FEDERAL BUDGET DEFICIT
FISCAL YEAR 2009 – $1.4 TRILLION
Last Friday, November 6, the Director of the Congressional Budget Office published his report on the Federal Budget Deficit for Fiscal Year 2009. The following link is provided for your ready reference: http://cboblog.cbo.gov/?p=422
Following are quoted excerpts from that report:
“…the federal government recorded a total budget deficit of $1.4 trillion in fiscal year 2009, about $960 billion more than the deficit incurred in 2008.”
“…the federal deficit rose as a share of the nation’s gross domestic product (GDP) from 3.1 percent in 2008 to 9.9 percent in 2009 – the highest deficit as a share of GDP since 1945.”
…”The increase in the deficit …reflected a sharp drop in revenues and a substantial increase in spending.”
“Outlays rose by 18 percent in 2009, the fastest growth since 1975.”
“Payments for unemployment benefits in 2009 were more than 2-1/2 times the amount paid in 2008…that jump was caused by substantially greater unemployment and increased benefits.”
Right now today Obama, Emanuel and Axelrod are, in effect, bribing public servants in Washington in an attempt to ensure passage of yet another item on the Soros Socialist Agenda:
- promoting socialized medicine in the United States
http://www.discoverthenetworks.org/individualProfile.asp?indid=977 REMINDER: George Soros has been in your White House at least four times in the 8-9 months since Obama moved in. Do the math. He’s keeping a close watch on his puppet ‘president’, isn’t he? And, no doubt, heavy-handedly manipulating not only Obama but Reid, Pelosi and the Progressive Caucus to produce ”socialized medicine” as stated above. Following the link above will provide you with the full Soros Socialist Agenda for the United States.
As of this writing national unemployment is at 10% (and counting), federal spending is through the roof (and counting), and now here comes yet another Progressive-generated “crisis” that simply has to be addressed ‘right now’ – it is, after all, a “historic moment”. This moment in time is indeed ‘historic’ but certainly not in the manner described by the wild-eyed jackass posing as a Speaker. What’s ‘historic’ is the absolute disregard the Soros-led Progressives have for: (1) the clearly-evidenced will of the people, (2) some 30 million jobless Americans (3) the current, and forseeable future, economic stability of the country, and (4) the Constitution of the United States. What’s ‘historic’ is that these Progressives are today, in the name of “the healthcare crisis”, asking you, the taxpayer, to (1) assume an additional debt burden of at least $1 trillion, (2) agree to the arbitrary confiscation of your income if you don’t purchase health insurance, and (3) pay more and higher taxes:
Employer Mandate Excise Tax: If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).
Individual Mandate Surtax: If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax: Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.
Cap on FSAs: FSAs would face an annual cap of $2500 (currently uncapped).
Increased Additional Tax on Non-Qualified HSA Distributions: Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D: This would further erode private sector participation in delivery of Medicare services.
Surtax on Individuals and Small Businesses: Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.
Excise Tax on Medical Devices: Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.
Reality Check: Look at your personal and/or family checkbook and ask yourself these questions:
Can (I/we) afford to: (1) pay more taxes? (2) pay fines for not having health insurance? (3) pay more for medical devices? (4) pay more for “non-qualified distributions” from (my/our) Health Savings Account? (5) have (my/our) Flexible Spending Account capped? Can I and my family AFFORD this?
