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GLENN: Can we stop the theme for a second before we get into the show I want to go over just a couple of, just a couple of the taxes that we found in the health bill. Now, we haven't found all of them and I’m sure there are more but there are a couple here I want to go over. The new Senate health bill is out and there is just a list here of a couple of the tax hikes, just a few that we have found and so let me just go and then we can start the show, okay? Let me go over the few we found. The individual mandate tax starting in 2014 anyone not buying qualifying health insurance, so the government approved health insurance, must pay an income surtax according to the following schedule. If you are single in 2014 you pay an extra $95, in 2015 you will pay an extra $350 and in 2015 an extra $750.
STU: That doesn't sound too bad.
GLENN: If you are single plus one, 2015 you pay $700, and 2016 you will pay $1500. In an additional health care surtax.
STU: That's significant but it is not as high.
GLENN: In 2014 you are going to pay $285, 2015 you will pay $1,050 and 2016 --.
STU: This is just the surcharge?
GLENN: If you decide not to buy qualifying in quotation marks in the bill, qualifying health insurance you will pay an extra $2,250. If you are a single person with two kids by 2016 you will only have to pay and here's the good news.
STU: But this is only the super, super rich?
GLENN: No, everybody but it is capped at 8 percent of your income. So it will only be an extra 8 percent income tax.
PAT: In addition to the other taxes?
GLENN: There are some exemptions if you have religious objections, if you are an undocumented immigrant, if you are a prison or if you earn less than the poverty line, if you are a member of the Indian tribes or if you have a hardship case as determined by HHS.
STU: Back up for a second. Religious objections?
GLENN: I have one.
STU: I have like 50 of them.
GLENN: Let's come back to your religious objection here. Let me just get through a couple of these.
STU: There is more than that?
GLENN: Yes, not very many. The employer mandate tax, this one is on page 348 and this is also like the other one awaiting the CPO score on this. If an employer does not offer health care coverage and at least one employee, at least one employee qualifies for a health tax credit the employer must pay an additional nondeductible tax of $750 for all full-time employees.
STU: So this is only for big businesses? With more than 50 employee?
GLENN: One has to qualify. If the employee requires a waiting period to enroll there is a $400 tax per employee, $600 if the period is 60 days.
PAT: But again this is for the Microsofts or Googles?
GLENN: No, this is for anybody.
STU: They have to have a qualifying area, too.
GLENN: No, everybody.
STU: There are going to be a couple of taxes that everybody is expected to have.
GLENN: The excise tax on comprehensive health insurance plans starting in 2013, a new 40 percent excise tax on Cadillac health insurance plans which if your health insurance plan is worth $8,500 a year as a single, or $2,3,000 as a family, -- $23,000 as a family, okay, then your company will get a 40 percent excise tax on that.
PAT: The good thing is that would never be passed on to the employee. Seriously, though.
GLENN: Retirees in high risk professions.
STU: Again yes you've got --.
PAT: Who has a $23,000 health care plan?
GLENN: You do. From 2013 to 2015, the 17 highest cost states are going to be at 120 percent of this level.
STU: 17 states over the level of the maximum?
STU: So the average person in 17 of our 50 states is going to be paying a penalty for our health insurance?
GLENN: No, just the employers. Then the employer reporting of insurance on W-2 tax in the preamble to taxing health benefits on individual tax returns there is more W-2 work that the employer has to do.
STU: Look. The bottom line is there's got to be a few things in there but you outlined them.
GLENN: On page 12,997, section 9003 there is the medicine cabinet tax. You are no longer allowed to use health savings accounts, you are no longer allowed to use flexible spending accounts or health reimbursement on pretax dollars to purchase nonprescription over-the-counter medicines except for insulin. So your savings account you don't -- it is not --
STU: So airline passengers may run afoul of airport regulations.
GLENN: Hold on. What is that?
STU: The next story.
GLENN: I've got a couple more taxes. Also in the Senate health care bill the HSA withdraw tax hike it increases additional taxes on nonmedical early withdrawals from a HSA from 10 to 20 percent. Disadvantaging them relative to the IRA's and other tax advantage accounts which will remain at 10 percent. Then the FSA cap imposes a cap on FSA's of $2,500. Now it is unlimited. Corporate 1099 miscellaneous information reporting this is going to require businesses to send a 1099 MISC information tax forms to corporations currently limited to individuals, a huge compliance burden for small employers. There is the excise tax on charitable hospitals.
PAT: Okay. Now that we got those out of the way.
GLENN: Excise tax on charitable hospitals, $50,000 per hospital if they fail to meet the new community health assessment needs, financial assistance and bill and collection rules then they are going to have to pay $50,000 so the children's hospitals, the charitable hospitals then there is the tax on innovator drug companies $2.3 billion annual tax on the industry imposed relative to the share of sales made that year then there is a tax on medical device manufacturing $2 billion annual tax on the industry imposed relative to shares of sales made that year. Exempts items retailing for less than $100. Then there is on the third page of just the quick summary there is the tax on health insurance, $6.7 billion annual tax on industry imposed relative to health insurance premiums collected that year and then they are going to eliminate the tax deduction for employer provided retirement prescription drug coverage in coordination with Medicare part D so the government will do that. Don't worry about that deduction for your employer if he wants to pay for it well then whatever. It is going to raise the haircut for medical itemized deductions from 7.5 percent to 10 percent of AGI. That's waived now for taxpayers who are 65 plus but that is only between the years of 2013 and 2016. And then $500,000 annual executive compensation limit for health insurance executives. There is the hike in Medicare payroll tax, current law changes are first current and new rate of the first 200,000 you currently on your wages your employee, your employer pays 1.45, the employee pays 1.5. The self-employment net income is 2.9 percent tax. Now, wait, wait, wait. Hold on just a second. The new rate is 1.45 percent for you. 1.95 for the employer and self employed. Don't worry about it. It is 3.4 percent. The .5 percent new rate addition is not deductible by the way for the self-employment so if you are self-employed you can't. Then there is the blue cross blue shield tax hike. Special tax deduction in current law for blue cross blue shield companies would only be allowed if 85 percent or more of premium revenues are sent on clinical services then there is the tax on cosmetic medical procedures, a new 5 percent excise tax on elective cosmetic surgery to be paid by the surgery payment. Now, those are just the ones that we found sense this bill was released in all of its 2000 pages last night but that's all we could find at this point. There is probably more to come. But that's it.
PAT: Are you done?
GLENN: I'm sorry to take the first 16 minutes of the show.
STU: These people you've got thousands of pages of bills and they are supposed to read all of them. You just read just the taxes we found in one night.
GLENN: No, no, I just read the bullet points.
STU: The bullet points of the taxes we found in one night and we've already blown an entire Monday a log.
PAT: There were words going through my head that there wasn't going to be any taxes on the middle class, that unless you are super rich.
GLENN: I've got news for you, I've got news for you, you are not -- you are not going to -- this is the end of our economy as we know it. Do you have the Andy stern stuff yet?
PAT: The new?
GLENN: Andy Stern, remember he is the chief. I want to talk to President Obama when want to talk about health care I talk to Andy stern. This is going to be the end of the economy as we know it. That is my statement. The end of the economy as we know it. Everything changes if this passes. In any form everything changes if this passes. You are on the road to Venezuela. You are on the road to Mexico if this passes. You think that's a little too tough? This on today's broadcast we will play audio. We're getting it from bright bar TV they just found this from Andy stern who says we are going to fundamentally change, never has this been done before in history where we will fundamentally transform and change the entire economy. Well, that's what they are doing. That's what they are doing. In his audio clip he talks about, you know, it has taken a thousand years to change this. It takes 300 years to change this. We are going to fundamentally transform everything. He also talks about the redistribution of wealth. Remember. He is a globalist. He is an internationalist. He doesn't -- he is not talking about taking it from the rich and giving it to the poor just in America. The poor in America are rich to the rest of the world. He is an internationalist. He is going to have to represent, we are just one little client for SCIU. They have countries and clients all over the world. The workers of the world unite. Well, you have a higher stand and of -- standard of living than Mexico and India. You have a higher standard of living than almost everybody on planet earth. You are about to give it all away to them. Once he convinces you to take from the rich here, you think he is over in India telling them that we are only going to take it from their rich? Workers of the world, they will equalize the entire planet. Now, let me ask you this. Do you think it is workers, do you think it is more likely that your wages will continue to go up and as they -- as they unite the entire world that they are going to bring people that are making 70 cents in Bangladesh up to your standard of living? Do you think people that are making cars, making -- doing your phone service in India, do you really think that it is more likely that we are going to bring the rest of the world to our union standards? Or are they going to tube this.com economy to where there is nothing left and that way the entire world will be equal and we will all struggle together. That's what they are doing. If you look at what the health care does. It is not bringing health care up for everybody. It is not taking the good health care that people have and trying to bring everybody up to that. It is destroying the good health care and having us all wall owe in misery. That is what they are going to do on the economy? That's what they are going to do on your jobs? That's what they are doing in every sector in every corner of this country. Your freedom is at steak. This is the moment. This is the bill. You must not allow this to pass. Now, what they are going to do and because even people like Joe Lieberman who I like Joe but these people in Washington don't understand who they are dealing with. I don't sit at the table with Amadenijad and make a treaty with him. Do you know why? The last time we tried that with a nut job it was Kim Jong Ill and what happened? They built it anyway. They don't care. There is not a bit of honor. They will do it as SAUL ALINSKI talked about' the means don't mean anything. It is only the ends that matter. So Joe Lieberman has said I'm not going to vote against this because I think we need to have a debate. I think it is wrong as well to stop debate. You've got to be able to debate things but not when you are sitting at a table with people that you cannot trust. You don't even talk to those people. Because what they will do is they are going to get past that 60 vote barrier and they will get there by people like Joe Lieberman. Who is a reasonable guy and has good intent. You will get past it by people like that who say, you know what, look, we've got to be reasonable. We have to have a debate and then Harry Reid will pass this thing and it will be a nail in the coffin of America and it could happen by Saturday. You must, must get on the phone in your districts. You must wake everybody up you know. This is the end of prosperity in America forever if this bill passes. This is the end of America as you know it if it passes. You must not allow this to pass. You must get on the phone with your Senator and your Congressman and tell them in no uncertain terms if you pass this, if you don't stop this dead in your tracks, dead in their tracks I have to tell you I will dedicate my life to making sure that you do not ever serve in office ever again. I don't care if you are up for it. I don't care if you are not up for reelection for 1400 years I will be standing at the Booth to vote against you and I will dedicate all of my resources, all of my time to defeat you. You stand with unions or you stand with the freedom of America, one of the two. There is no choice here. You stand with our Constitution or you stand dammed by your own actions with the unions and special interests and those who are intentionally tubing America. This is for all of the marbles. Anybody who knows, anyone who knows including the CVO, your chief accountant knows this is unsustainable and it will change us forever.