According to American’s For Tax Reform’s (ATR) website via Drudge, “Obamacare contains twenty new or higher taxes. Five of the taxes hit for the first time on January 1. In total, Americans face a net $1 trillion tax hike for the years 2013-2022, according to the Congressional Budget Office.”
I’ve included a link, so you can read the short article illustrating the five new taxes and their individual costs for yourself: $1 Trillion Obamacare Tax Hike Hitting on Jan. 1
However, my thought for today is, that while the ridiculous circus continues in D.C, regarding the looming fiscal cliff which by itself will irreparably harm the economy if not avoided, the socialist currently at the nation’s helm will likely continue to wreck it further through other damaging, anti-growth legislation.
To get the drift of the business-crippling costs to come due to a socialist mindset, all one need do is look at the first item listed today by ATR, which states: “Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to artificial hips more expensive.”
So what we have here is clear evidence of what happens when you force those who produce to support those who don’t. And what’s worse is that the economically unskilled legislators either don’t know or don’t care that their upside-down enactments are really fiscal double-whammy’s whereas they not only reduce total revenue, they kill the chance for economic growth and increased taxes from accelerated productivity and the additional employment that results.
But, when you have the fiscally inept leading the intellectually dense, I guess the nation’s downward slide is to be expected. Yet I do really have to wonder exactly how dumb one has to be to keep seeing horrendously bad results, yet still not lifting a finger to try to fix the problems no matter. And what’s worse than that is, the rest of us are still finding out how misguided these folks are, but can do just about nothing about it.
That’s it for today folks.
Adios
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