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Thursday, October 29, 2009
Cavuto: Washington's Learning the Hard Way
By Neil Cavuto, Managing Editor & Anchor
FOXBusiness
Missed Thursday's Cavuto? Catch "The Deal" right here on FOXBusiness.com
House health-care plan out.
Speed reader back.
Nancy Pelosi's got a thicker bill.
And the speed reader's got a bigger assignment.
Read it. All of it.
Then find out how the heck we're paying for it.
Every bit of it.
He did it.
And wait 'til you hear what he found out about it.
Here's the deal.
Forget about the speed reader... were the guys writing what he's reading on speed, period???
Because I don't need my oh-so-fast-reading buddy Howard Berg rifling through nearly 2,000 pages of footnotes and charts to seize on this one staggering statistic.
Close to a trillion bucks. The bill. The final tab.
Half a trillion will come from the government squeezing out healthcare waste, fraud, abuse...And saving that much.
And the other half trillion from the government squeezing rich folks out of their already increasingly taxed income...And getting that much.
Good luck getting either. But you'd have a better chance finding savings.
Here's why.
What makes you think you're going to be getting half a trillion bucks from folks who in a single year, will likely see their top rate soar from 35 percent to 45 percent, thanks to this additional five percent health-care surcharge.
And with many of their deductions limited the same year, more like 50 percent.
Then there's the issue of what states are doing to them.
Millionaire taxes for folks who aren't millionaires...Oftentimes, $150-grand will do.
Surtaxes on top of surtaxes.
Fees on top of fees.
The Tax Foundation says it's not a stretch to see that top tax rate stretching to 60 percent, even more.
Now generally when taxes go up...One of two things happen.
The folks paying it either bolt...Or put a bullet in their head.
Let's assume they're not masochists.
What if they simply quit, or retire? Just stop working because when the government's taking most of their money, there's no fun in working.
Then what, Nancy and Harry?
Then maybe you should talk to Dave.
New York Governor Dave Paterson.
Who raised top taxes in New York, only to see the folks he's taxing leaving New York...in droves.
And state tax revenues....now in freefall.
Moral of the story?
Taxes go up, revenues go down.
New York found out the hard way.
And I don't need a speed reader to tell me, Washington's about to as well.
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