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September 20th, 2010
06:55 PM ET

If your wealth threatened by rising taxes, would you move to another country?

Raising taxes on wealthy Americans could drive them right out of the country.

Raising taxes on wealthy Americans could drive them right out of the country.

FROM CNN's Jack Cafferty

Raising taxes on wealthy Americans could drive them right out of the country.

In a recent letter to the Wall Street Journal, a California real estate executive wrote that although he makes more than $250,000, he doesn't consider his family wealthy. Glen Esnard says he's still paying off school loans for his three children, has no funded retirement plan except Social Security and no guarantee of permanent health care.

Yet he believes people making more than $250,000 are "vilified" and held accountable for paying for the government's runaway spending.

He writes, "Apparently our president thinks that living in America is so wonderful that we will never leave, despite being directly attacked... He should think again."

A Los Angeles Times reporter asked Esnard if he really expected wealthy Americans to consider leaving the U-S because their tax rate would rise from 35 percent to 39.6 percent.

Esnard responded that although he's not an expert, he thinks it's a real issue. And that he's received a lot of support from people who agree with him.

One possibility is Bermuda. It's a short hop from the U.S. and while you do have to battle an occasional hurricane, islanders pay no national income tax.

Meanwhile, most economists think it's a good idea to extend the Bush tax cuts for everyone, despite the president's call to let them expire for the wealthiest Americans.

CNNMoney.com polled 31 leading economists, and 18 of them said extending the tax cuts for everyone is the most important thing Congress can do to help the economy.

Only three backed President Obama's plan to raise taxes for the wealthiest Americans.

Here’s my question to you: If your wealth was threatened by rising taxes, would you consider moving to another country?

Interested to see which ones made it to air?

FULL POST


Filed under: Taxes
September 20th, 2010
03:33 PM ET

Will your health care costs rise under Pres. Obama's new law?

In some states, health care costs are increasing, in spite of new laws aimed at cutting costs.

In some states, health care costs are increasing, in spite of new laws aimed at cutting costs.

FROM CNN's Jack Cafferty:

Democratic candidates up for election are spending three times more advertising against President Obama's health care law than they are for it.

The president told Americans over and over again during the heated health care debate reform would mean lower health care costs. But so far, the opposite is happening.

Let's start with California, where regulators have now cleared all four of the state's major insurers for rate hikes. These four companies control 90 percent of California's individual health insurance policies.

The Los Angeles Times reports that Aetna was the last company to be approved, with rate hikes averaging 19 percent.

The company is defending the rate, saying they're necessary to keep up with rising health care costs – like hospital care, prescription drugs and doctor's visits.

They say the maximum increase for some of its members will be 30 percent. Thirty percent! Some policy holders are rightfully worried that they soon won't be able to afford health insurance.

Meanwhile, in Connecticut, regulators have approved rate hikes of more than 20 percent for the state's largest health insurer, Anthem Blue Cross and Blue Shield

The Hartford Courant reports increases will vary depending on the plan, but costs will go up due to rising medical costs and the benefits from health care reform. This includes things like covering young adults until they turn 26 and covering the full cost of preventive care like mammograms and colonoscopies.

These rate changes mostly affect new customers buying individual plans, not those who are already insured through an employer.

Here’s my question to you: Do you think your health care costs will rise under Pres. Obama's new health care law?

Interested to know which ones made it to air?

FULL POST


Filed under: Health care