of the reason this became such an issue at the beginning of the Reagan years was because, during the stagnant, recessionary 1970s, inflation had been known to exceed 10%.
As for the business payroll penalty, it is imposed on a sliding scale beginning at a 2% rate for firms with payrolls of $500,000 and rising to 8% on firms with payrolls above $750,000. But those amounts are also not indexed for inflation, so again assuming a 4% average inflation rate in 10 years this range would hit payrolls between $335,000 and $510,000 in today's dollars. Note that in pitching this "pay or play" tax today, Democrats claim that most small businesses would be exempt. But because it isn't indexed, this tax will whack more and more businesses every year. The sales pitch is pure deception.
Americans of a certain age have seen this movie before. In 1960, only 3% of tax filers paid a 30% or higher marginal tax rate. By 1980, after the inflation of the 1970s, the share was closer to 33%, according to a Heritage Foundation analysis of tax returns.
These stealth tax increases - forcing ever more Americans to pay higher tax rates on phantom gains in income - were widely seen to be unjust. And in 1981 as part of the Reagan tax cuts, a bipartisan coalition voted to index the tax brackets for inflation.
at 01:37 PM, 11/11/09
I think the Dems have created a Black Hole for money. Maybe if they keep smashing dollars together, we'll find the Higgs boson particle before the scientists at CERN!
I think the Dems have created a Black Hole for money. Maybe if they keep smashing dollars together, we'll find the Higgs boson particle before the scientists at CERN!
Dairenn Lombard at 11:37 AM, 11/14/09
Good point, Timbre.
Cops call it the "smash 'n grab" when a burglar busts open car windows to steal as many car stereos as they can to turn them around. I used this term to apply to certain CEOs that would be hired into the dot-coms at the end of the 90s that, smelling an IPO like a hungry lion smells raw meat, jumps in and while claiming to be doing whatever it takes to grow the company, is actually priming the business for his stock options to explode so that he can cash out just before the business takes a nose dive into the Grand Canyon.
Since the SOX legislation in the wake of Enron, Tyco and WorldCom accounting falsification practices, you almost never see it happen there anymore, but in the Congress, the Democrats are in love the practice. They're going to try to take as much control and therefore as much power as they can before they wind up voted out. With their personal fortunes secured and "oversight" excuses for tax payment failure already planned out, they wont have to care what happens to the rest of us.
And they're able to get away with it because they're able to tell the people two things: don't worry about any of this because we're doing the right thing and besides, if you're worried about what's being said about the plan, it's okay because somebody else with more money than you will pay for this. And, it's okay, because, what we're doing is socially responsible.
If there is any good news here is that ultimately, individual liberty will prevail and you can't (yet) legally force people to become doctors. Unlike Capitalism, Socialism doesn't work without some form of slavery.
Good point, Timbre.
Cops call it the "smash 'n grab" when a burglar busts open car windows to steal as many car stereos as they can to turn them around. I used this term to apply to certain CEOs that would be hired into the dot-coms at the end of the 90s that, smelling an IPO like a hungry lion smells raw meat, jumps in and while claiming to be doing whatever it takes to grow the company, is actually priming the business for his stock options to explode so that he can cash out just before the business takes a nose dive into the Grand Canyon.
Since the SOX legislation in the wake of Enron, Tyco and WorldCom accounting falsification practices, you almost never see it happen there anymore, but in the Congress, the Democrats are in love the practice. They're going to try to take as much control and therefore as much power as they can before they wind up voted out. With their personal fortunes secured and "oversight" excuses for tax payment failure already planned out, they wont have to care what happens to the rest of us.
And they're able to get away with it because they're able to tell the people two things: don't worry about any of this because we're doing the right thing and besides, if you're worried about what's being said about the plan, it's okay because somebody else with more money than you will pay for this. And, it's okay, because, what we're doing is socially responsible.
If there is any good news here is that ultimately, individual liberty will prevail and you can't (yet) legally force people to become doctors. Unlike Capitalism, Socialism doesn't work without some form of slavery.
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