FROM CNN's Jack Cafferty:
When it comes to health care reform, the rich may have to dig deep into their pockets. The House Democratic plan calls for a 5.4 percent tax on singles making more than $500,000 - and on couples making more than one million dollars.
It would only affect 0.3 percent of tax filers and is expected to raise $460 billion over 10 years.
But, as always, there's a catch... This new tax isn't indexed to inflation like other income taxes are, so it would continue to ensnare more families and more small business owners as time goes on.
One analysis shows that in 2011 - a family of four making $800,000 would see their federal income taxes go up more than 12 percent, while a family making $5 million dollars a year would see their taxes go up about 32 percent.
Some tax experts say it's a mistake to call on only the rich to pay for services that are used by all. One economist who advised President Bush says: "This gives the impression that (health care) is only worth having if someone else pays for it."
Meanwhile this isn't the only tax that President Obama has planned for the wealthy. He wants to increase the top marginal income tax rate from 35 percent to almost 40 percent.
I guess cutting government spending is out of the question. Socialism takes another step forward.
Add to that the fact that most Americans are already seeing their health insurance premiums, deductibles, co-pays, etc. go up.
Here’s my question to you: Is it fair to make the rich pay for so much of the cost of health care reform?
Interested to know which ones made it on air?
The only tax system that is fair is a flat tax: 10%-15% for everyone, poor people, rich people, corporations, non-profits, everyone. This nonsense of the rich needing to "pay their fair share" is actually "the rich need to pay someone else’s share". Being rich isn't easy, it's more work and sacrifice than the average person is willing to take.
Jack, After so many years of the middle class shouldering the burden, I find it hard to feel sorry that the rich may no longer be able to dodge their responsibilities! I'm tired of trying to figure out how to make ends meet while some peoples only worry is whether they buy Gucci or Coach!
It's absolutely, utterly, unconscionable to compel anyone, "wealthy" or otherwise, to surrender their wealth to total strangers. It's simply theft; there is no possible moral or philosophical justification for it. And, on the pragmatic side, why in the world would the "wealthy" tolerate this kind of abuse? There are lots of nice places in the world to live.
Yes, Jack, they should bear the brunt of the expense to make sure everyone is covered. There is no excuse for 1% of the population having the same amount of money as the remaining 95%.
Absolutely. Why shouldn't they pay more? They are willing to pay more for everything else in their lives.
The ultra-wealthy are rich for a reason: they are smart and savvy. You raise their taxes and they will find a way around it, either through tax loopholes or relocating to a more favorable "tax friendly" country. It is naive to think that the "rich" will just let government take what they have worked so hard to make.
Ryan from Wisconsin writes:
Where did all their money come from? By screwing the rest of us. Time to give a little back.