Obamacare Will Save Money

The Statists are in a hurry to confiscate the wealth of small businessmen, adding $540 billion to pay for their health-care reform proposal. House Majority Leader Steny Hoyer (D-Md.) said he couldn't think of any small business owners who make enough money to qualify for the higher taxes. “I don’t know many small business men or women who are making, themselves $280,000 [per year], so I’m not sure that very many small businesses are going to be affected by this.” Say what? “This is a surcharge on people making over $280,000 as an individual, $350,000 [per year] as a couple and it’s graduated, it goes up as you reach $1 million in income.” Someone send this knucklehead a copy of "The Millionaire Next Door".

This is to pay for Obamacare, which, by the way, is supposed to be 'revenue neutral', save the country from bankruptcy, and reduce your individual healthcare costs.

Rep. Phil Gingrey (R-Ga.), (and also a doctor): “Many of these small businesses file [taxes] as subchapter-S or ‘sole proprietors’.” “They’re paying at the same individual tax rate which, once President Obama lets the Bush tax cuts expire in 2011 and they add on this surcharge, you’re talking about a marginal rate of up to 42 percent or higher.” “That’s going to hit right on the backs of many of the small businessmen and women in this country who create most of the jobs,” said Gingrey. “To put this [tax increase] on the back of that is absolutely unconscionable.”

Internal Revenue Service data from 2006 – the most recent year available – nearly 68 percent of small business profits ($470 billion) were reported by people making over $200,000 a year, meaning that the majority of small business profits would be subject to the Democrats’ tax increases.

Guess we have to burn down the village to save it.