For health care, ostensibly, but really to shore up our bond rating:
President Barack Obama wants Congress to consider taxing the wealthy instead of workers to pay for a health-care overhaul, as House Democrats discuss a plan to require health insurance for most Americans.
The Obama administration stepped up efforts to influence health-care legislation today as advisers David Axelrod and Austan Goolsbee appeared on television talk shows to discuss the issue.
The president is trying to avoid broad-based levies such as a Senate proposal to tax some employer-provided health benefits Axelrod said. Instead he is urging lawmakers to reconsider limiting all tax deductions for Americans in the highest tax brackets.
When you’re set to add $10 trillion to the US debt, what matters if you add another trillion or two? Nothing – unless your masters in China are saying they won’t buy more US debt unless the tax take is increased both to ensure sufficient funds to pay ever higher interest as well as soak up the money the Fed is printing as a means of heading off hyper-inflation. Its all good, except for us…because “wealthy” doesn’t mean “Jay Rockefeller” but, instead, “small business owner” who has a net worth of $2 million with a gross annual income of $300,000…thus making him “wealthy” and a fit target for punitive taxation.
Tax and spend, borrow and spend, tax and spend…it all has to end, somewhere; lets hope it doesn’t end with 20% unemployment, interest rates and inflation.
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