“Employing complex statistical analysis, the study establishes a deeper understanding of the link between executive pay and financial performance and reveals that the more executives are paid, the more they exhibit overconfidence in their decision-making, Cooper explained.
This overconfidence leads to increased risk-taking behaviors, such as aggressive mergers and acquisitions, investments in questionable projects and wasteful spending, he said.”
Five major ObamaCare taxes that will hit your wallet in 2013
While the individual mandate tax gets most of the attention, the ObamaCare law actually contains 20 new or higher taxes on the American people. These taxes are gradually phased in over the years 2010 (with its 10 percent “tanning tax”) to 2018 (when the tax on comprehensive health insurance plans kicks in.)
Six months from now, in January 2013, five major ObamaCare taxes will come into force:
1. The ObamaCare Medical Device Manufacturing Tax
This 2.3 percent tax on medical device makers will raise the price of (for example) every pacemaker, prosthetic limb, stent, and operating table. Can you remind us, Mr. President, how taxing medical devices will reduce the cost of health care? The tax is particularly destructive because it is levied on gross sales and even targets companies who haven’t turned a profit yet.
These are often small, scrappy companies with less than 20 employees who pioneer the next generation of life-prolonging devices. In addition to raising the cost of health care, this $20 billion tax over the next ten years will not help the country’s jobs outlook, as the industry employs nearly 400,000 Americans. Several companies have already responded to the looming tax by cutting research and development budgets and laying off workers.
2. The ObamaCare High Medical Bills Tax
This onerous tax provision will hit Americans facing the highest out-of-pocket medical bills. Currently, Americans are allowed to deduct medical expenses on their 1040 form to the extent the costs exceed 7.5 percent of one’s adjusted gross income.
The new ObamaCare provision will raise that threshold to 10 percent, subjecting patients to a higher tax bill. This tax will hit pre-retirement seniors the hardest. Over the next ten years, affected Americans will pony up a minimum total of $15 billion in taxes thanks to this provision.
3. The ObamaCare Flexible Spending Account Cap
The 24 million Americans who have Flexible Spending Accounts will face a new federally imposed $2,500 annual cap. These pre-tax accounts, which currently have no federal limit, are used to purchase everything from contact lenses to children’s braces. With the cost of braces being as high as $7,200, this tax provision will play an unwelcome role in everyday kitchen-table health care decisions.
The cap will also affect families with special-needs children, whose tuition can be covered using FSA funds. Special-needs tuition can cost up to $14,000 per child per year. This cruel tax provision will limit the options available to such families, all so that the federal government can squeeze an additional $13 billion out of taxpayer pockets over the next ten years.
The targeting of FSAs by President Obama and congressional Democrats is no accident. The progressive left has never been fond of the consumer-driven accounts, which serve as a small roadblock in their long-term drive for a one-size-fits-all government health care bureaucracy.
For further proof, note the ObamaCare “medicine cabinet tax” which since 2011 has barred the 13.5 million Americans with Health Savings Accounts from purchasing over-the-counter medicines with pre-tax funds.
4. The ObamaCare Surtax on Investment Income
Under current law, the capital gains tax rate for all Americans rises from 15 to 20 percent in 2013, while the top dividend rate rises from 15 to 39.6 percent. The new ObamaCare surtax takes the top capital gains rate to 23.8 percent and top dividend rate to 43.4 percent. The tax will take a minimum of $123 billion out of taxpayer pockets over the next ten years.
And, last but not least…
5. The ObamaCare Medicare Payroll Tax increase
This tax soaks employers to the tune of $86 billion over the next ten years.
As you can understand, there is a reason why the authors of ObamaCare wrote the law in such a way that the most brutal tax increases take effect conveniently after the 2012 election. It’s the same reason President Obama, congressional Democrats, and the mainstream media conveniently neglect to mention these taxes and prefer that you simply “move on” after the Supreme Court ruling.
John Kartch is director of communications at Americans for Tax Reform. Follow him on Twitter @JohnKartch.
Read more: http://www.foxnews.com/opinion/2012/07/05/five-major-obamacare-taxes-that-will-hit-your-wallet-in-2013/#ixzz1zrC4Q1Pr
“The private sector is doing fine,” the president said during a White House press conference. “Where we’re seeing weaknesses in our economy have to do with state and local government. … If Republicans want to be helpful, if they really want to move forward and put people back to work, what they should be thinking about is how do we help state and local governments. -Barack Obama”
June 8, 2012
Wow! Talk about doubling down. It’s one thing to think the economy is doing well with 23,000,000 out of work. But to think the answer is to grow state and local governments? Government doesn’t produce anything!
Amazing. There is nothing to work with here.
This is an excellent Frontline. Well worth watching. It’s obviously an investment in time but you won’t regret it.
According to Pablo Torre of Sports Illustrated, “by the time they have been retired for two years, 78 percent of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.” The problem isn’t just confined to professional football players. Torre’s article says that within five years of retirement, an estimated 60 percent of former NBA players are broke.
Why is it that the liberal media and Democrats don’t talk about these professional athletes blowing their money on wine, woman and song but they make Mitt Romney out to be the devil for his wealth? How much good comes to society from these guys flushing their money down the toilet? Mitt provides the government with a steady source of income. Every year they know they are going to get a check for $3,000,000. Perhaps it bothers them that he gives about the same amount to charity. Since they want the government to be the source of all things good; charities, especially religion, represent competition. It’s a sick thought but it may be true.
They need to realize that the rich are a flock of geese laying golden eggs. They provide a relatively predictable source of revenue.
“Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.” Barack Obama
April 16, 2008
Democratic presidential debate between Hillary Clinton and Barack Obama moderated by Charlie Gibson of ABC News.
GIBSON: All right. You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, “I certainly would not go above what existed under Bill Clinton,” which was 28 percent. It’s now 15 percent. That’s almost a doubling, if you went to 28 percent.
But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent.
GIBSON: And George Bush has taken it down to 15 percent.
GIBSON: And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down.
So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.
For those liberals that believe in consequences of government spending we are seeing in Greece are unrealistic in the United States, here is an exercise that brings the numbers into perspective.
“Increasing attention has been paid to the sharp increase in suicides this year at Foxconn’s Shenzhen factory which manufactures iPods, iPads, and iPhones. It also fills orders from a broad list of clientele including Dell, HP, Microsoft, Nintendo, and Sony.”
My guess is that the Chinese are going to take to Unions like a dog to a bone in the near future.
Democrats only believe money generates jobs when that money is in the hands of the poor. The won’t acknowledge that that same money creates jobs when in the hands of the rich (the owners of the money).