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This Just In: Tax-o-Rama! 7 Changes on the Docket

From CNN Money.

The 7 changes

1. Tax banks to make taxpayers whole

2. Tax banker bonuses more

3. Tax investment managers more

4. Tax financial transactions

5. Temporarily extend all tax cuts

6. Bring in more Medicare tax

7. Tax profits earned offshore

I have problems with some of these...pretty much all but #5. The #6 change should have happened decades ago--it aims to means-test Medicare, and make wealthier people pay more in medicare taxes, but in the same breath, it aims to tax UNEARNED income for Medicare--this means dividends, rental income, lottery winnings, etc. As for the rest, if you tax a business, it will flow down to the customers, and it ends up being a backdoor way to tax US more!

What a way to drive more and more of us onto the welfare rolls and into the underground economy!

I really, REALLY dislike #4 (the trader tax), because it could affect everyone's retirement accounts--as if market losses aren't bad enough, now we have the "Uncle Sam cut" to worry about and try to offset. But you can't offset this one--the more you make by moving your money around, the more HE makes.

Well, this just goes to show that when you want money, you have to go where the money is: the banks. Obama's desperation is showing.

Posted by Cute at 9:03 PM

Labels: financial (non-tax), politics, taxes