Again economic confusion reigns for our current administration. There has been over $13 trillion dollars worth of wealth lost in our economy since 2008. Now with that amount of wealth lost, our current administration wishes to tax those remaining working and those who are apparently incredibly wealthy earning $350,000 a year or more to help finance a miserably conceived health care plan. Yes your taxes are going to increase dramatically for this socialized health care plan. Here is just one section raising taxes found on pages 197-198 (There are many others)
SEC. 59C. SURCHARGE ON HIGH INCOME INDIVIDUALS.
(a) GENERAL RULE.—In the case of a taxpayer other than a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to—
(1) 1 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $350,000 but does not exceed $500,000,
(2) 1.5 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $500,000 but does not exceed $1,000,000, and
(3) 5.4 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $1,000,000.
And this does include all of the new payroll taxes, surtaxes and penalty taxes to help pay for this sickening plan.
And at the same time please remember that Congress has exempted themselves from this plan. Thus those who create economic growth in our economy will be penalized for it. They will be forced to pay an even higher amount of taxes to the point that this group of taxpayers will be bearing almost the entire burden of taxation with relationship to lower income groups. And this administration seeks also to place caps on pay scales which will only further burden those who are prosperous and risk taking in our economy. Economically, the damage from this socialized health care plan will be felt through economic stagnation, excessively high taxes and another grave loss of jobs.
As I have stated before this socialized health care plan will make America sick.