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Obamacare: Barack Obama has already raised taxes on the rich, the IRS releases 159 pages of new tax laws

December 3, 2012

 Barack Obama ran on the promise of taxing the rich and forcing them to pay what he considers to be their fair share, ignoring the fact that tax revenue on the rich actually increased with the Bush tax cuts, and the American people bought into it by rewarding Barack Obama with a second term.

But while telling the American people that the rich had to pay more he ignored the fact that Obamacare did actually raise taxes on the rich already and those tax increases will go into effect next year; the IRS has just released 159 pages of new tax laws to deal with Obamacare taxes on the rich:

The Internal Revenue Service has released new rules for investment income taxes on capital gains and dividends earned by high-income individuals that passed Congress as part of the 2010 healthcare reform law.

The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.

The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.

The tax applies to a broad range of investment securities ranging from stocks and bonds to commodity securities and specialized derivatives.

  Barack Obama and the Democrats have already increased the tax burden on the rich, although you don’t hear them touting this, and yet they still want more because they never think they have enough. The question has to be asked, what does Barack Obama think constitutes a fair share? Perhaps it would be easier if the government simply confiscated all Americans’ checks and then just redistributed the money as they saw fit.

10 Comments leave one →
  1. December 3, 2012 9:34 pm

    3.8% surtax? That is like a 24% increase un the tax rate on ivestment income. That is big! And now Obama wants even more? I think I see a recession coming real soon. Is this what the voters thought they were voting for?


    • December 3, 2012 10:21 pm

      Sadly many voters didn’t know about this because it was purposely delayed until after the election.


  2. coffeeandsleeplessnights permalink
    December 3, 2012 11:55 pm

    Reblogged this on A Lot Of Coffee and Sleepless Nights.


  3. genomega1 permalink
    December 4, 2012 12:14 am

    Reblogged this on News You May Have Missed and commented:
    Obamacare: Barack Obama has already raised taxes on the rich, the IRS releases 159 pages of new tax laws


  4. bunkerville permalink
    December 4, 2012 7:45 am

    Well, this is what America wanted. Next depression on its way with the fiscal cliff.


  5. lou222 permalink
    December 4, 2012 8:09 am

    Steve, you could save yourself alot of time and wear and tear on your fingers by just putting the title, type “he lied” and sign off. Everything he has told us has been a lie, why would we expect anything else. I still hold to the “lie, deny and make them prove it” mantra coming from the left with everything that we are being told. WE, at least knew his true colors, that there are so many that are blind, amazes me, still!


    • December 4, 2012 6:42 pm

      So true Lou, it is getting to the point where I have to try to find different ways to call him a liar so I can keep things interesting!


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