**Posted by Phineas
People are going to hate this, but, hey, it’s what they voted for:
It took the Internal Revenue Service (IRS) 159 pages to explain one new Obamacare tax on investments that will be used to pay for Obamacare.
Only individuals and families making more than $200,000 and $250,000, respectively, will be impacted by the tax, which “applies to a broad range of investment securities ranging from stocks and bonds to commodity securities and specialized derivatives.”
One new tax = 159 pages of rules, sections and subsections. You can bet your accountant is going to have to raise his rates.
But, don’t worry, these new rules and Byzantine regs only apply to those evil “rich” (1) who make more than a couple of hundred grand in combined salary and investments. That is, it will until the government admits what they knew all along, that it won’t raise enough money, that it never would raise enough money, and that they’ll –regrettably, of course, and in the name of fairness– have to include more of the well-off. Let’s say, those who make more than $150k. Then $100K. Then…?
Former New York City Mayor Ed Koch once famously said, “The people have spoken, and they must be punished.”
Well, bend over, Obama voters, because here it comes. Shame of it is, we all have to suffer with you idiots.
More in the “Elections Have Consequences” department:
And you can bet there’s more on the way.
(1) You know. Those nasty, awful, EVIL people who run small businesses and create jobs.
(Crossposted at Public Secrets)