ObamaCare Flatlines: ObamaCare Taxes Home Sales – Clobbers Middle-Class Americans

ObamaCare Flatlines: ObamaCare Taxes Home Sales – Clobbers Middle-Class Americans

“I can make a firm pledge.  Under my plan, no family making less than $250,000 a year will see any form of tax increase.  Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,”
President Obama, September 12, 2008

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

In February 2010, 5.02 million homes were sold, according to the National Association of Realtors.  On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property can push middle-income families over the $250,000 threshold and slam them with a new tax they can’t afford.

This new ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income.  This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare.   The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.

For previous ObamaCare Flatlines, visit click here.

Additional Document: The Costly Consequences of Health Care Reform (Courtesy of the Budget Committee)

Go AHEAD punks, make our day!

Go AHEAD punks, make our day!

Who let the dorks out?

Jason Levin, creator of crashtheteaparty.org, said Monday the group has 65 leaders in major cities across the country who are trying to recruit members to infiltrate tea party events for April 15—tax filing day, when tea party groups across the country are planning to gather and protest high taxes…

Levin says they want to exaggerate the group’s least appealing qualities, further distance the tea party from mainstream America and damage the public’s opinion of them.

“Do I think every member of the tea party is a homophobe, racist or a moron? No, absolutely not,” Levin said. “Do I think most of them are homophobes, racists or morons? Absolutely.”

Go ahead punks, make our day! Cameras will be rolling; police will be standing by.

More
Left Coast Rebel: Exposed…The Individuals Behind “Crash the Tea Party
Crash course: Your illustrated guide to the Tea Party saboteurs
I will keep harping on this until the end of time: a camera is an indispensable tool for these things.
Check this out from Ruby Slippers: 58% Support Repeal of ObamaCare – We need to make that happen!
Chief Tea Party Crasher is a 9-11 Truther.

Morning Bell: Dodd Bill Creates Permanent TARP and You Can Quote That

Morning Bell: Dodd Bill Creates Permanent TARP and You Can Quote That

Posted By Conn Carroll On March 26, 2010 @ 9:24 am In Enterprise and Free Markets | No Comments

The Dodd-Obama Permanent TARP [1]

In mid-October 2008, at the height of the Presidential campaign, Heritage Foundation analyst Rea Hederman began receiving emails [2] alerting him that he was a star in a new multimillion-dollar ad campaign for then-candidate Barack Obama. The ads claimed that Hederman believed the middle class would be better off under the Obama tax plan. Nothing could have been further from the truth. In fact, Hederman’s analysis of the Obama tax plan [3] found the exact opposite: that Sen. John McCain’s (R-AZ) tax plan would produce twice as many jobs as then-candidate Obama’s plan and leave middle-class families with, on average, $1,500 more in after-tax disposable income.

Now President Obama’s minions are at again, blatantly misquoting Heritage Foundation analysts in a desperate attempt to make their far left big government agenda appear to be centrist. This time the culprit is Deputy Secretary of the Treasury Neal Wolin, who told [4] a U.S. Chamber of Commerce summit this week:

On Monday evening, we took an important step towards final enactment of financial reform. The Senate Banking Committee has now voted out a comprehensive bill. Along with the bill passed by the House last December, it represents a strong foundation on which to build a safer financial system.

This should not be a partisan or ideological debate. As David John of the Heritage Foundation has said, “Taxpayers should never again be forced repeatedly to bail out financial services firms like AIG because a company poses a risk to the entire financial system and regulators lack the necessary tools to close the company safely.”

The quote is accurate; [5] The Heritage Foundation does believe that we need financial reform that will ensure taxpayers never again have to bail out Wall Street, but it is 100% false to insinuate that Heritage believes the bill written by Sen. Chris Dodd (D-CT) and passed out of committee this week is the solution to that problem.

Here is, in fact, what John has written [6] about the Dodd bill:

The Senate Banking bill proposes to create a new $50 billion fund to be used in “emergencies” to close or restructure failing financial institutions or those perceived as being in danger of default. This fund is certain to be used for bailing out any politically significant financial institution and is nothing less than a permanent TARP program.

Despite rhetoric about using bankruptcy for most failures, the draft makes it clear that this is to be handled through a bureaucracy subject to political pressures, since the bill also does not include language adapting the bankruptcy process to the special needs of complex international financial institutions.

In other words, not only does the Dodd bill not prevent future taxpayer-funded Wall Street bailouts, it virtually guarantees them forever. Just as the original $700 billion TARP fund quickly devolved into President Obama’s personal slush fund [7], the Dodd bill empowers the Treasury Secretary to take over and liquidate any financial firm at any time, and no one can stop him. The Independent Institute’s Peter Klein adds [8]:

Perish the thought, but suppose a secretary of the Treasury has a crony who really wants to buy an investment bank on the cheap—and will provide some future quid pro quo. Pick a time when equities are down and you could make a case that a financial company is wobbly. Voila, it gets liquidated in a fire sale.

And so it is business as usual in the Obama White House. The empowerment of big government, the enrichment of cronies, all justified by phony bi-partisanship and centrist rhetoric. Don’t be fooled. The Dodd bill and the Obama agenda take the worst of our current financial system and puts it on steroids.

Quick Hits:

1 million attend tea parties in 50 states

1 million attend tea parties in 50 states
‘Obama has awakened a sleeping giant’

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=95230

Morning Bell: The Obama Tax and Spend Economy is Here