Congress Wants to Tax Your Pop
Congress thinks it is a good idea to tax your pop (or soda, soda pop, coke, depending on where you live). I’m from Ohio, so it is going to be pop for the rest of this article.
This is what the WSJ says about the pop tax:
Senate leaders are considering new federal taxes on soda and other sugary drinks to help pay for an overhaul of the nation’s health-care system.
The taxes would pay for only a fraction of the cost to expand health-insurance coverage to all Americans and would face strong opposition from the beverage industry. They also could spark a backlash from consumers who would have to pay several cents more for a soft drink.
On Tuesday, the Senate Finance Committee is set to hear proposals from about a dozen experts about how to pay for the comprehensive health-care overhaul that President Barack Obama wants to enact this year. Early estimates put the cost of the plan at around $1.2 trillion. The administration has so far only earmarked funds for about half of that amount.
Health advocates are floating other so-called sin tax proposals and food regulations as part of the government’s health-care overhaul. Mr. Jacobson also plans to propose Tuesday that the government sharply raise taxes on alcohol, move to largely eliminate artificial trans fat from food and move to reduce the sodium content in packaged and restaurant food.
The beverage tax is just one of hundreds of ideas that lawmakers are weighing to finance the health-care plans. They’re expected to narrow the list in coming weeks.
What happened to not raising taxes on the 95% of Americans that make less than 250k a year? Much like the cigarette tax hike, this is straight out of FDR’s playbook during his New Deal. Politically, he couldn’t get away with raising income taxes on the poor, but he had to raise taxes to pay for all the socialist policies he was putting in place. Any of this sound familiar?
Obama has lots of socialist policies that he wants to enact. He has to pay for them somehow. The estimates for his health care are 1.2 trillion. He put about 600 billion in the budget. The costs will almost certainly be higher than the estimates, based on the greedy nature of people getting things for free. Look at what is happening at emergency rooms around the country and with the children’s health insurance in Hawaii.
Since there is a hole of hundreds of billions of dollars, Obama is going to have to find a way to fill it. That is going to be higher taxes for everyone and bigger deficits for our children and grandchildren to be saddled with. Those are the only two solutions, and these programs are going to be something we have to live with for a long time. Look at the failure that is social security. It is a Ponzi scheme that is so much bigger than anything Madoff did.