Your Opinion: Projections for future taxation
Sunday, November 4, 2012
During the primaries, Speaker Gingrich promised to fire all 32 czars on Day 1.
Many think avoiding taxmageddon should be a priority. Heritage Foundation has just released these projections for 2013 if legislative action is not immediately taken:
“Families with an average income of $70,662: tax increase of $4,138 ($345 per month). Baby boomers, average income of $95,099: tax increase of $4,223 ($352 per month). Low-income workers, average income of $24,757: tax increase of $1,207 ($101 per month). Millennials, average income of $23,917: tax increase of $1,099 ($92 per month). Retirees, average income of $42,553: tax increase of $857 ($71 per month).”
Perhaps the best insight comes from Ann Coulter, Human Events, Nov. 1. She calls the Affordable Health Care Act a “national poison pill, set to destroy both health care and the nation at large — if not stopped, it will permanently change the political culture of this country. There will be no going back. America will become a less productive, less wealthy nation — everything will just gradually get worse, like trains and the tax code, until a bustling, prosperous nation is a distant memory ...”
This legislation has a huge footprint and legs. To glimpse the footprint look up the chart: 1,968 New and expanded Secretarial Powers Under the Health Reform Law P.L. 111-148(PDF). I looked at it recently and randomly found this: “Part II, Section 1553-Prohibion against discrimination in assisted suicide.” I also looked at the Implementation Timeline www.santeon.com. 2015 — allows for funds, equipment and supplies transfer to the Secretary from federal agencies for construction and operation of health care or sanitation facilities — secretary may establish an Office of Men’s Health and Office of Women’s Health.
2016 — makes the Oklahoma City clinic and Tulsa Clinic demonstration projects permanent and authorizes construction or renovation of facilities.
2017 — Secretary may allow an urban Indian organization to use federal property to carry out a grant or contract; Urban Indian health projects can use federal sources of supply as federal executive agencies; Secretary may make grants to Urban Indian organizations for HIT services.
2017 — implementation date of 10 percentage excise tax on ultraviolet tanning services.
2018 — levies a new annual tax ($2.5 billion in 2011) on brand name pharmaceutical companies and importers based on the companies’ market share of sales.
So far the projected cost for this law has almost tripled; that might explain the 16,000 new IRS agents.