This isn’t politics, it’s math
[insert smarmy look here]
Again, this isn’t politics. It’s Math.
[insert smarmy, lecturing Obama image here]
Higher taxes on Capital gains – from 15% to 20%.
Higher taxes on Dividends – from 15% to 39.6%.
Restore pre-2001 tax rates – with a top marginal rate going from 34% to 39.6%.
Phasing out exemptions.
Limiting deductions for individuals making over $200,000.
Now, the Math. All this adds up to $148 billion per year.
Obama’s addition spending? $500 billion per year.
This isn’t politics. It’s FUCKING MATH.
Maintaining the president’s higher spending will require raising taxes for all Americans. Assuming the president favors raising marginal tax rates over broadening the tax base (consistent with his failure to consider the tax proposals from Bowles-Simpson), an across-the-board tax increase of 11% for taxpayers with incomes under $200,000 would be required to raise the money the president proposes to spend.
And the entitlement problem? Failing to slow the growth of Social Security and Medicare spending would require a large, across-the-board increase in the payroll tax for both programs.
To keep Obama and Michelle in Air Force One is going to require sacrifice from every one of you little people out there. Taxing “the rich” isn’t gonna get it done.
And here’s another bit of DOOM math- Medicare is insolvent:
Medicare is bleeding cash — a fact disguised by creative accounting. According to Monday’s release of the 2012 Trustees Report, in 2011 Medicare took in $260.8 billion in payroll taxes and beneficiary premiums, but spent $549.1 billion in medical services. That means last year Medicare ran a $288.3 billion cash shortfall.
And 2011 wasn’t the exception; it was the norm. Since President Lyndon Baines Johnson secured passage of Medicare legislation in 1965, the program has run cash deficits every year except 1966 and 1974.
What would it take to get something “for nothing” ?
For Medicare Part A (hospitals), the cash deficit was $61 billion. To balance this deficit, payroll taxes on employers and workers would have to have been increased by 31 percent.
For Medicare Part B (physicians), the cash shortfall was $168 billion. To balance this deficit, seniors’ physician premiums would need to increase by 392 percent, meaning the annual physician premium cost to seniors would have risen from $1,198 to $4,687 — an increase of $3,499.
For Medicare Part D (drugs), the cash shortfall was over $59 billion. To balance this deficit, seniors’ premiums for prescription drugs would need to increase by 871 percent, meaning the annual drug-premium cost to seniors would rise from $372 to $3,250 — an increase of $2,878.
Yet Obama and every Democrat out there staunchly defends Medicare, and vilifies anyone (Paul Ryan) who mentions that changes are needed.
The administration on Romney’s Medicare plans:
“By making devastating cuts to Medicare and Social Security, Governor Romney would end America’s social compact with our seniors. And he has proposed fiscally irresponsible policies that would make it much tougher to ensure that Medicare and Social Security remain solvent for the long-term, by proposing $5 trillion tax cuts for millionaires and billionaires that we simply can’t afford,” LaBolt said.
Claims by Democrats that Republicans want to end Medicare was voted the “Lie of the Year” by Politifact.