Wintery Knight

…integrating Christian faith and knowledge in the public square

A primer on the fiscal cliff facing us in January 2013: tax hikes and Obamacare

This is a medium-length article from the Tax Foundation. I found it fascinating to read, because I am busy making plans myself to deal with the next four years under Barack Obama.

Excerpt:

On December 31, 2012, a large swath of the federal income tax code is scheduled to expire, an event which has come to be known as the “fiscal cliff.” Among the expiring provisions are the 2001 and 2003 tax cuts enacted under President Bush, a compromise on the estate tax, a “patch” in the Alternative Minimum Tax (AMT) reducing its impact, the temporary 2 percent payroll tax holiday, increased business expensing, and the “extenders” package of miscellaneous tax deductions. On January 1, 2013, five taxes enacted as part of the Patient Protection and Affordable Care Act (PPACA)—popularly referred to as Obamacare—also take effect, along with sequester spending reductions of $109 billion due to the failure of the “Supercommittee” to reach consensus on budget reductions.

In late February, the U.S. government will hit the debt ceiling, exhausting its ability to borrow to finance ongoing spending without an increase by Congress. Finally, the federal government’s continuing resolution appropriating spending expires on March 27, 2013.

Here are some of the things to look out for, which are all described in detail in the article:

  • 2001 and 2003 Tax Cuts Expiration
  • Estate Tax Increase
  • Alternative Minimum Tax
  • Payroll Tax Increase
  • Business Depreciation Expense
  • Taxes in PPACA (Obamacare)
  • Debt Ceiling
  • Sequestration

I am most concerned about income tax increase, the capital gains tax increase, the dividend tax increase and the payroll tax increase. These are all going to clobber me. I will have less money for charity and savings, and will have to retire later – and have less time for my Christian activities as a result of having to work longer. The voters in the last election have decided that I must sacrifice more of my earnings so that Obama can hand it all out to his constituents in exchange for their votes.

It helps to know exactly what will be changing in the future, because I have to know how to respond to this. Some adjustments that I might make cannot be done at the drop of a hat. Some take months to plan and execute. It’s best to think about things in advance. We have two deadlines: December 31st and March 27th. It will be interesting to see  what Washington decides to do.

UPDATE: James Pethokoukis of AEI explains the significance of the tax increases for capital gains and dividends. Other countries have lower rates on these taxes, so expect the capital that funds businesses and creates jobs to leave the country. Obama likes to rail against outsourcing, but he actually causes it – because of his ignorance.

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House passes bill to block taxpayer funds from being used for abortions

From Life News.

Excerpt:

The House approved legislation, the Protect Life Act, to stop abortion funding in Obamacare. Senate Democrats are not expected to approve the bill and, pro-abortion President Barack Obama is expected to veto the measure if it reaches his desk.

Members voted 251-172 for the pro-life legislation, with 236 Republicans and 15 Democrats supporting the bill and 170 Democrats and two Republicans voting against it. (See how your member voted here).

H.R. 358, Protect Life Act, makes it clear that no funds authorized or appropriated by the Patient Protection and Affordable Care Act (PPACA), including tax credits and cost-sharing reductions, may be used to pay for abortion or abortion coverage. It specifies that individual people or state or local governments must purchase a separate elective abortion rider or insurance coverage that includes elective abortion but only as long as that is done with private funds and not monies authorized by Obamacare.

[...]The bill also specifies that insurance issuers may offer health plans that include elective abortion and may offer separate elective abortion riders, so long as they ensure PPACA funds are not used for premiums or administrative costs. The bill also clarifies that issuers who offer elective abortion coverage must also offer a qualified health benefits plan that is identical except that it does not cover elective abortion.

The pro-life measure also ensures that state laws “protecting conscience rights, restricting or prohibiting abortion or coverage or funding of abortion, or establishing procedural requirements on abortion” are not abrogated by Obamacare. It also makes it so any state or local governments receiving funding under Obamacare may not subject any health care entity to discrimination or require any health plan to subject any entity to discrimination on the basis that it refuses to undergo abortion training, refuses to require abortion training, refuses to perform or pay for abortions, or refuses to provide abortion referrals.

The Democrats will block this bill in the Senate, or Obama will not sign it if it somehow gets through. And do you know why? Because the Democrats are committing to subsidizing baby-killing with taxpayer dollars. Pro-life taxpayer dollars.

Nancy Pelosi doesn’t like the bill. She thinks that this bill will cause women to “die on the floor”.

Excerpt:

Former House Speaker Nancy Pelosi took her pro-abortion rhetoric to a new level, today saying Republicans “want women to die on the floor” in expressing her opposition to a bill stopping taxpayer funding of abortions in Obamacare.

“For a moment, I want to get back to what was asked about the issue on the floor today that Mr. Hoyer address,” Pelosi said. “He made a point and I want to emphasize it. Under this bill, when the Republicans vote for this bill today, they will be voting to say that women can die on the floor and health care providers do not have to intervene if this bill is passed. It’s just appalling.”

This is the same woman ran up 5.34 trillion dollars of debt while she was Speaker of the House from 2007 to 2011. The Republicans want to stop spending taxpayer money on elective abortion to stop the national debt from growing, and this woman thinks that not spending that money would cause people to die on the floor. I wonder if we will ever get spending cut when people on the left use rhetoric like this to stop spending cuts.

I do think it is encouraging that nearly all Republicans voted for this bill. They truly are a pro-life party.

http://www.lifenews.com/2011/10/13/nancy-pelosi-republicans-want-women-to-die-on-the-floor/

Filed under: News, , , , , , , , , , , , , , , ,

New study: health insurance premiums will rise 55% to 85% under Obamacare

From National Underwriter. (H/T Don Surber)

Excerpt:

The Patient Protection and Affordable Care Act (PPACA) could cut the number of uninsured Ohio residents by 790,000 in 2017, but it also could increase premiums for the 735,000 residents who have individual coverage by more than 55%.

Consultants at Milliman Inc., Seattle, have included those projections in a forecast report prepared for the Ohio Department of Insurance.

The Ohio department commissioned the report to help regulators know what to expect in 2014, when major PPACA provisions are set to kick in, and a few years further along, in 2017.

PPACA opponents are still fighting in the courts and in Congress to block implementation of PPACA.

If the act takes effect as written and works as drafters expect, PPACA is supposed to require major medical insurers to sell policies that meet minimum benefits requirements on a guaranteed issue, mostly community-rated basis starting in 2014. Individuals and employees at small employers are supposed to be able to buy coverage using tax credits through a new system of health insurance exchanges.

Today, about 10 million non-elderly Ohio residents have some kind of government or commercial health coverage or go uninsured. About 15%, or 1.5 million, were uninsured in 2010, and that percentage could drop to 7.1%, or 712,000, in 2017, the Milliman consultants estimate.

The Milliman consultants suggest that the total number of people covered by insured and self-funded group plans could fall to 5.4 million in 2017, from 6.1 million in 2010.

The number with some kind of individual commercial coverage could increase 735,000, from 350,000.

The percentage with some kind of government coverage, or coverage provided by a private insurer but paid for in whole or in part by the government, could increase to 31%, from 20% in 2010.

Although the percentage of residents with coverage could rise by about 7.9%, the price of individual health insurance coverage might rise about 55% to 85%, excluding the impact of medical inflation, the Milliman consultants predict.

How can this be… it’s named the blah-blah-blah… AFFORDABLE CARE ACT. I swear – if that nutcase in the White House passed a bill banning Christianity, he would call it the Christian Freedom of Religion Act.

Repeal and replace Obamacare.

Filed under: News, , , , , , , , , , , , , , , ,

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