NEW Trading Tax to Pay for Universal Healthcare

Last week, I wrote about the proposed tax on all securities transactions, but it turns that's not the only stock and bond tax being proposed by this Congress.

Look deep into H.R. 676 and you find another proposal for a securities transaction tax. If you don't feel like clicking this link, here's the text:

(1) IN GENERAL- There are appropriated to the USNHC Trust Fund amounts sufficient to carry out this Act from the following sources:

(A) Existing sources of Federal Government revenues for health care.

(B) Increasing personal income taxes on the top 5 percent income earners.

(C) Instituting a modest and progressive excise tax on payroll and self-employment income.

(D) Instituting a small tax on stock and bond transactions.

And what, exactly, is the USNHC Trust Fund outlined in H.R. 676, you might ask? Universal healthcare. Yup... you read that right. What in Sam Hill that has to do with stocks and bonds, I don't know--except the reality that they'll never be able to afford it without taxing everything that moves.

In his "honest budget," the phrase Democrats are already sing-songing in unison about Obama's latest pork-fest, he claims the $600+ billion he's carving out for universal healthcare is merely a down payment on future coverage. He claims to have no concrete plans as of yet, he's just taking the "responsible" step of building the war chest for universal healthcare now.

That is a lie. Sorry, but there's no other way to say it. This bill is proof: his cohorts are already moving this legislation-- NOW. You think the President is somehow unaware of that fact? Honest budget, my eye.

Back to the trading tax: while the President tries to honestly pull the wool over our eyes, our fearless leaders are so upset at Wall Street due to its role in the housing debacle (they conveniently ignore their own part in it) that they continue to focus on punishing these villanous money men first. I disagree with this focus and wish the administration would fix now (suspend mark-to-market, for starters) and punish later, but so be it.

Problem is, the dumbbells in this Congress can't tell the difference between Wall Street executives and individual investors. Hence, YOU will be the biggest victim of their "solutions." You will pay these new trading taxes, not Wall Street firms nor their executives.

Still confused about why markets have been tanking since the day Obama was elected? Investors are not fooled.

George W. Bush was a fiscal nightmare. Amazingly, however, the new guy's worse, thanks in large part to the fact he has Nancy Pelosi and Harry Reid to work with. If Senate Republicans don't get some courage and shut that place down with the fillibuster, my past prediction of death by a thousand cuts will prove to be a gross understatement. 

Scary stuff... keep your eyes open, folks.