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The new Health Care Reform legislation is funded through a complication system. Taxing higher income earners in varios ways and changing the increases over a period of years. Excise and payroll taxes. Employer mandated fines. Individuals receive a fine for not having medical insurance, referred as a "Poor Class tax."
The implementation of this tax system is going to increase the Federal bureaucracy. The IRS has been reported to be hiring more agents to police and insure collection of these new revenues. Hoards of new tax forms will have to be created. Phone calls to the federal agencies will be jamming the system and the possibility of additional costs for tax preparation.
"Tax the rich give to the poor so there will be no rich no more" ? In 1929 taxes on the Rich where about the lowest in history. Wealth and Prosperity was for everyone to acquire. In October of that year ,of course, the stock market crashed. Very few remained rich, millions who had became wealthy through the 1920's suddenly were penny less. Tax rates were low, revenues to Federal Government were insufficient to hold off the Great Depression which lasted for over a Decade.
The Clinton administration, in 1993, Raised the super rich Income tax rate to 36%. This should have been the end of Prosperity as we know it. Not So, The poor were breaking into middle classes, the upper middle class were being introduced into the rich class and the rich were getting richer. It turned to be the Greatest economy in the history of the United States.
If the Government is going to tax the rich just raise their income tax rate like President Clinton did. Increasing income to the federal government reducing administration without the unnecessary complications of a increase in the capital gains and high end medical insurance taxes. And, Mandating a fine on individuals for not having medical coverage should be scraped. The Republicans are going to challenge the constitutionality of this policy. I just can't believe that the Democrats have voted for this, which mostly would have a impact on the poor. People that don't have health insurance is usually because they can't afford it.
