The key to pulling the rug out from under Obamacare is to convince state governors not to set up state health exchanges. Thanks to the Cato Institute and Michael F. Cannon, director of health policy studies, much progress has been made. No one is a bigger loser under Obamacare than are America’s small business owners (creators of most of Americas new jobs). State governors can help small business by refusing to create state health exchanges. You can play a big part in helping in the battle by forwarding to your governor the Cato Institute’s e-briefing with Michael Cannon that I have posted today.
It is not plausible that the governor of any state would even consider establishing a state health exchange after listening to what Mr. Cannon has to say. A tidal wave of e-mails, phone calls and personal visits to state governors will go a long way in delivering the message. Michael Cannon’s Cato e-briefing provides you with all the talking points you need to recruit your circle of friends, relatives and associates to the task of convincing state governors to refuse to introduce state health exchanges.
Dick Young
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I had a number of conversations last week with investors not sure what to do about the fiscal cliff. One client told me how she is helping her mother with her estate. Her mother is all stressed out. She doesn’t want to give too much away in taxes and wants to help keep the money in the family. But with estate tax negotiations likely to seep into the fiscal cliff solution, it can be confusing for heirs and estate planners to form a plan.
Another client from Connecticut, who we’ll call Dr. Jones, said his daughter works in New York City making decent money, but she has to work 80 hours a week. She’s the “millionaire” making $200,000, basically working two jobs with all the hours she puts in. She lives in an expensive city with high tax rates, and after she pays $3,000 a month for her studio apartment and living expenses, there’s not a lot left over. Young professionals like Dr. Jones’s daughter will be hit real hard by Obama’s tax increases. Leave it to the government to make everyone scramble.
Imagine if government got out of the way. Investors wouldn’t have to decide, for example, whether or not it’s a good idea to do a Roth conversion. Never mind how to deal with dividends, cap gains, or estate taxes.
As it stands, when it comes to dividends and cap gains, you’re paying taxes on money you already paid taxes on once before at the corporate level. Remember, when you own stock, you are an owner of the corporation. The taxes the corporation pays are your money. And as one client pointed out, with the estate tax, your heirs pay taxes on that money for you a third time.
One sure way to increase revenue from capital gains taxes this year is to say you’re going to raise rates next year. It’s like cash for clunkers but with stocks. You’re just pulling future sales forward to today, and net-net, it isn’t productive. But that’s what the government is good at.
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Americans are being head faked. Obama continues, Alinsky-like, to demand higher tax brackets for the rich. The GOP has said no bracket hikes. If you are like me, you are by now quite fed up with the noise. Forgetting the obvious fact that earning $250,000, which may sound like a fortune to many Americans, hardly makes one rich now or in the future. Such earnings are most often made by Americans residing in big state, urban areas like California and New York, where the total tax hit is already brutish, living expenses like real estate are off the charts, and public schools stink, mandating astro-priced private school tabs. At the end of the day, few families are accumulating any wealth in this setting. A long way from it.
The heart of the whole budget story is that America has a spending disease magnified by the historical explosion in spending under the Obama administration. I am going to stay away from a numbers haze here to ensure that you get the picture sans any fog. Over the last five decades, the growth rate in spending versus GDP tracks upward, but with an especially steep upward slope in the Obama years. Income tax revenues versus GDP, however, track in a narrow sideways pattern clustering in the mid single digits. In other words, there is no upside bias.
Thus, it’s easy to see that if one chart line tracks ever upward with accelerating momentum and the other chart line squiggles sideways with no upside bias, a heck of a gap opens up fast. And as we all recognize, that yawning gap is the budget deficit. Under the misguided leadership of Barack Obama, the gap has resulted in a trillion dollar deficit in each of the president’s four years in office. Now Obama is traveling the country wrongly proclaiming to Americans that tax brackets for “the rich” must go up, despite that the budget problem he has created for Americans is 100% a spending problem. I hope you will email your congressman my summary and demand that the focus be where it belongs—on cutting spending. Revenues are not the issue.
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Are you aware of the Pacific Legal Foundation’s challenge to the individual mandate? Thanks to the Cato Institute’s director of health-policy studies Michael F. Cannon I am on this. The Cato Institute is far and away America’s finest policy research center on all matters relating to upholding the original meaning of the Founders in the Constitution.
Mr. Cannon writes on NationalReview.com that the PLF challenge could take down the entire statute. Michael reports that Kaiser Health News says Oklahoma attorney general Scott Pruitt’s lawsuit is “by far the broadest and most damaging of the legal challenges” related to Obamacare.” If Oklahoma prevails, “the whole structure of the health care reform law falls apart.”
Among the many compelling arguments in Michael’s essay is his commentary on “sticker shock.” Here Mr. Cannon notes Obamacare’s 30 to 40 percent cost increase in the individual market. Read Michael Cannon’s essay to get the complete update on the monster that is Obamacare.
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