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Sunday, August 2, 2009
To help pay for the painfully complex and expensive HR3200 democratic sponsored health care bill, Congress plans on burdening families and small businesses earning over $350,000 with a surtax. It's the democratic version of "rich folk" redefined. More and more of us might actually be “rich” enough to have to chip into to help fund government-run health insurance for the masses.
The surtax proposed by Rep. Charlie Rangel (D-NY) would be independent of the income taxes Americans are already paying. Generally, a surtax is added onto an individual or business’s taxable income. However, in a maneuver to include more tax-filers into Congress’s double-tax treasure chest (or triple-tax if you invest in anything), Congress has decided to make the surtax applicable to your adjusted gross income, or AGI. Your AGI is what your income looks like before you take out deductions such as state and local taxes, medical expenses, and mortgage interest payments. So it’s a higher number than your taxable income.
If you think you were only subject to funding this $1 trillion dollar Obamacare overhaul of the health care system based on your "taxable income" (which is calculated after you take all your deductions) then you are dead wrong. It's on your Adjusted Gross Income before you take any of your tax deductions.
The Dems have redefined rich. If you fall into that AGI bracket of income ask yourself: "Are you rich making $350,000 a year with 4 children, a mortgage, staring down the gun barrel of college funding, car payments, living costs and planning for your retirement in today's ObamaNomic economy?" Think again. You are fundamentally paying for a total overhaul of the health care system for about 2% of the U.S. population.