And your inflation tax:
The return of the inflation tax demonstrates once again the stealth radicalism that animates ObamaCare. In the case of inflation indexing, Democrats would repeal a 30-year bipartisan consensus that it is unfair to tax unreal gains in income, thus hitting millions of middle-class Americans over time with tax rates advertised as only hitting "the rich." Oh, and the House vote on this exercise in dishonest government will come as early as Saturday.
It's in there. In that bloated 1900+ POS Nancy is rushing for a vote tomorrow. This way, our governmental overlords don't have to pass an unpopular tax increase, risking their precocious jobs-for-life. They just have to wait for inflation to do it's dirty work, while the unsuspecting dupes (you and me) who've been undereducated (by public skools) have no idea what's going on.
Remember that (long) piece I had a few days ago? About the view that liberals have of themselves as protectors of the sheep? They're fucking fooling themselves.
The details for those of you who don't hit those linky things:
We also know what has happened with the Alternative Minimum Tax. Passed to hit only 1% of all Americans in 1969, the AMT wasn't indexed for inflation at the time and neither was Bill Clinton's AMT rate increase in 1993. The number of families hit by this shadow tax more than tripled over the next decade. Today, families with incomes as low as $75,000 a year can be hit by the AMT unless Congress passes an annual "patch."
The Pelosi-Obama health tax surcharge will have a similar effect. The tax would begin in 2011 on income above $500,000 for singles and $1 million for joint filers. Assuming a 4% annual inflation rate over the next decade, that $500,000 for an individual tax filer would hit families with the inflation-adjusted equivalent of an income of about $335,000 by 2020. After 20 years without indexing, the surcharge threshold would be roughly $250,000.
Same thing will apply to businesses.
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.
I don't think I can say it enough. Fuck you Nancy, you Botoxed bitch.
And, OC you can insult my hair color any time you want. I. Don't. Care. If I did, if I were insecure and vain enough, I'd ban you.