tax creep

Demiurge · Nov 9, 2009

http://online.wsj.com/article/SB10001424052748703932904574511794170939688.html

Included in the house health care bill is this little gem:

Buried in Nancy Pelosi's health-care bill is a provision that will partially repeal tax indexing for inflation, meaning that as their earnings rise over a lifetime these youngsters can look forward to paying higher rates even if their income gains aren't real.

In order to raise enough money to make their plan look like it won't add to the deficit, House Democrats have deliberately not indexed two main tax features of their plan: the $500,000 threshold for the 5.4-percentage-point income tax surcharge; and the payroll level at which small businesses must pay a new 8% tax penalty for not offering health insurance.

This is a sneaky way for politicians to pry more money out of workers every year without having to legislate tax increases. The negative effects of failing to index compound over time, yielding a revenue windfall for government as the years go on. The House tax surcharge is estimated to raise $460.5 billion over 10 years, but only $30.9 billion in 2011, rising to $68.4 billion in 2019, according to the Joint Tax Committee.
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Same as it ever was.

Scott Hamilton Robert E Ron Paul Lee · Nov 9, 2009

Nancy Pelosi is a creep.

Akuma · Nov 10, 2009

I thought the Democrats were the party of the little guy? You know, helping the people and all that.

Sean the Puritan · Nov 10, 2009

Akuma said: ↑

I thought the Democrats were the party of the little guy? You know, helping the people and all that.
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Have you learned your lesson?

Uncle Albert · Nov 10, 2009

but I'm a creep
I'm a wierdo
what the hell am I doing here?
I don't belong here....

Volpone · Nov 10, 2009

I think Tax Creep is the archenemy of Captain Capitalism.

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tax creep

Demiurge Goodbye and Hello, as always.

Scott Hamilton Robert E Ron Paul Lee Straight Awesome

Akuma Where I walk, I leave madness

Sean the Puritan Endut! Hoch Hech!

Uncle Albert Part beard. Part machine.

Volpone Zombie Hunter

Log in or Sign up

tax creep

Demiurge Goodbye and Hello, as always.

Scott Hamilton Robert E Ron Paul Lee Straight Awesome

Akuma Where I walk, I leave madness

Sean the Puritan Endut! Hoch Hech!

Uncle Albert Part beard. Part machine.

Volpone Zombie Hunter

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