What Obamacare Means to the NY Taxpayer

President Obama's new healthcare plan is scheduled to tax NY investment income an additional$4.8 billion a year, making this the largest tax hike in the state's history.

Obamacare will increase taxes for interest income, dividends, annuities and other investment gains. New York is hit hard because of the amount of high earners in the state.

Josh Barro of the Manhattan institute did a study for the NY Post and revealed that New York would pick up 12 percent of the new investment income tax, even though state residents earned only 7.9 percent of the national adjusted gross income reported on tax returns, and make up only 6.4 percent of the population.

New York's little town blues do not end with Obama's surcharges. Governor Paterson is trying to balance the books by a $4 billion tax hike, again the largest in state history. Mayor Bloomberg is consistently raising MTA fares, toll crossings, and plans on adding new toll schemes in Manhattan.

The above mentioned burdens are on top of the Bush tax cuts expiring in 2011.

Obamacare's historic tax increases will allow, for the first time, the Medicare payroll tax to be applied to investment income.

President Obama emerging as a redistributer-in-chief will raise taxes on individuals earning $200,000, small business owners and couples earning $250,000 in order to insure 31 million additional people; add that to the new surcharges on "Cadillac plans" and medical devices, the middleclass will be burdened with the result.

"And if you're a family making less than $250,000 a year, my plan won't raise your taxes one penny, not your income taxes, not your payroll taxes, not your capital gains taxes, not any of your taxes."- Barack Obama

Where is Senator Joe Wilson?

An increase in taxes for small business owners and new health insurance mandates enforced by fines will raise prices on goods, will place job security at risk and impede job growth. The burdens will be the heaviest for modest income earners.

Tax increases according to the nonpartisan Joint Committee on Taxation:

• The new tax on high-cost insurance plans, $32 billion.

• A fee on the makers and importers of brand-name drugs, $27 billion.

• An excise tax on the makers and importers of certain medical devices, $20 billion.

• An annual fee on health insurance providers, starting in 2014, $60 billion.

• The repeal of a tax loophole that could allow paper manufacturers to get tax credits for generating alternative fuel in the paper making process, $24 billion.

Tax increases and higher sticker prices are always passed on to the consumer and as a result the heaviest burden is upon modest and low income earners.

Obamacare may very well place the NY taxpayer in vagabond shoes.

Sources: embedded in content.