Update: More Taxes. Pushes capital gains to 22.9% in 2011. WH Healthcare Plan: Charge of the Seventies Brigade
Update: Plan released. Taxes. Lots and lots of fees, fines and taxes. He is raising cap gains 8% over the next 2 years and he thinks this will HELP CREATE JOBS? Good Gawd.
…In the plan, Obama is advocating applying taxes for Medicare, the government health program for the elderly, to unearned income for the first time.
Obama would place a 2.9 percent assessment on income from interest, dividends, annuities, royalties and rents for individuals earning more than $200,000 or families making more than $250,000, according to a summary released to reporters.
…The proposed tax would also apply to capital gains, an administration official confirmed. That would push the rate to 22.9 percent in 2011, up from 15 percent currently and 20 percent scheduled to take effect next year. Obama also embraced the Senate proposal for an increase in the Medicare payroll tax on the highest earners….
Get your Disco ball ready…..
Highlights of the WH plan include such 70s hits as Price Controls and Caps!
President Barack Obama wants to give the federal government sweeping new authority to curb exorbitant rate hikes by the nation’s health insurance companies, a White House official said Sunday night…
…Obama’s proposal would give the Health and Human Services secretary, Kathleen Sebelius, new powers to review premium hikes by private insurance companies – and in some cases, block those deemed excessive. Anthem’s rate hikes of up to 39 percent in recent weeks have focused attention on the skyrocketing health insurance costs, the very costs Obama vowed to fight when he undertook comprehensive health care reform last year…
And also fresh from the 70s, when in doubt, create a new government bureaucracy!
Obama’s plan would create a new board made up health insurance experts, which would determine annually what are reasonable premium hikes in various markets, and the HHS secretary also would work with state officials, the White House said. The proposal was first reported in the New York Times…
More when the ‘plan’ is released in 20 minutes…I’m sure AHIP is glad they partnered with Obama now, feel the burn you get in exchange for working with Team TOTUS..imagine when the hospitals raise their prices 30% and the insurance plans are told, uhm no, no rate hikes for you! Premium nazi (like Soup Nazi)….
…Gee they would have to go out of business and leave the government the only game in town..part of the design no doubt about it.
A piece so good it needed an immediate linky with a video homage, please go read the whole thing..
…Applying price controls to a complex product, such as medicine, is like trying to clutch a fist full of water. The only predictable result will be the dumb amazement of the politicians, when they find themselves trapped in the Jurassic Park of inevitable statist failure, with the laws of supply and demand coming at them like hungry velociraptors….
And what could fit this graph better than Mindless Self Indulgence?
Created by RosalineRoberts
More from Dr Zero on the way insurance premiums and insurance company cash reserves are built and why it will literally kill off private insurance if Congress enacts an end to yearly and lifetime claim limits, increasing premiums and eliminating the actuarial data that is used to score risk for insurance companies and price premiums accordingly:
….“Insurance” is sold according to actuarial tables. The insurance company sells inexpensive policies to a large number of customers, most of whom will never file a major claim. The customers voluntarily participate in this transaction, paying a small premium to gain protection against the possibility of catastrophic future expenses. The company makes money, because the amount paid out in claims is less than the income from premiums. A customer who anticipates no catastrophic expenses might choose to buy minimal coverage, or decline to purchase insurance at all. Using the force of law to compel universal coverage for the same price, regardless of existing conditions and risk factors, is not “insurance,” and the captive providers are not “insurance companies.” Orwellian distortions of terms like “insurance” and “premiums” cloud the health-care debate, and make meaningful discussion difficult.
This seems to be a feature of Obama’s agenda, rather than a bug, based on the panicked, authoritarian way he pushes it. For example, later in his editorial, he says “Despite what we’ve seen on television, I believe that serious debate is taking place at kitchen tables all across America..” What have we been seeing on television that suggests serious debate has not been taking place at kitchen tables? This is just another backhanded slap at the grass-roots inferno of resistance that has erupted against the Obama agenda, implying those angry town-hall protesters are actors in some sort of scripted television production, designed to intimidate your family into nursing its corn flakes and pre-existing illnesses around the kitchen table in bitter silence….
JEC Testimony: Ron Paul asks Bernanke the 64Million dollar question: How will you drain all this liquidity out of the system when prices begin to rise?
Courtesy of VoiceofAmericans2008:
May 5, 2009
Bernanke testifying before Joint Economic Cmte in Congress
First there was Turbo Tax Tim and now Tax Trouble for Tom. Via Ed at HotAir..
Well I have NO love for this man. This is the ninny who told Obama to run so soon and not to wait when he KNEW HRC was running..he hasn’t gotten over 94 yet…and HE is some ‘expert’ on health care after helping scuttle UHC in 93…pullleezze…he had to take Hillary’s life’s focus for his post Senate career, yeah imagine what a therapist would say heh…
Did I mention I don’t like him? At his confirmation hearings the first thing he did was thank BOB DOLE!
His ‘ingenius plan’ ( which does NOT include the Universal Mandate that it would take to truly reduce premiums IMO) is to have a government panel approve what types of treatment government plans can pay for, AND he hopes to expand the model to all providers….
Great!…cause I want Sanjay Gupta to decide if I need an MRI, a government run HMO, fabulous…
Is this tax trouble Karma? you make the call…for me I just sing…
Jake Tapper breaks it:
…After being defeated in his 2004 re-election campaign to the Senate, Daschle in 2005 became a consultant and chairman of the Executive Advisory Board at InterMedia Advisors.
…Based in New York City, InterMedia Advisors is a private equity firm …That same year he began his professional relationship with InterMedia 2005, Daschle began using the services of Hindery’s car and driver….
The Cadillac and driver were never part of Daschle’s official compensation package at InterMedia but Mr. Daschle — who as Senate majority leader enjoyed the use of a car and driver at taxpayer expense — didn’t declare their services on his income taxes, as tax laws require.
During the vetting process to become HHS secretary, Daschle corrected the tax violation, voluntarily paying $101,943 in back taxes plus interest, working with his accountant to amend his tax returns for 2005 through 2007.
..Mr. Daschle reimbursed the IRS $31,462 in taxes and interest for tax year 2005; $35,546 for 2006; and $34,935…
The chairman of the Senate Finance Committee, Sen. Max Baucus, D-Mont., has called his colleagues for a private meeting at 5 p.m. ET Monday to discuss these complications surrounding Daschle’s nomination….
So ‘to be absolutely clear’, ANOTHER Cabinet nominee who failed to pay income taxes or report income/benefits. To the tune of six figures!! I mean if John Thain of Merrill paid $200,000 to is chauffer last year, imagine how often Daschle had this driver hanging around. LOOK at the amount he JUST paid..how many trips were to Obama fundraisers Tom?
After the big song and dance about `CEO responsibility and the shame of bonuses ‘ with Turbo Tax Tim sitting next to him, and now ANOTHER one? This is AFTER Daschle hired a former lobbyist to be his Chief of Staff..yes the THIRD Lobbyist ‘exception’ in 10 days…
I say, you’re outta there! He has used up his two free passes with Holder and Geithner. This is red meat for the GOP…Obama may fight for him since they are so tight, but it would be a mistake and waste political capital if he did…