The Obama administration will propose $60 billion in new tax increases over 10 years on wealthy estates, businesses and others to make up for shortfalls in its fund to pay for an expensive overhaul of the health-care system.
The measures go beyond plans the White House has announced in the past few weeks. Officials said that upon further analysis they realized that they had overestimated savings and tax increases proposed in February to help pay the bill.
Pretty nifty news today....the White House has these proposals on paper....to be released on Monday....on the fantastic way of getting the billions to pay for individual healthcare. Unlike Germany or any of the European countries who mandated a limit on pricing by doctors and hospitals....unlike Germany or any of the European countries who mandated certain procedures and limits....unlike Germany or any of the European countries who required each individual to contribute to the cost (including the poor working class)....this deal will go after the rich of America. Yep....only by taking from the rich, can mandated healthcare work. Well...actually, this whole scheme only brings in $60 billion...which is probably ten percent of what you'd need to run the intended program for one year. Only one problem...its a 10-year program to get to the intended $60 billion per year.
As our boys brilliantly put it.....eliminate "tax loopholes to make this work.
Phase one....grab around $24 billion over 10 years by tightening estate-tax rules. You get less flexibility to minimize liability on inherited items by claiming a different value on the same item for different transactions.
Phase two....$10 billion over 10 years requires businesses who make payments to corporations to report such payments to the Internal Revenue Service. Currently, only individuals do this....NOT corporations.
So far, every step of the way....the boys have avoided discussing doctor and hospital limits....drug cost limits....and even sick leave.
Now, if you were fairly rich and about to fall into this pit....wouldn't you run to your nearest senator or congressman....pay $50k into their re-election effort, and get a tax credit on your property? Wouldn't you arrange some estate-relief credit to defeat every measure by the White House? Yep.
So in the end...IRS should be collecting $60 billion more a year (around year ten)...when they likely are getting less than $5 billion more. So the bucket of money which is mostly empty...will have to be resolved by taxing regular people more. Makes sense in the end.