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Thread: health reform passed

  1. #71
    Senior Member uncle dave's Avatar
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    here is a very concise wrap up of some of the provisions in the bill; with references to check for youselves.

    http://www.investors.com/NewsAndAnal...aspx?id=528137
    [SIGPIC]Augusta !

  2. #72
    Senior Member SanNic44's Avatar
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    Uncle Dave,

    Excellent article. Investor's Business Daily has been on top of this issue from the start. They also revealed the number of doctors that are considering retirement last fall. A frighteningly high number.

    44
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  3. #73
    Senior Member ~Amy~'s Avatar
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    Good article! Thanks for posting the link!
    ~Amy~ - 35th trip to Aruba: New Years Eve 2017/2018 -- Zihuatanejo, MX: March 2018 -- Ireland: June/July 2018 --
    36th trip to Aruba: Sept. 2018





  4. #74
    Senior Member cindyo's Avatar
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    Uncle Dave, thats exactly what I was looking for to better understand this whole health care issue. Thank you for posting the site. Scarey !!!!

  5. #75
    Senior Member ~Amy~'s Avatar
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    There is now talk of adding a VAT to help pay for this. So, not only would we be paying income taxes, but a VAT as well (just like in Europe - and the percentage is high in Europe - around 20%.)

    ----------------------------------------------
    From the Washington Post:

    American liberals have long complained that ours is the only advanced industrial country without universal health care. Well, now we shall have it. And as we approach European levels of entitlements, we will need European levels of taxation.

    Obama set out to be a consequential president, on the order of Ronald Reagan. With the VAT, Obama's triumph will be complete. He will have succeeded in reversing Reaganism. Liberals have long complained that Reagan's strategy was to starve the (governmental) beast in order to shrink it. Obama's strategy is exactly the opposite: Spend first -- which then forces taxation.

    With the institution of universal health care, the beast will have to be fed. And the VAT is the only trough in creation large enough.

    As a substitute for the income tax, the VAT would be a splendid idea. Taxing consumption makes infinitely more sense than taxing work. But to feed the liberal social-democratic project, the VAT must be added on top of the income tax.
    Ultimately, even that won't be enough. As the population ages and health care becomes increasingly expensive, the only way to avoid fiscal ruin (as Britain, for example, has discovered) is health care rationing.

    It will take a while to break the American populace to that idea. In the meantime, get ready for the VAT. Or start fighting it.
    Last edited by ~Amy~; 03-29-2010 at 02:19 PM.
    ~Amy~ - 35th trip to Aruba: New Years Eve 2017/2018 -- Zihuatanejo, MX: March 2018 -- Ireland: June/July 2018 --
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  6. #76
    Senior Member SanNic44's Avatar
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    When the VAT comes the standard of living in the US will spiral downward ever farther and faster. Why work when you're getting clipped more than 50%? Good question.

    44
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  7. #77
    Senior Member ~Amy~'s Avatar
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    Quote Originally Posted by SanNic44 View Post
    When the VAT comes the standard of living in the US will spiral downward ever farther and faster. Why work when you're getting clipped more than 50%? Good question.

    44
    Exactly!
    ~Amy~ - 35th trip to Aruba: New Years Eve 2017/2018 -- Zihuatanejo, MX: March 2018 -- Ireland: June/July 2018 --
    36th trip to Aruba: Sept. 2018





  8. #78
    Senior Member rob o's Avatar
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    Quote Originally Posted by ~Amy~ View Post
    Taxing consumption makes infinitely more sense than taxing work.
    Taxing spending will do wonders for the economy, which requires consumer spending to fuel the economic engine.

    Obama is a freakin genius......not.
    Please contact via e-mail at arubarennowner@gmail.com



  9. #79
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    http://www.investors.com/NewsAndAnalysis/Article.aspx?id=528616 Now I understand why the corporations are all tiaking a hit to their profits. How many more people are they going to layoff to try to stay profitable?

  10. #80
    Senior Member SanNic44's Avatar
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    With regard to the cost and how it will be paid for this health care adventure, see the Wall Street Journal 30 March 2010:

    By ALAN REYNOLDS
    President Barack Obama's new health-care legislation aims to raise $210 billion over 10 years to pay for the extensive new entitlements. How? By slapping a 3.8% "Medicare tax" on interest and rental income, dividends and capital gains of couples earning more than $250,000, or singles with more than $200,000.
    The president also hopes to raise $364 billion over 10 years from the same taxpayers by raising the top two tax rates to 36%-39.6% from 33%-35%, plus another $105 billion by raising the tax on dividends and capital gains to 20% from 15%, and another $500 billion by capping and phasing out exemptions and deductions.
    Add it up and the government is counting on squeezing an extra $1.2 trillion over 10 years from a tiny sliver of taxpayers who already pay more than half of all individual taxes.
    It won't work. It never works.
    The maximum tax rate fell to 28% in 1988-90 from 50% in 1986, yet individual income tax receipts rose to 8.3% of GDP in 1989 from 7.9% in 1986. The top tax rate rose to 31% in 1991 and revenue fell to 7.6% of GDP in 1992. The top tax rate was increased to 39.6% in 1993, along with numerous major revenue enhancers such as raising the taxable portion of Social Security to 85% of benefits from 50% for seniors who saved or kept working. Yet individual tax revenues were only 7.8% of GDP in 1993, 8.1% in 1994, and did not get back to the 1989 level until 1995.
    Punitive tax rates on high-income individuals do not increase revenue. Successful people are not docile sheep just waiting to be shorn.

    So, Congress and the President certainly are aware of the reality that they won't be collecting enough cash to pay the bill. Thus, they will be coming for ever-more tax revenue by climbing down the income ladder into EVERYONE's pocket.

    Bon dia

    44

    PS: Imagine if they cut the tax rate by 50% across the board. They would collect more money. But then... they wouldn't have the POWER. So sad.
    Last edited by SanNic44; 03-30-2010 at 08:13 AM.
    Aruba's Novelist in Residence (sometimes)
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