TRUST ME: OBAMACARE TAXES WILL BURN YOU
Think ObamaCare will burn only the wealthy?
We have discussed the tax implications corporations such as AT&T, Caterpillar, Deere, Verizon… face, but in the end their employees, shareholders, and our overall national debt will take the blunt of the hit.
Are the upper class basking in the sun on vacation home beaches or in tanning spas? The indoor tanning tanning industry’s predicted $2,7 billion revenues on their tax increases over the next 10 years were described by the executive director to be about as likely as Elvis playing in Vegas again. He estimated there to be about 250,000 spas with the average one doing about $250,000 per year. Do the numbers. Their taxes would have to exceed their profits!
Consider the trust left by a grandfather to his children and grandchildren which does not distribute in 2013 because the beneficiaries are too young. WSJ says the trust that: “earns $40,000 of dividends and generates $100,000 of capital gains — making it subject to a Medicare tax of 3.8% on $128,800 — 140,000 less $11,200. That would come to $4,894.” If there are 2, 3, 4, 5yr old grandchildren who are not designated beneficiaries until they reach 21 years, imagine the damage.
We have only begun to scratch the surface as to what hidden tax burdens lie within this bill. Feeling the heat?