ObamaCare Thwarts Tax Reform

When candidate Obama was campaigning in 2008, he repeatedly promised the American people that he would not raise any taxes on any family with an income of less than $250,000.  (Read my lips: no new taxes for the lumpenproletariat.)  When asked on ABC News about whether the mandate to buy health insurance in the new health care bill was actually a tax, President Obama vociferously denied that it was.  But when the constitutionality of ObamaCare was challenged in court, Obama allowed his lawyers to deploy the backup argument that it really is a tax after all.  And in that recently concluded case (NFIB v. Sebelius), the Supreme Court ruled that the only way ObamaCare could be upheld is if the penalty for noncompliance with the mandate is read as a tax for not owning health insurance.  Do you feel snookered? Given the Court's ruling, if one doesn't own health insurance and one owes any income tax at all, then one owes more income tax -- a minimum of $695...(Read Full Post)