Time to start paying for ObamaCare
Tax hikes coming no matter what
- Duration 8:59
- Date Dec 29, 2012
Tax hikes coming no matter what
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Think taxes are not going up at these guys pull off a last minute miracle.
Hi everybody I'm David McDowell in for Neil Cavuto and box on talk about clock ticking down.
Less than 62 hours until it all goes down and I'm not talking about that ball in Times Square.
As automatic tax hikes and spending cuts.
Lawmakers are scrambling to avoid.
Taxes going up no matter what taxes in the president's health care law.
A new investment in content.
A tax on medical device makers costing jobs at those aren't the only ones that last tax already forcing companies -- companies to lay off workers.
Coming attractions for the new year.
To Ben Stein Charles saying hi Shelly Berger and Sarah flowers welcome all but Charles to you first.
Look out below there it comes.
-- the floodgates open yet -- -- and obviously we know.
Well we actually don't know but -- to Nancy Pelosi is what we're gonna find -- no we like it.
A lot of taxes associated with obamacare.
He admits in the medical devices you.
Lot of these companies by the way these medical device companies laying off workers right now.
That that this -- by the way everyone.
Takes away from research and development which we'll take away from life saving innovation.
And it's just again to the very tip of the iceberg ultimately there's going to be a whole lot of taxes that that this opens the gate four but this is just the beginning.
And -- even if you look at the actions taken by these medical device -- there is already damage that's been done by these tax increases built into this health Caroline hasn't not.
Well they're damaged building and then on the other hand there's some good build into it to their people are very poor or not I would not -- idea to get health insurance.
Who will be able to get health insurance I mean not very Gorman between Medicaid and and middle class -- -- -- -- yet.
How the -- -- there's some good good overall obviously I don't like the bill item -- a sensible words have been like the obamacare bill.
But tax and these are going to be a fact of life that's our story was tax -- under Mr.
Good -- accident -- -- mr.
Obama surpluses as far as I can see under mr.
Tax in -- as far as I can see under mr.
The winning the spending cuts Sarah calm -- and never that very often happens you have the tax increases that kick -- you see it in this health care law.
And then the spending never gets cut I think we need to look at where -- spending goes and it goes to preventative care providing preventative care.
Are ready last year we sought 87 million people who were previously able to access preventative care.
Access -- -- that's -- net savings for the entirety of health care system which is passed on to all of us.
How does -- but having job cuts which -- -- seeing these medical device makers.
They sounded the horn about -- how does that help the broad economy now.
-- way you're seen as.
-- readjusting of the industry most of this tax money comes out of those making 250000.
88 increase on those individuals at the same time that we're fighting out here on Capitol Hill.
About an -- deep freeze on those making 250 -- lasso the majority of Americans.
When we have this increase on a very small portion.
We see that those folks are welcoming this increase a poll that was released the day before Christmas.
Flip through American Express and Harris and the harassing -- and saw that 67% of those making 1% or more.
Wanted to see this increase happened.
I -- -- let me handle an -- way I can tell you that there are a lot of tax increase is just in this health care law I didn't even mention some of them.
At the top of the show taught but I'm talking about additional payroll tax for -- -- people making more than 250000 -- the investment tax.
A cap on flexible spending.
You raising the limit of how much of health care expenses that you can write off every year people don't even know how much this will hurt them and hurt the broad economy.
That's right because they haven't seen it taken out of their paychecks yet look this is what Fox News viewers want to know what is going to impact them on day one.
And you're talking about all of this with -- with the hospital what they've with the medical the bill that we're talking about.
That's the real money it's going to be taken out of your paycheck -- net and that is going to be less and has nothing to do what's taken place with the fiscal -- negotiations it's -- set in loss that we all have to expect to have less money.
The start of the year.
Just this raises the issue that this it -- -- -- -- -- it just raises the issue of how much -- this country in this economy.
Bear because -- been said tax increases or that they are -- way of life for us and yet you see what's going on in Washington trying to avoid these automatic tax increases.
But these are tax increases that are built then that I don't believe that everybody understands what -- the overall impact or made.
Think everyone understands and -- -- is absolutely right with respect to the idea that right now that's a direction we're heading into.
No one's talking about spending cuts and almost talking about.
How do we you know -- truly bring down -- this sixteen trillion dollar deficit instead of -- slowing its -- towards when he plots.
Then there's so many other things that that ultimately going to be brought up up for play mortgage interest the -- is going to be up for play.
Your company -- health care and tax the health care that it provides fears that will be taxed at some point that at the very least it will be means tested at some people are gonna get a but ultimately.
This -- this government has a ferocious appetite.
We're spending in all these cuts that we're talking about even though they will hurt everyone they're just a drop in the bucket -- were going.
I know I just -- did I just laughed as men as energy is that mortgage interest deduction code warriors don't -- -- out of this -- Now that they could be a problem -- and how many did you say.
And I got down nine -- more and more than that path it's important Democrats I kinda I didn't.
The idea is clobbering the housing market does let's try to get out -- need after being on its back for four years of five year ride is just ridiculous that's crazy.
That that's craziness.
All right we got more on the housing market coming -- I know I don't want to stick to that but my book.
That would -- I I game we don't want then to -- in the middle of the -- it.
But there that it this just raises the issue of and it's something nice I said to -- There are so many tax increases built and that that people don't know about this coming year and there are more to com.
There -- only so much stand economy and that the job creators and I'm talking about wealthier Americans.
Can they -- and I do not believe for a minute that lawmakers fully understand what they have already done and what they will do.
Well I think.
We need -- also look at what -- what is it also in -- that affects the average viewer of this show.
We're getting -- of annual caps were getting -- of lifetime caps on insurance for making preventative cost.
At low cost -- free preventative health care that means for the average viewer out there you can catch something that could bankruptcy with you get really -- Earlier or now it won't bankrupt you because you and your insurance won't run out you won't be out of -- if if something really tragic happens in your life those are our three changes to the -- there are many many more others.
And I insuring those under twenty 126 other apparently -- shown overall that the issue is paying for all of it.
The issue -- way and that all other anti broadly and broadly speaking what will live due to -- the American economy Todd.
Right what -- -- you you mentioned about how American households will they be it would actually stomach yes.
Look you have right now Americans -- deleveraging since the recession started but now they're taking on more debt right now and why is that what you have food costs that are up 6% plus this year.
Energy costs gas prices have been dropping recently but they were high for most of the year so you have to go after you have to -- take on more debt and now he starts squeeze in that take home pay.
When you have less money that's there to pay the -- as you go into further debt so the ancillary they're more negatives than positives right now I get the preventive care issue.
But realistically go forward economically and it's tragic for the country.
By but by the way wrote real quick that I got to be honest with you has not been an obamacare that addresses preventative care back.
In some instances it might actually get people to go out there and indeed the more reckless thinking that hey it's -- health -- will provide for -- in -- You see the big groundswell welfare spend -- -- that spending.
Did a lot of people picking up -- that money -- -- buying totals of bringing the stuff with that there's absolutely nothing nine decades recipient of all the these programs.
Honest and ultimately off the taxpayer dime that -- -- medical senate candidate.
You -- that's going to be not all of your article that Sarah we've we've got to wrap this up but full disclosure I clearly and very angry about the excise tax.
Which isn't helped -- all.
I mean it's the kick in immediately again tax -- and then worry about everything else -- Okay you want -- that drives.
That's everybody in her business not -- pertaining parlors everywhere until it so the.