ObamaCare bleeds NYers

Last Updated: 2:15 AM, February 28, 2010

Posted: 12:58 AM, February 28, 2010

Comments: 11

Terry Keenan

Here's one number that wasn't mentioned during last week's Presidential Health Care Summit -- the Democrats want to levy a new income tax to fund ObamaCare and the residents of New York and New Jersey will likely end up paying about 25 percent of it.

How so?

Well, the new tax would slap the 2.9 percent Medicare tax on "interest, dividends, annuities, royalties and rents" for the first time ever, for those households earning $250,000 and above. A similar scheme to add this additional tax on capital gains is said to be close behind. And according to the Manhattan Institute, New Yorkers are, once again, in line to bear the brunt of the proposed tax hike.

It's estimated that the ObamaCare tax would force Empire State residents to shell out an additional $4.8 billion on this so-called "unearned" income assessment. The think tank predicts that would amount to 12 percent to 15 percent of all the funds raised by the tax nationwide, with New Jersey residents paying 7 percent to 9 percent of the total. Add in Connecticut and the tri-state area will foot the bill for almost 1/3 of the new ObamaCare tax.

"It's like a giant sucking machine taking dividend and interest income and sending it from New York to Washington, which is not a great thing at any time, but particularly if we continue to struggle economically in the state," warned the Manhattan Institute's Steven Malanga in a television interview this week.

It is no secret President Obama doesn't seem to like New York or New Yorkers very much. Although it is home to his Alma Mater and a favored venue for date nights with wife Michelle, hardly a month goes by without some Democratic tax scheme that socks it to Wall Streeters and the millions who share an island with them.

For the Redistributor-in-Chief, New York, it seems, is a convenient piggy bank.

I'll leave it to the pop psychologists to find the root of Obama's Empire-State animus, but what about our own elected officials? The last time I looked we had two Democrats representing us in the Senate and 27 in the House -- yet so far only Sen. Kirsten Gillibrand has weighed in against the proposed new tax. Why aren't her colleagues protecting New Yorkers from more targeted tax hikes at a time when we need their help most?

Perhaps some other numbers out this week will get the lawmakers' attention instead.

The Washington Post reported this week that after a "brief dalliance with Democrats" a year ago, wealthy Wall Street bankers have renewed their love affair with the GOP -- giving twice as much to Republicans than to Democrats in the final quarter of 2009. At JPMorgan Chase, the bank and its bankers went from giving 76 percent of their donations to Democrats in the first quarter of 2009, to just 27 percent by the last quarter of the year.

With so many tight re-election races predicted this fall, it's a good bet that even the New York Congressional delegation can figure out that a tax that disproportionately hits their home state is not a winner by any measure.

terrykeenan@email.com

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LiberalsAreFacists

03/02/2010 5:45 PM

You can't afford health insurance, but you can afford to pay your cable and internet bill. You can't afford insurance but you can go out and get a new TV. You can't afford insurance but you can afford to dress yourself in the latest styles. You can't afford insurance but you can afford to rent all those movies from netflix. You can't afford insurance but you can afford your Xbox, or Wii, or PS3. You can't afford insurance but you can afford your cell phone with internet and text.

You can afford your iPod and all the songs you put on it, but can't afford health insurance. You can afford all that take out food or "organic"(ie. more expensive) food you eat, but can't afford health insurance. You can afford to go to the gym, but no health insurance. You can afford all sorts of things you can live without, but just can't afford health insurance.

Your cable & internet bill alone can cover OVER HALF of a single person policy.

Stop crying and get your priorities straight.
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LiberalsAreFacists

03/01/2010 10:14 AM

buzz:

they do their share when they start businesses that hire failures like yourself.
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LiberalsAreFacists

03/01/2010 10:13 AM

buzz:

why should the successful be forced to pay for the health care of the failures?

If only the idiots out there would realize that we all can afford health insurance if you just stopped getting the little luxuries you enjoy.

You can't afford health insurance, but you can afford to pay your cable and internet bill. You can't afford insurance but you can go out and get a new TV. You can't afford insurance but you can afford to dress yourself in the latest styles. You can't afford insurance but you can afford to rent all those movies from netflix. You can't afford insurance but you can afford your Xbox, or Wii, or PS3. You can't afford insurance but you can afford your cell phone with internet and text.

Stop crying and get your priorities straight.
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buzz

03/01/2010 9:52 AM

WHAT'S WRONG with making MILLIONAIRES pay more to help pay for health-care for the rest of us??? They're getting HUGE BONUSES and WINDFALL PROFITS and got OBSCENE TAX BREAKS under Bush!!! Time for them to do their share!
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LiberalsAreFacists

03/01/2010 9:38 AM

oldster12:

please explain how the "rich" "essentially don't pay" into Social Security.

And explain how the "rich" only pay "20%" when the tax rate goes higher the more money you make.

I think you're pulling these "facts" out of thin air.
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sinclair

03/01/2010 1:35 AM

Spot on Sandythoughts. As long as voters continue to support liberal Democorrupts, you get what you voted for - more taxes and spending - of your money!
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oldster12

02/28/2010 12:04 PM

B.S. Whining rich ... They pay 20 % on their income, GI Joe struggles to keep his family going on $ 50,000. a year ( nat. average ) HE pays 30 % ( combine Soc Sec, which rich essentially don't pay , and which is diverted to general rev.) Obscene.

Wealthy pay 20 % , regular folks pay 30 %. Govern is set up to favor the rich, with a few crombs tossed to side.
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txpoljldy

02/28/2010 9:54 AM

Dems are the first to raise taxes...and then like Rangel, et al, the last to pay their fair share of taxes. It is always do as I say if you are a lib dem, not as I do..NYers just are getting what they PAID for in Schumer et al....txpoljldy