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Pelosi confirms new tax on "Unearned Income"
So much for President Obama’s oft-repeated promise of a tax cut for 95% of workers and their families. According to Nancy Pelosi, the government will levy a new tax against so-called “unearned” income. Translation: any and all investment income. Bye-bye, retirement. Gotta pay for the huge new expansion of government, dontchaknow?
Looks like the Democrats are overlooking Obama’s tax-cut promise in favor of his “Everybody is going to have to give. Everybody is going to have to have some skin in the game” quote. In this case, “skin” refers to an additional pound of flesh that will be taken by the IRS.
House Speaker Nancy Pelosi (D-Calif.) revealed that a package of amendments to the Senate-passed health care bill would include a new tax on unearned income. Pelosi said this tax would cover all unearned income, “whatever category that is.”
Pelosi, speaking at a press conference on Thursday, said the new Medicare tax was inserted to make up for a reduction in the proposed tax on high-cost health insurance plans. The tax was opposed by House Democrats because it would have largely fallen on the generous health care plans enjoyed by labor union members, who are generally supportive of the Democratic Party.
When questioned by a reporter whether that meant the traditional capital gains – money earned from investments – Pelosi responded that the new tax would hit all “unearned income, whatever category that is.”
Reporter: So, capital gains?
Pelosi: “No, unearned income, whatever category that is.”
Pelosi also described the new tax as “help for health,” calling it a “health fee” on all those who have what she again described as “unearned income” that would keep Medicare solvent for years to come.
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The tax would exempt only those married couples, filing jointly, who make under $250,000 a year, and any other taxpayer making under $200,000 per year.This distinction between married, joint filers and everyone else would mean that the new tax apparently would violate Obama’s pledge that “no family making less than $250,000 per year” would see a tax increase.
“Under my plan, no family making less than $250,000 a year will see any form of tax increase,” Obama said on Feb. 4, 2009. “Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
In fact, the plan levies the tax specifically at any “married taxpayer filing a separate return” who makes more than $125,000 per year.
In other words, “All your investments are belong to us.”
BOHICA
Posted by FullMetalPatriot
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
12th gen. American, Constitutionalist, Harley-riding Texan, gun owner & NRA member, blogger, illustrator, Florida Gator alumnus. #TCOT
We are going to get screwed.
Smh…our d*mn government and their bright ideas…