Obama’s Middle Class Tax Hikes
While Obama is prosecuting a flaccid war overseas and apologizing for our troops when they defend against Taliban attacks, he is fighting a no-holds-barred class war at home. Once again, Obama has announced that he will orchestrate the largest tax hike in American history on those earning more than $200,000. After all, taxing the rich is a great way to raise revenue; it worked so well in Maryland. Oh, wait.
But fear not, he will renew the Bush tax cuts on those earning under $200,000, while repackaging them as his own tax cuts.
There’s one problem with Obama’s assertion that he hasn’t raised taxes on the middle class. YOU LIE! Government regulations and interventions that Obama supports will raise the cost of living on the middle class for the most vital goods and services. Those higher costs will trump any savings they actualize as a result of the tax cut extension. Oh, and there’s one other problem. He’s forgetting about the massive tax increase on all those who don’t purchase government-approved health insurance.
In that vein, let’s review some of the hidden [or not so hidden] tax increases on the “middle class” that Obama has orchestrated:
- Healthcare: Due to Obama’s war on free-market healthcare, all those who fail to buy Obama-approved health insurance will be subject to a tax. All those who purchase health insurance will have to pay several thousand dollars more in premiums as a result of Obamacare. Every American who purchases a medical device – from a wheelchair to a dental crown – will pay much more due to the Obamacare tax on medical devices. Some Americans who earn less than $200,000 receive what Obama refers to as “Cadillac insurance plans.” They will be slapped with a 40% excise tax. [view the 17 tax increases embedded in Obamacare here]
- Electricity: Due to Obama’s war on coal, nuclear power, and sundry new EPA regulations, all Americans “necessarily” pay more for their electric bills.
- Fuel/Food: Due to Obama’s war on oil production and refining, all Americans necessarily pay more for fuel. They also pay more for food and almost every other product that relies heavily on transportation.
- Cars: Due to Obama’s support for higher CAFE standards, all Americans will necessarily pay more to purchase cars. Due to his support for renewable fuels mandates, all Americans will pay more to fuel those cars.
- Money/Savings: Due to Obama’s support for monetary stimulus and a weak dollar, all Americans are forced to pay more for a number of commodities. All Americans are seeing their savings depleted.
- Credit: Due to Obama’s credit card regulations (Credit Card Accountability, Responsibility and Disclosure Act), it is harder for the poor to obtain credit.
- Corporate Regulations: Finally, Obama’s onerous new regulations – from Obamacare to Dodd-Frank – affect almost every business. We all know that corporations pass down the extra costs to consumers. We will never know how much more consumers pay for typical goods and services as a result of this president’s policies.
Health, food, transportation, fuel, and electricity are among the most vital needs for everyone, and they account for a large portion of the budget for those whom Obama claims to be waging a war on their behalf. And this guy has the impertinence to claim he cut taxes for the middle class?
Cross-posted from The Madison Project