Thursday, July 23, 2009

How Millionaires Will Pay Over $500,000 in Taxes Over Ten Years for Health Care if Obamacare Approved

Watching President Obama's Press Conference on Health Care, I spent much of my time with my mouth hung open with disbelief. For fun, I decided to elaborate on one of the Commander in Chief's answers to the question 'Have you informed Congress on how to pursue Health Care reform.' Of course he answered as if the question was "How will you pay for Health Care" were asked, but oh well, it's all politics and semantics, right?

The President stated that 2/3s of his Health Care Plan was deficit neutral because tax revenue would be shifted from one area to another. He'd make everything more efficient in order to make this happen. All right, I doubt that will work, but let's say it will to humor the President. For the rest of the answer, he touted that taxes and sacrifices will only pay for the other 1/3. Over and over again. the President referred to the 'small' 1/3 of Health Care reform that people will have to pay for. But let's take a step back...

The Health Care Reform Bill will cost approximately 1.5 Trillion dollars, right? Okay, so the 1/3 of the cost that the rich will pay has been lauded by the Pres., correct. Well, if the President can do simple mathematics, that is $500,000,000,000, or 500 Billion. Wow, that's a lot. Wait, don't freak out yet, divided by a bunch of rich people that can't be too much, right? Right?

Well, the President says that he only wants to tax those who make over one million dollars a year. Okay, sounds good, but how many people in the US make over a million bucks? Not having a net worth of one million or more, but have an annual income of $1,000,000 or more. According to Leonard Beeghley, a Professor of Sociology at the University of Florida, .9% of the richest people make $350,000 annually. Well, that's still not quiet one million, so let's say that approximately .3% of the US population makes $1,000,000. I don't know the actual number, but I'm being kind and saying .3% instead of the more likely .25 or .2%.

All right, lots of math will bring a big payoff, so just a little more... There are approximately three hundred million people living in the United States. .3% of 300,000,000 is nine hundred thousand people, or 900,000. Okay, the big payoff: the five hundred billion dollars divided by the nine hundred thousand people who would pay for it is... $555,555.56 over ten years.

So in other words, if President Obama actually gets those making more than one million dollars annually to pay for health care, they will pay approximately $560,000 each.

$560,000 each!

Yes, my fellow Americans, President Obama cannot do math if he thinks this is viable.


Anonymous said...

I believe the taxation of the smartest and wealthiest of americans to fund healthcare or any other project of this government is simply insane and unfair. These people didn;t become rich from stealing from the poor, it was either from hard work and strategic business by family or themselves or years of studying to become successful. They way this all is heading in our country disgusting. If I had known this when I was a child in school maybe I would have been an average student and hung out with those kids in class who slacked of all the time and later got drunk every night in college. Now I have to pay for there lazy behavior and average work ethic, F__K that!

Anonymous said...

Too many lazy,fat people in this country waiting for a hand out, and the joke is that these are the people our government cares about and helps, not the upstanding citizen who worked hard from the time he or she was a child.

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