Friday, April 2, 2010

That Cornhusker Kickback Will Cost You Plenty

Excerpt: In a sane world such overt bribery would never make it past a conference committee. But fiscal sanity—or even outright honesty—hasn’t been much of a factor in Washington politics for years. Instead of slicing $100 million out of Obamacare, the wheeler-dealers in charge of spending your money decided that “the only fair thing to do” was to give the same benefits to the other 49 states.

All of a sudden a special subsidy that was going to cost us $100 million—pocket change when you’re talking about a $870-billion piece of legislation—soared to $30 billion. Even by Washington’s spendthrift standards, we’re starting to talk about some real money here, folks.

What happened next shouldn’t have surprised me: The powers that be decided to cover the costs by slapping a new tax on well-off Americans. After all, as President Obama keeps reiterating, it’s only right that the wealthiest among us pay “their fair share.”

So that’s how a brand-new tax on what the redistributionists like to call “unearned income” became the law of the land. Starting next year, if you earn more than $200,000 a year, expect to see another bite taken out of anything you’ve managed to save. The new tax will cover interest on your Certificates of Deposit and other savings accounts; any dividends you make on stocks or mutual funds, rental income on any real estate you own, and anything else our masters in Washington can classify as “unearned” income.

Excuse me for a moment while I let out a primal scream or two about the Marxist misnaming of my so-called unearned income. I worked mighty hard to earn every penny I’ve managed to save. There were a lot of 80 and 90 hour weeks when I was younger and just starting in business. I had to do the work of two or three people every week to keep my company’s doors open. And I’ll bet a lot of you who will be hit by this new tax can say the same thing.

Read full article here.

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