Beginning this week, I intend to review the Fox News Sunday show with Chris Wallace.
Today (July 1), his two guests were Jack Lew of the Obama Administration and Mitch McConnell, minority leader in the Senate, but first, a couple of important notes regarding the Supreme Court's decision.
There were four questions under consideration, three of which centered around the notion of universal application. This was determined to be constitutional as a tax but unconstitutional as an extension of the commerce law. There will be analysis in the coming weeks with regard to this part of the decision, and that will be reported, here, at Midknight Review.
The fourth area of legal concern, whether the federal government can force Medicare compliance onto the states, failed in a 7 - 2 decision as part of the ObamaCare review. With this decision, the federal government was limited in its ability to enforce Medicare penalties on the individual states -- the feds cannot do such things and this is now an official opinion of the High Court. The importance of this decision has yet to be discussed by those who seem to know. We will follow this part of the story and do so, comprehensively.
Now, to Wallace's two guests:
Jack Lew argued that Obama has already reduced taxes to the middle class by "$3,500" and, again, by "$4,000." I am middle class. I have no idea what he is talking about - and neither do the 300 or so Libs who read this blog, every day. The fact of the matter is this, there were no tax cuts to the middle class over the past three years. Obama sent me and my wife, a check for $250 each, back in 2009. He called that a "tax cut." Problem: he did not lower my tax rate - that would be a tax reduction. He did not promise a lower tax margin for the future - that would have been a tax reduction. And, finally, he charged the $500 dollars sent to us as income and the wife and I had to pay income taxes on this "tax cut." If he is honest in his comments, he is one of the more stupid financial ex - sperts in this country. Either those checks were income or a tax cut, they cannot be both except in the circular world of Democrat thought.
A second point made by Lew was this: the law "impacts only 1%." What was disturbing in this comment was the fact that Wallace allowed this bit of rhetorical idiocy to go unchallenged. The key word, here, is "impacts."
First, the Obama Care Tax Act did not address the rising cost of premiums. They will continue to grow at three times the rate of inflation and that, of course, affects all of America. It can be said, then, that this new tax law "impacts 100%" of this nation's population and in a most regressive way.
Secondly, this new law orders a limit as to what seniors can spend on their health policies. They will not be allowed to spend more than "the rest,"
Third, over $500 billion in new taxes will be assessed on hospitals, driving up their costs, medical supply companies, driving up the cost of healthcare itself, insurance companies, the business community and individuals. Part of the discussion relating to paying for this monstrosity, includes the end of the mortgage interest deduction - something that potentially effects all homeowners. In the case of those owing $120,000 on their homes, for example, this will amount to more than $2,000 in additional taxes owed.
Moving on to Mitch McConnell's comments. In an article I wrote earlier today, McConnell confirmed what I thought would be a strategy for ending Obama Care that was not there before the High Court's decision. Because it is, now, officially a "tax," it can be taken down (as in fiat accompli) with only 51 votes in the Senate. In this coming election, 23 tax and spend Democrats, will be up for re-election compared to 10 Republicans, If the Dems lose a net 5 seats, the GOP takes over the Senate, keeps the House and, with a GOP president, can take down this ridiculous bill.
There are a number of very good things this law provides, but nothing is more important than the fact that - good intentions or not - the new Obama Care Tax Act is completely unaffordable in this American economy.
Finally, I would ask the readership to take a few minutes and read the article at The Free Beacon, outlining the limitations to health care demanded by the Central Government with regard to senior citizen care -- this is mind boggling repressive. Read Tax Unlike No Other.
Don't make me review it for you !!!