For those interested, Bloomberg.com provides a nice summary of the new Obama Health Care Program.
Of interest to investors: a new 3.8% tax on investment income.
"No one who makes less than $250,000 will see their taxes increase." -- President Obama
Does the 3.8% applies to all of us or just to those who make more than $250,000? My hunch is that one has to parse the phrasing very, very carefully. The quote says: "makes more." "Makes" means "earns" as in wages or salaries. Obviously, investment income does not fall in that category.
The new 3.8% tax on investment income most likely applies to everyone.
Happy Tuesday to everyone.
Update: September 2, 2010 -- I have to chuckle. When I first posted this, I honestly did not know that the 3.8% was going to apply to oil royalties, and thus, I honestly thought this didn't have much to do with the Bakken, except indirectly, as a tax on all income. However, since this was posted, there have been postings all over the worldwide web about the 3.8% tax on oil royalties. Funny how things work out.
