Monday, September 12, 2011

Obama’s Jobs Plan and a Video

It is common knowledge that American business owners and managers are sitting on billions that could be invested in projects that would create jobs.

I ran my own business for 13 years; I have some idea of what a business owner considers when evaluating whether or not to make an investment that, as a side effect, will create more jobs.

The thousands of new regulations and the dozens of new taxes are having a massive dampening effect on this type of investment. Temporary gimmicks, like reducing the payroll tax on employees only and extending the Bush tax cuts only for a limited time, have no effect. Business owners want some certainty about the future environment, and all they see are the continued imposition of new regulations and the continued attempts to add new taxes and tax increases.

It is virtually impossible today for an entrepreneur to start a new business, as I did in 1968, because of the stifling and unnecessary regulations that are in place.

President Obama is being devious, or he simply has no conception of how business and our economy works!

This is what business owners face right now (21 new taxes):

1. A 156 percent increase in the federal excise tax on tobacco

2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014)

3. Obamacare Employer Mandate Tax (takes effect Jan. 2014)

4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013)

5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018)

6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013)

7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011)

8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011)

9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013)

10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013)

11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013)

12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010)

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013)

14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010)

15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately)

16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010)

17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014)

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013)

19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012)

20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately)

21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately)

All tax information summarized from the Americans for Tax Reform website.

This whole mess isn’t a bit funny, but we all need a laugh sometime. Watch this Obama impersonator for some laughs:


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At 4:13 PM, Anonymous Joe said...

That was really hilarious!
Obama seems to be using the same sneaky under handed ploys in presenting his bills. He doesn't present all the information on how the bill is to be paid for, but he wants Congress to pass it, and hurry up and pass it now. "You have to pass the bill first, to see what's in it." Now where have we heard that one before? It's just more smoke and mirrors and everyone knows it including the GOP. Obama is hoping that the Republicans will turn it down flat so he can use it to beat them over the head with it. Some people in this country are so gullible that they'll believe anything he tells them, and he knows this. This is why I think that it's so crucial that the Republicans at least talk to him. Obama is just that sneaky and divisive that he can turn the tables on them if they're not careful.
Hopefully his approval ratings will sink lower and lower until he is marginalized.
I only hope that our GOP candidates don't screw up royally. I just couldn't take four more years of Obama. The DNC may even ditch him and stick Hillary in there if suddenly he becomes pariah. Oh well,--we'll cross that bridge when we come to it.

At 12:05 PM, Anonymous Anonymous said...

What don't you like about asking hedge fund managers to pay the same income tax rate as the rest of us, or cutting tax loopholes for the highly profitable oil industry, or eliminating subsidies for corporate jets?

At 5:18 AM, Anonymous dwayne said...

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