Jim Cramer of CNBC’s Mad Money, co-founder of TheStreet.com (provider of financial commentary, analysis and news) and the “Bottom Line” columnist for New York magazine made a prediction on MSNBC’s Morning Joe recently: steep tax increases because ObamaCare will “break the budget”. Not only will income taxes as much as double, capital gains tax will sky rocket from 5-15% currently to 50-60%.
Remember capital gains is not just a tax on the rich but anyone with an investment account such as Baby Boomers scrambling to save for retirement or little old ladies living off their invested life savings.
He goes on to mention that since he pays state income tax as well, that ObamaCare will mean he get to live off of 35% of what he makes and the government will get 65%. That’s fair – right?
Cramer also recently had a nice segment on how the spirit and the tax code has always historically supported Tax Avoidance (recently called unpatriotic) it is Tax Evasion that is both illegal and possibly immoral. An important difference apparently lost on some simple minded elected officials.