I have never hidden my disdain for big government regardless of what political party is in charge. I am a libertarian at heart, but only in moderation, of course. So I got excited when I saw a post by, Executive Vice President of The Cato Institute, David Boaz, titled, “Democrats’ Voracious Search for New Tax Revenue.”
According to Mr. Boaz, all of the ideas below have been discussed, floated or talked about in Washington by Obama, his allies or someone in his Administration,
- Raise the top income tax rates from their current 33 percent and 35 percent rates to 36 percent and 39.6 percent in 2011
- Limit itemized deductions for people paying high rates
- Increase capital gains and dividend taxes by 33 percent for people paying high income tax rates
- Impose a value-added tax (VAT) on all goods and services
- Raise the Social Security tax by lifting the cap
- Raise a variety of business taxes by $353 billion over 10 years, including repeal of LIFO rules, restoring Superfund taxes, seven tax increases on energy companies, and more
- Tax employer-provided health benefits
- Implement a cap-and-trade system for emissions permits, the functional equivalent of a massive new tax
- Tax drivers on their mileage
- Change rules to raise gift taxes
- Restore the estate tax at 45 percent
- Raise cigarette tax by 62 cents a pack
- Raise taxes on beer, wine, liquor, and soda
- Eliminate health savings accounts and flexible savings accounts
- Tax employer-provided cellphones
- Tax AIG employee bonuses
- Raise taxes on overseas corporate earnings
I am not sure why but Mr. Boaz decided not to put the following into his list,
-
- bank tax,
- applying the Medicare tax to capital gains and other “passive” or “unearned” income,
- raising the Medicare tax rate,
- raising or broadening the capital gains tax,
- an income tax “surtax,”
- a tax on tanning
- tax on private health insurance to pay for the expansion of government insurance has moved to the top of the list.
I mean come on! How does this not anger EVERYONE regardless of political affiliation?
The crux of the matter is that the current administration believes that people should not have the right to choose what is best for them (how to handle their money,etc.) but that some 3rd party (aka the government) knows best and should control everything. Sad. Sad. Sad. 2012 can’t come fast enough for me
Joel I couldn’t agree more! Let me do what I want to do…hell I’d even be down with a partial privatization of Social Security
I’m down all taxation, so long as it doesn’t affect me.
So long as the government is consistent with taxing EVERYONE, it’s all good.
.-= Financial Samurai´s last blog ..Taxing All Big Banks Is A Double Standard And Is Unconstitutional =-.
What is consistent? Depending on who you want to listen to, around 40% of the population doesn’t even pay income taxes! Estate Taxes? Less than 2%
I know your katana waiving self probably pays a whole hell of a lot of taxes that piss you off.
It’s one of those things where one should recognize that if they are paying $100,000 a year in taxes, they are probably doing OK for themselves for example.
Like I’ve written in the past, I’m all for equality and a flat tax for those above the poverty line!
.-= Financial Samurai´s last blog ..Taxing All Big Banks Is A Double Standard And Is Unconstitutional =-.
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