Tuesday, October 13, 2009
Visit 10,000 Pennies blog, Political Math. Balancing the Obama Budget With a Mandatory Gorilla. What it means to add another mandatory - entitlement program to the budget deficit, what it really means.
The definition of insanity, is doing the same thing over, and over again, and expecting a different outcome. We are going to need a lot of bananas for our Banana Republic.
UPDATE: Who Is Going To Pay For Baucus Bill?
Obamacare Tax Frays Middle-Class Vow.
By Kevin A. Hassett |
The report projected that the excise tax would raise about $52 billion in 2019. Of that, about $8.9 billion would come from taxpayers with incomes of less than $50,000; about $19.4 billion from taxpayers with incomes between $50,000 and $100,000; and about $17.4 billion from taxpayers with incomes between $100,000 and $200,000.
Add those up, and you see that about 87 percent of the revenue in the original Baucus proposal to finance Obamacare would come from individuals with incomes of less than $200,000.
Baucus and the Senate committee have since upped the proposed tax to 40 percent, and the trigger thresholds to $9,850 and $26,000, tweaks that shouldn't change the basic thrust of the story. The Democrats' plan is a moving target--and given who will pay the tab, that is probably on purpose.
The remarkable thing is that this revenue comes from low- and middle-income people who already have insurance. Many members of organized labor have these "gold-plated" plans. And they would be worse off, not better, because of Obamacare. KEEP READING HERE