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.

BusinessWeek:

…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!

Politico:

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.

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February 22, 2010. Tags: , , , , , , , . Economy, Finance, Healthcare, Music, Obama Administration, Politics, Popular Culture.

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