Sunday, June 7, 2009

New Taxes Ahead!

Get ready, everybody: The Great Liberal Intelligencia is preparing the way for New Taxes - lots of New Taxes!
The money (trillions of dollars) will be needed to pay for health care "reform", among other longed-for liberal concoctions. Basically, we're looking at a state run health system to go along with the state run auto industry and the virtually state run media.
And the New York Times is laying the groudwork for all this with an editorial today:
For Congress and the administration to keep the promise of comprehensive health care reform, they will have to find the political will to pay for universal coverage and other investments that are needed right away but will not produce quick savings. The cost could reach $1.5 trillion over the next decade. President Obama, who had already proposed some $634 billion in new taxes and spending cuts, endorsed additional ideas last week. But Congressional Democrats will almost certainly need to come up with a lot more money — and that is likely to mean new taxes. . . . Virtually all experts agree that more revenues will be needed. Mr. Obama’s proposal to limit itemized deductions by wealthy Americans met with a cool reception but ought to remain on the table. Significant money could be raised by increasing taxes on sugared drinks, alcohol, tobacco and other products that are bad for one’s health. But more taxes will probably be needed. Even the liberal-leaning Center on Budget and Policy Priorities suggested last week that Congress is unlikely to be able to pay for universal coverage unless it takes the unpopular step of limiting the tax exclusion for the value of the health insurance provided by an employer. It is the nation’s costliest tax subsidy, and some experts believe it encourages overuse of medical services. Congress has heavy lifting ahead. It must foster reforms that are apt to reduce costs in the long-run (past the 10-year mark) and find a mix of short-term savings and tax increases to put us on course without driving up the deficit.
So, here's what's in store: 1) A limit on itemized deductions by "wealthy" Americans (watch out for how they define "wealthy"); 2) New and or higher taxes on sugared drinks, alcohol, tobacco and other things that are "bad for one's health" (watch out for how they define "bad for one's health"); and 3) Limiting the "tax exclusion" on medical coverage (which is just another way of saying taxing your medical coverage).
And this is just the beginning.
When the New York Times talks about the need for Congress to do some "heavy lifting" they mean separating you from your hard-earned money.
Remember Obama's "no new taxes" and "no tax raise" pledges?
Fuhhgettabouit!

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