Observations One Day Later
Many blamed Mitt Romney. Forget it. There has not been a clearer, starker, easier contrast since Ronald Reagan faced Jimmy Carter.
We have heard Obama congratulated; offers made to unite with him. Now is not the time to pretend America is united. The people of America failed. Reach across the aisle to what? A hand? Whose hand? Harry Reid’s? I don’t think so.
12 hours or so after Obama won gas at the pump is up 10% and stocks are down 2.5%. How is the old 401K looking now?
Update–day 2: Dow down another 1%.
Watch the President explain in seconds what the election is really about:
60 million people voted for revenge.
60 million people voted for a National debt of $20 trillion (that’s a “T”) in just 4 years. Perhaps revenge is not what it was cracked up to be.
60 million people voted for America to bow before both violent and stealth Islamic jihad as it advances to destroy freedom. There is real revenge.
60 million people voted to submit America to the United Nations ending our sovereignty and “spreading the wealth” around the globe. That is revenge your old 401K will really feel.
They Voted For the Usurpation of Power
60 million people voted to insure that the Patient Protection and Affordable Care Act (Obamacare) can never be repealed. Under Obamacare free health care is not free. Tax policy expert, Daniel J. Pilla wrote, “Medicare and Medicaid pale in comparison to the scope and power usurped by the federal government under the PPACA.” Here are some of the costs in only the portion touched by the IRS:
A few of your new tax hikes include:
- New limits on your deductible medical expenses.
- A new tax on all medical devices you buy.
- A new tax on your prescription drugs.
- You get taxed if you use indoor tanning services.
- You get taxed if the government deems your medical policy to be “too good.”
- You may find your Medicare payroll increase more than 30%.
- You may be hit with a new tax on investment income if you sell your house.
- Your health insurance premiums will increase to cover a new tax on health insurance companies.
Unless Congress repeals the PPACA, the force of this legislation will change your life in ways we now can only imagine. Speaker Pelosi’s secret panel of special interests didn’t address the negative impact on private individuals and businesses that will last forever. For example:
- The IRS will now be the permanent face of your health care.
- You will have to deal with the IRS to resolve problems about your health insurance.
- There is a massive, permanent expansion of the power and reach of the IRS into your life and business.
- You and your business (or employer) is subject to 47 tax-related provisions that impose tremendous compliance costs and nightmares.
- You will be subjected to more rule-based decisions about your health and health care without any personal contact.
- Because of the vast scope of the information needed to enforce and administer the act, your privacy is a thing of the past.
- You may be subjected to “Health Care Audits” by the IRS.
- Given the scope of the PPACA, the tentacles of the IRS will sink deeper into the fabric of your life, your family and your business (or employer) than you ever imagined.
- Your personal and family financial and health information will be disclosed to an army of government agencies.
- You will have to make regular reports to government agencies about changes in your personal life, such as marriage or divorce, child is born or leaves home, etc., etc.
- The mountain of rules and regulations produced by government agencies may require you to hire legal experts just to buy health insurance.
- You may be among those who lose their job if your company downsizes to avoid the onerous penalties imposed on employers.
- Your company might have to cut your income to make up for the onerous costs and penalties imposed by the IRS.
- You will face IRS penalties if you don’t buy government-approved health insurance.
- You may have no appeal rights if the IRS charges you with penalties.
- Your company (or employer) will face IRS penalties if you don’t buy government-approved health insurance for all your employees.
- The IRS will grow in terms of budget, equipment and employees to the most powerful and invasive government agency on earth.
- It will be impossible for you keep up with the mountain of rules and regulations produced by government agencies about your health care.
- The new definition of the “income” in the tax code will make your tax return preparation even more complicated than it is now.
- You will have to report to the IRS the income of your entire family, including anybody living with you.
- The IRS can keep your tax refund to pay penalties you might owe for not having government-approved health insurance.
Just a taste of their revenge one day later.