The healthcare expansion legislation unveiled yesterday would place additional taxes on households with more than $350,000 a year in income and calls for further increases if the measure doesn’t hit a target for cost savings. When the income tax was initially passed it was 1% of earnings and profits. It was supposed to be temporary.

           Henry Waxman wants the tax to apply to apply to capital gains and dividends which are currently at 15% but will go up to 40% in 2010 when the Bush tax cuts expire.

          For you small businessmen, Waxman has devised a mandate that will penalize employers who do not provide medical coverage to their employees. And if you don’t have healthcare you’re going to be penalized as much as 2.5 percent of your income, and employers will have to pay a penalty of 8% of their payroll for not buying government healthcare.

          The Obama administration and Henry Waxman will be supplying socialized medicate at the expense of small businessmen. If you’re wondering how much in taxes the government will have to extract from small businesses, the estimate is that the plan would run to more than $1 trillion over 10 years.

           If you are employed by a small business, you may be looking for a new job.