Get ready to celebrate. The President has five surprises called “revenue enhancers”. Two are associated with his “Health Care Reform Act” alias, Obama Care. The others represent pre-election promises to accomplish “changes we can believe in”.
Under Obama Care. there will be a new 3.8% tax on home sales, not just for millionaires and billionaires, but all of us who yearn to send more money to Washington, D.C.. But, is it the perfect recipe for the worst housing market in decades, record foreclosures and unavailable mortgages?
His Health Care Act also calls for a 2.9% tax on branded drugs and both foreign and domestic medical device manufacturers. But, is it the perfect prescription for America’s sick, disabled and elderly?
Obama Democrats also believe that a “Transaction Tax” is the perfect medicine for our sick economy. Starting in 2013, each bank deposit or withdrawal will be taxed 1%. So, too, will your Direct Deposit pension, Social Security checks and Income Tax refunds.
The Obama Administration was concerned that better new car mileage will reduce Federal Tax receipts on gasoline. Don’t worry, Congressional Democrats have a solution called the Transportation Opportunities Act that includes the possibility of a “Mileage Tax” on each mile we drive.
Finally, in an effort to close tax loopholes, a Democrat proposal is being floated to eliminate the mortgage deduction on Federal Income Taxes. But, will that make homeowners really thankful for Obama’s “changes“? Maybe, we should wait until November 6, 2012 to find out.