Tuesday, March 31, 2015

Bazzo Says: And by ‘rich’ they mean YOU

Bazzo Says:
Who is not paying their fair share?

Tax the rich! The rich are not paying their fair share! The liberal mantra of the politics of envy is alive and well, especially in New York. The "top 1 percent” encompasses individual incomes as low as $326,000 a year. The top 10 percent encompasses individual incomes as low as $50,000 a year. The top 1 percent of individual income earners pay 42 percent of all taxes. The top 10 percent pay 80 percent of all taxes. 

Yet, this is not enough, according to the party of envy, anger and grievances. The top 10 percent of income earners pay 80 percent of all taxes. What else do you liberals want? Well, none of us have an idea as to the answer because our liberal friends do not say. A March 24 article in the New York Post, “NY takes biggest bite,” by Leonard Greene and  an editorial the following day highlighted the fact that WalletHub.com rated all 50 states and Washington, D.C. on how much income, sales and property taxes the people of those states pay in relation to their income.  Guess what? New Yorkers are No. 1! 

We are followed by Connecticut, Maryland, New Jersey and Minnesota. Aren’t you thrilled? We even beat out California! People making as low as $50,000 a year pay 12.4 percent of their income in taxes. This does not include the county, federal or city taxes. The elected men and women in New York think those making $50,000 and above a year are rich? Do you feel rich? 

Not to fear, because according to the New York City Independent Business Office, the city added 121,000 jobs last year and is expected to add another 96,000 more this year. This will increase tax revenues by 4.6 percent. Problem is spending goes from $78.8 billion this year to $87.3 billion by 2019. How can that be? Well, the jobs being created come largely from two sectors: education and healthcare. Both sectors rely on tax dollars to exist. That is why I say a job requiring taxes to exist is not a growth-producing job. Those numbers can be found in the March 28 article by Aaron Stone in the New York Post titled, “Job hikes & budget bucks in NYC’s future.”

This is why those making $50,000 a year must be considered rich. All these jobs that require tax dollars to exist must be paid for somehow and the 50-grand a year bracket is where the money is. When both John Kerry and Barack Obama ran for president they said they would raise taxes on only the rich. However, when one actually looked at their written platform, “the rich” resided in the top two tax brackets. That brought down the definition of rich to individuals making $74,000 a year. Even better, New York’s millionaires tax defines a millionaire as one making as low as $500,000 a year. It is no wonder our kids are stupid. The politicians keep changing the definition of words. How can they keep up? 

Happy birthday Obamacare 

In an op-ed in the March 23 Daily News by Sally Pipes “Unhappy birthday, Obamacare,” she explains where Obamacare is after five years. Before I get into her op-ed, there was another op-ed in the Daily News by Bill Hammond earlier this year in which he said that Obamacare has been a success in New York. In terms of enrollment in the New York exchanges (including Medicaid) enrollment is up. What he does not explain was that New York screwed up the insurance marketplace so bad that Obamacare actually seemed like a good deal. He also failed to mention that those “enrollment” increases were made up of people enrolling in Medicaid, which of course requires those tax dollars from the rich (you); and those who had plans but lost them due to the Obamacare mandates and who enrolled in plans that were more expensive and provided less choices than their original plans. 

Back to Sally Pipes…

In 2011, we were told that the Congressional Budget Office forecasted that 43 million people who did not have insurance would enroll under Obamacare by 2021. The CBO has now downgraded that forecast to 25 million people by 2025 but the smart money is on even much less than that.

Happy Birthday, Dr. Obama.

The Government Accountability Office reports that in 2013 there were 1,232 insurance carriers in the individual market. In 2015 that number decreased to 310. Guess what boys and girls? Less choice means higher prices. The laws of economics are silly little things.

Happy Birthday, Dr. Obama.

The Bureau of Economic Research points out individuals who do not get coverage through the workplace had premiums 24 percent higher than then they would have been without Obamacare. Those on Obamacare’s silver plan, the most popular, saw their rates go up 30 percent.

Happy Birthday, Dr. Obama.

The CBO said the cost of Obamacare would be $940 billion. That has now been revised upwards to $1.2 trillion but the smart money is that it will be much more than that. Who is paying for this? The rich (you).

Thank you, Dr. Obama. 

As was written in the play “A Little Night Music” by Stephen Sondheim: “Isn’t it rich...Send in the clowns, don’t bother they’re here.”

This is what I say. What say you?

Show Director Dennis Tate discusses the issues at 9:30 p.m. on Wednesdays, April 1 and 8, on channel 74
Bazzo 03/31/15

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