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No More Wages: Your Money Is Now The Regime’s



Jul 16, 2009 3 Comments ›› Pat Dollard

news_graph

Graphic: What Obama’s Wage Confiscation Program Means To New Yorkers

NY Post:

Congressional plans to fund a massive health-care overhaul could have a job-killing effect on New York, creating a tax rate of nearly 60 percent for the state’s top earners and possibly pressuring small-business owners to shed workers.

New York’s top income bracket could reach as high as 57 percent — rates not seen in three decades — to pay for the massive health coverage proposed by House Democrats this week.

The top rate in New York City, home to many of the state’s wealthiest people, would be 58.68 percent, the Washington-based Tax Foundation said in a report yesterday.

That means New York’s top earners, small-business owners and most dynamic entrepreneurs will be facing new fees and penalties.

The $544 billion tax hike would violate one of President Obama’s ironclad campaign promises: No family will pay higher tax rates than they would have paid in the 1990s.

Under the bill, three new tax brackets would be created for high earners, with a top rate of 45 percent for families making more than $1 million. That would be the highest income-tax rate since 1986, when the top rate was 50 percent.

The legislation is especially onerous for business owners, in part because it penalizes employers with a payroll bigger than $400,000 some 8 percent of wages if they don’t offer health care.

But the cost of the buy-in to the program may be so prohibitive that it will dissuade owners from growing their businesses — a scary prospect in the midst of a recession.

Obama took to the airwaves yesterday with ads and TV interviews promoting the need to reform health care.

As a Senate health committee passed a different version of a health-care reform bill – a milestone for the issue – Obama said on NBC, “The American people have to realize that there’s no such thing as a free lunch.”

And in a Rose Garden speech, he said the “status quo” on health care is “threatening the financial stability of families, of businesses, and of government. It’s unsustainable, and it has to change.”

Asked if Obama supports the surtax on wealthiest Americans even though it would break a campaign pledge, White House spokesman Robert Gibbs said only, “It’s a process that we’re watching.”

Republicans in Washington and small-business defenders in New York said the House legislation would effectively place a stranglehold on businesses while running off top earners.


  • Chuck O

    SCHIP, originally designed to provide poor children with health insurance, has swelled into a socialist monstrosity covering the non-poor and non-children. Liberal states have maneuvered the funds to cover both adults (700,000 last year alone) and illegal immigrants, a practice encouraged by Democrats. Bush’s move to expand the program w/o covering the middle class has been ridiculed as excluding poor sick kids. The left wants to cover those 400% above the poverty line. We currently spend around $560 Billion on both Medicare (for senior citizens) and Medicaid (for the poor). In 1965, the cost of funding Medicare was $350 per taxpayer but today, it’s over $10,600. Also, people said that Medicaid would cost no more than $12 billion by 1990. They were off by $52 Billion. Medicaid alone covers 53 million people, Now if Medicaid already covers that many, I’m not sure why SCHIP is needed but that doesn’t seem to be enough because now they want to implement even more health care. When it passes, say hello to inferior care, long wait times, medicine shortages, and fewer doctors and hospital beds.

  • GF

    So, say my employer doesn’t give me health care benefits cause it’s cheaper to pay the ‘fine’(tax). Then say I don’t have health insurance cause I can’t afford it or prefer to pay for services as needed. I get popped for a ‘fine’(tax) of 2.5%! WiTMF. :gun: :gun: :gun:

  • Blade Runner

    The “government” is nothing more than a monster vampire, a gigantic leach, a behemoth blood sucker that feeds off the people. Without us, the monster will starve. I reckon it is time to go off the grid, get out of the line of fire, dig into the “underground economy”, shed all connection to the “establishment”, become completely self-reliant, and then sharpen the wooden stakes, polish the silver bullets, grow megatons of garlic, and pray for lots of sunshine. There is an exorcism in our future.