The Tax Foundation has studied the new Obama health care tax and released it's study.Remember,this is being advertised as health care reform which in theory will save money.
The new top tax rate in Michigan is 51.59%.This combines the average local income tax rate of .44%,state income tax rate of 4.35%,federal income tax rate of 39.6%,medicare tax rate of 2.9% and the new health care surtax of 5.4%.They are already discussing raising it in 2013.
This new health care surtax would kick in at $800,000 for singles and $1,000,000 for couples.There are 2 lower tiers as well starting at $280,000.
These are targeted squarely at our small business owners.Those earning less than $280,000 are not significant employers even though they qualify as small business owners.
Add on the carbon emissions tax and the only people who can pull Michigan out of the economic depression get a double hit.Let's not forget the VAT tax that hasn't been imposed yet.Tack on the tightened credit lending practices and the stage is set for a very prolonged depression here.More to come...