Thursday, February 25, 2010


SANTA MONICA, CA - APRIL 15:  Demonstrators ga...Image by Getty Images via Daylife

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The White House recently released President Obama's health care reform proposal.  The plan incorporates a mixture of the many tax increases passed by the House and Senate, hiking taxes by almost $750 billion over ten years.  This is on top of $1.3 trillion in other tax increases the President recently proposed in his 2011 budget.  Not that there is ever a good time to raise taxes, but doing so as the economy is still emerging from a deep recession is particularly ill-advised and will likely prolong full recovery.  Moreover, the President's proposal deviates from his stated goal to address the soaring spending and debt problem the nation faces by piling on massive new spending and taxes, says the Heritage Foundation. 

How will the president's plan affect payroll taxes

How will seniors be affected by the Medicare payroll tax? 

  • Seniors also sell assets to raise income, so raising the tax on capital gains further reduces their resources.
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