Monday, April 5, 2010

ObamaCare by the numbers Pt. II

Remember, you all are just going to love what's in this bill now that it has been passed.

A record 25 percent increase in the taxes against US small businesses -- from costs associated with new health care law, to an increased Medicare tax, increased capital gains taxes and higher state and city taxes -- is repealing any ability of these entrepreneurs to add jobs to their payroll.



Some specifics:

* An increase of 4.6% in federal taxes from 35% to 39.6% (expiration of Bush tax cuts)

* An increase in capital gains taxes from 15% to 20% (expiration of Bush tax cuts)

* A new tax of 3.85% on investment income, dividends, rents, royalties mandated in the new health care bill

* An increase in the Medicare payroll tax to 2.35% as mandated in the new health care bill

* In states like New Jersey and others, state and municipal taxes have been raised by the average of almost 2%.



Expect more of the same for fiscal basket case states like California.

3 comments:

SarahB said...

I had to read this twice (gulp)

K T Cat said...

Who is John Galt?

K T Cat said...

A link is on the way later today.