Wednesday, January 16, 2013

Rich and Poor Hit by Hi Rates and Taxes!

While the most sweeping provisions of the health care overhaul have not yet gone into effect, plenty of Americans will still be paying higher insurance premiums this year -- as insurance companies try to preemptively cover the cost of a tax increase included in President Obama's Affordable Care Act.
That tax doesn't take effect until next year, when other major provisions like the so-called "individual mandate" and insurance subsidies also kick in. But that hasn't stopped insurance companies from charging higher premiums this year to cover the hike, as well as the cost of ObamaCare benefits such as free birth control and preventive care.
Premiums for individuals and small businesses are projected to increase due to the tax by roughly 2 percent this year and by as much as 3.7 percent in 2023, according to a widely cited analysis by the insurance industry.
Officials will argue about who is to blame for the hike -- insurance companies for sticking customers with the cost, or the government for imposing the industry tax hike in the first place. But the projected increases are the latest sign that Americans, in exchange for expanding and strengthening insurance coverage, will in many cases be paying more.
Already, a pair of taxes has hit higher-income households to cover the law. Those making more than $250,000 are seeing a .9 percentage point increase in their Medicare tax, and another 3.8 percentage point hike on investment income.
"The goal was to make health care more affordable, but adding a tax on health insurance does the opposite, increasing the cost for families and small businesses," Robert Zirkelbach, spokesman for the group America's Health Insurance Plans, said Tuesday.
Zirkelbach and others on the side of insurance companies say younger Americans will be among those facing the largest increases.
The looming tax on the insurance industry will cost health-insurance providers $8 billion in 2014, then $14.3 billion in 2018 and a total $100 billion over the next 10 years, according to the congressional Joint Committee on Taxation.
Insurance companies say they can start charging the higher premiums now because some polices bought in 2013 extend into 2014. State insurance commissioners say that practice is OK so long as the increases are pro-rated for next year. However, California Insurance Commissioner David Jones told Politico the company Anthem BlueCross is collecting money from customers that it "doesn't have to pay until 2014."
While the new law will provide insurance for millions more Americas -- and curtail the insured having to cover the medical bills of the uninsured -- insurance providers are questioning the fairness of the tax.
Further, they're raising concern that the individual requirement that people buy health insurance, set to take effect in 2014, doesn't have enough teeth to it. They argue younger Americans might be inclined to pay next year's $95 fine, and even $325 the following year, instead of more expensive insurance.
If fact, the Blue Cross and Blue Shield Association has purportedly appealed to the president to add or increase penalties, including a late-enrollment fee.


Read more: http://www.foxnews.com/politics/2013/01/16/premiums-set-to-rise-this-year-in-run-up-to-obamacare-tax-on-insurance-industry/#ixzz2IBYE6wVI

Friday, August 10, 2012

Obamacare simply stated....

Union Legislation

Why do Dems oppose...New Senate Republican legislation?

SEIU President Mary Kay Henry warns that allowing employers to pay their workers more is “a federal attack on your rights at work.” Repubican legislation would allow 7.6 million middle-income workers to make more money?

One-size-fits-all contracts mean that individual effort and performance go unrewarded; the worker who takes a dozen smoke breaks earns just as much as the toiling employee who works hard and plays by the rules.



Wednesday, July 4, 2012

Money Money Money

Stocks strong this morning with the bond and mortgage markets trading lower in price and higher in yield. French President Francois Hollande led a revolt against Germany’s austerity-first doctrine for combating the financial crisis, winning easier aid terms for Spain and Italy in an effort to reshape the balance of power in Europe. At the 19th European summit since the crisis broke out, Hollande pushed through the concessions by threatening to delay endorsement of a deficit-reduction treaty that German Chancellor Angela Merkel touted as one of her signature achievements. Euro leaders agreed to let the permanent bailout fund pour money into Spanish banks directly, instead of channeling it via the Spanish government. Direct recapitalizations will be possible once Europe sets up a single banking supervisor, possibly as early as 2013. Spanish and Italian bonds surged after euro-area leaders expanded steps to stem the debt crisis by easing repayment rules for emergency loans to Spain’s banks and relaxing conditions on potential help for Italy. Given past non-performances when EU summits were held, this one is being considered some kind of success.








Thursday, April 21, 2011

"Another Find Mess You've Gotten Us Into!


Trading this weeks has been low with Passover and Easter Week and many people away on Spring Break. The stock market has been down as our US debt has been downgraded to negative as the government has not solved the budget issues. These issues will cause the interest rates to rise in the future.

Conforming 30 Year Fixed (up to $417,000) are at 4.75% and High Balance ($417,000 to $729,750) are at 4.875% and Jumbo (over $729,750) are at 5.625%. FHA is at 4.5% up to $729,750.

Wednesday, February 23, 2011

Democrats Civility?


Democrat urges unions to 'get a little bloody when necessary'
By Michael O'Brien - 02/23/11 07:57 AM ET

Sometimes it's necessary to get out on the streets and "get a little bloody," a Massachusetts Democrat said Tuesday in reference to labor battles in Wisconsin.

Rep. Michael Capuano (D-Mass.) fired up a group of union members in Boston with a speech urging them to work down in the trenches to fend off limits to workers' rights like those proposed in Wisconsin.

"I’m proud to be here with people who understand that it’s more than just sending an email to get you going," Capuano said, according to the Dorchester Reporter. "Every once and awhile you need to get out on the streets and get a little bloody when necessary."

Political observers have been the lookout for potentially incendiary rhetoric in the wake of January's shooting in Tucson, Ariz., where Rep. Gabrielle Giffords (D) survived an assassination attempt, six were killed, and 13 others were injured.

Political rhetoric has become especially heated in Madison, Wis., where Republican Gov. Scott Walker has proposed major labor reforms that sparked more than a week's worth of rowdy protests at the state capitol.

"We take security seriously, whether it's for me, the lieutenant governor and all 132 members of the state legislature, Democrats or Republicans alike, because there's a lot of passion down here," Walker said Tuesday on MSNBC about his safety in Wisconsin. "And particularly when we see people coming in being bussed in from other states, that's what worries us."

Capuano made his remarks before a crowd of union members in Boston, along with other members of the state's congressional delegation. Massachusetts has an influential union population that could loom large over the 2012 Senate race. Capuano is considering getting in that race to challenge Sen. Scott Brown (R-Mass.) next fall.

“This is going to be a struggle at least for the next two years. Let’s be serious about this. They’re not going to back down and we’re not going to back down. This is a struggle for the hearts and minds of America,” Capuano told union members.