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October 30, 2009
Rush Limbaugh Reaction To Pelosi's LIES and Look At The TAXES In the Bill
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Rush Limbaugh reacted to Speaker Pelosi's outrageous announcement that her government run health care plan was 'deficit neutral." Rush says this liar should go to jail and that Bernie Madoff is small fry compared to the theft going on in Washington today.
Here’s the transcript:
RUSH:
As you have probably heard, ladies and gentlemen, Nancy Pelosi just once again claimed that the House health care reform bill will not add one penny to the federal deficit. Of course this is absurd. It will turn out to be absurdly untrue if this thing ever sees the light day of, and when it does, when it does, when it is exposed as a total fraud, when she and everybody else supporting this are exposed as total liars about all of this being deficit neutral, about all of this covering all these people, about everybody getting all this health care for what they think will be nothing, when all of that is exposed, shouldn’t people like Nancy Pelosi, who lie to get such things passed into legislation, have to face some kind of real consequences? This is nothing more than theft. Are they not thieves? They are stealing billions of dollars from US taxpayers, both taxpayers of today and tomorrow. You can’t even say that they’re enriched by their thievery ’cause they do it to buy votes and more power, and some of them do get enriched as a result of all this.
Why shouldn’t people who steal billions of dollars have to go to jail if the small fry like Bernie Madoff has to go to jail? Madoff is chump change compared to Nancy Pelosi, chump change compared to Barney Frank and Harry Reid. This is generational theft that is going on here. I mean let’s step back. Nancy Pelosi is the most radical Speaker of the House ever, from one of the most radical communities in the nation, San Francisco. She’s pushing this newest proposal now. She’s never cared about costs before, she doesn’t care about them now. She’s never cared about economic reality before because she’s insulated from it. She is wealthy. Her husband is wealthy beyond their wildest dreams. She is George McGovern on hormones, steroids and everything else, and she sees this as the best way for her and her ilk to remain in power for decades.
Folks, both the Senate bill, Dingy Harry’s little bill over there and Pelosi’s bill today are time bombs. They are ticking time bombs. They are designed to destroy private insurance companies and thus the economy. If you look at it from their standpoint these are brilliantly conceived bills and they’re guaranteed to work, they are going to do exactly what these Democrats intend. If they are passed, only massive Republican gains in 2010 and 2012 can diffuse this time bomb because the stuff doesn’t get implemented until after the 2012 election if it passes.
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TAXES IN OBAMACARE
The Bill is called the "Affordable Health Care for America Act." The irony comes from the fact that it is loaded with new taxes, there is nothing affordable about this legislation which increase the burden of both businesses and taxpayers. Below is a comprehensive list compiled by ATR which shows each new tax in the House bill:
Source...The Lid Blog
Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).
Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.
Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.
Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.
Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.
Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.
Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act
Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.
Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.
Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.
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Wild Thing's comment......
I love it how Rush comes out of the box with both barrels firing.
Nobody is going to be able to comply with this bill. You’ll have to hire a lawyer and an accountant to ensure compliance. Small business owners who are barely making it in today’s economy will go under.
This is supposed to be the BILL Nancy Pelosi has now, the 1,900 page Bill for government health death bill .
http://health.burgess.house.gov/UploadedFiles/House_HCR_bill.pdf
1990 pages is almost 4 REAMS of paper. Need to be a speed reader to get through the bill in 72 hours. You’d have to read 27.63 pages per hour at that rate. If you took time off to work or sleep and had only 6 hours per 3-days you’d need to read 110 pages per hour. (1990 divided by 18 hours spent reading.)
....Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
Posted by Wild Thing at October 30, 2009 02:49 AM
Comments
"The bill won't add one penny to the deficit" I hate to say it but, she's right it won't add "one" penny; it'll add about a quadrillion pennies to the deficit. I'm on to their friggin' word games.
Posted by: JohnE PFC U.S. Army at October 30, 2009 06:37 AM
...But they are only taking it from the Rich Guys side of the bucket. This is the best analogy I've ever heard.
It took the founding Fathers 20 pages to write the laws for this country, but these morons need 1990 pages for the Health Care bill. Do you think they forgot to control anything in your life.
Rush pointed out yesterday, that medical devices will also be taxed. Now these Medical devices include: Condoms and Tampons. They are taking control of every aspect of our life.
It is time for a second Revolution.
Posted by: Mark at October 30, 2009 03:51 PM
JohnE PFC U.S. Army, they really are
work games, thanks. We need to be aware
of that.
Posted by: Wild Thing at October 30, 2009 09:38 PM
Mark, good one.
"It took the founding Fathers 20 pages to write the laws for this country, but these morons need 1990 pages for the Health Care bill. Do you think they forgot to control anything in your life."
Posted by: Wild Thing at October 30, 2009 09:39 PM
