Woohoo!! I Must Be Rich!!

Sixteen days.

It only took President Obama 16 days to raise my taxes. Nice.

I suppose I should be happy. Having my Federal taxes raised means that I must be one of the “fortunate” people who doesn’t need tax relief. I mean, this socialist bastard advocate of “change” promised that the working people of America would see their taxes reduced. Ninety five percent of Americans would be cool, and only 5% would get screwed.

On Wednesday, the President signed the SCHIP bill in to law. Buried back on page 265 are the changes to the Internal Revenue Code, including the changes to Section 5701, which read up ‘til now thusly:

"(a) Cigars
On cigars, manufactured in or imported into the United States, there shall be imposed the following taxes:

(2) Large cigars
On cigars weighing more than 3 pounds per thousand, a tax equal to 20.719 percent (18.063 percent on cigars removed during 2000 or 2001) of the price for which sold but not more than $48.75 per thousand ($42.50 per thousand on cigars removed during 2000 or 2001)."

And the SCHIP bill modifies this as such…..

(2) by striking ‘‘20.719 percent (18.063 percent on cigars removed during 2000 or 2001)’’ in paragraph (2) and inserting ‘‘52.75 percent’’, and (3) by striking ‘‘$48.75 per thousand ($42.50 per thousand on cigars removed during 2000 or 2001)’’ in paragraph (2) and inserting ‘‘40.26 cents per cigar’’.

So let me see, hmmmmmmm….

The tax on cigars goes from 20.719% to 52.75%, with the cap on each cigar going from 4.875 cents per cigar to 40.26 cents per cigar.

I know a wee tad about tax increases, so this translates to a 726% (Seven HUNDRED twenty six percent) increase! In my case, this is an effective tax increase of between 3 and 4 hundred dollars a year.

I guess I’m happy to be rich.

Thanks asshole Mr. President.