The Treasury Department said on Wednesday it would give $3.8 billion more to GMAC Financial Services and become the majority owner of the auto lender. This is the third round of government bailouts for GMAC bringing the total amount of taxpayer money given to GMAC to $16.3 billion.

This is happening while other lenders rescued by the Treasury have begun to repay their taxpayer bailouts. GMAC appointed Michael A. Carpenter as chief executive just over a month ago. Carpenter is a former Citigroup executive and current director. Good to know that he has experience running failed companies.

MCV-PAC wonders why the government feels the need to attempt to take over failed businesses with taxpayer money instead of allowing taxpayers to keep their money and letting failed businesses fail.

Until last year GMAC was an auto and home lender, last year it was converted to a bank holding company in order to qualify for bailout financing. GMAC is the only bank of the 19 that were subjected to stress tests that were unable to raise sufficient capital from private investors.

MCV-PAC sees this as yet another example of the Obama administration picking the winners and losers instead of giving everyone equal opportunity and letting the market decide who wins and loses.

Barack Obama needs to realize that he is not a hedge fund manager, his job is not to try and find which companies to use taxpayers money to take over, instead he should be working to protect taxpayers money.

Below is a list of the tax increases Congress and the Administration have proposed to finance health care reform. This list includes taxes in the bill passed by the House of Representatives, the bill the Senate is currently debating, and other taxes mentioned as a possible way to pay for health care reform. Both house and senate taxes are listed since all are fair game in the final consolidated bill.

1. An income surtax on taxpayers earning more than $500,000 a year,
2. An excise tax on high-cost “Cadillac” health insurance plans that cost more than $8,500 a year for individuals or $21,000 for families,
3. An excise tax on medical devices such as wheelchairs, breast pumps, and syringes used by diabetics for insulin injections,
4. A cap on the exclusion of employer-provided health insurance without offsetting tax cuts,
5. A limit on itemized deductions for taxpayers with a top income tax rate greater than 28 percent,
6. A windfall profits tax on health insurance companies,
7. A value-added tax, which would tax the value added to a product at each stage of production,
8. An increase in the Medicare portion of the payroll tax to 3.4 percent for incomes great than $200,000 a year ($250,000 for married filers),
9. An excise tax on sugar-sweetened beverages including non-diet soda and sports drinks,
10. Higher taxes on alcoholic beverages including beer, wine, and spirits,
11. A tax on individuals without acceptable health care coverage of up to 2.5 percent of their adjusted gross income,
12. A limit on contributions to health savings accounts,
13. An 8 percent tax on all wages paid by employers that do not provide their employees health insurance that satisfies the requirements defined by the Secretary of Health and Human Services,
14. A limit on contributions to flexible spending arrangements,
15. Elimination of the deduction for expenses associated with Medicare Part D subsidies,
16. An increase in taxes on international businesses,
17. Elimination of the tax credits paper companies take for biofuels they create in their production process–the so-called “Black Liquor credit,”
18. Fees on insured and self-insured health plans,
19. A limit or repeal of the itemized deduction for medical expenses,
20. A limit on the Qualified Medical Expense definition,
21. An increase in the payroll taxes on students,
22. An extension of the Medicare payroll tax to all state and local government employees,
23. An increase in taxes on hospitals,
24. An increase in the estate tax,
25. Increased efforts to close the mythical “tax gap,”
26. A 5 percent tax on cosmetic surgery and similar procedures such as Botox treatments, tummy tucks, and face lifts,
27. A tax on drug companies,
28. An increase in the corporate tax on providers of health insurance, and
29. A $500,000 deduction limitation for the compensation paid by health insurance companies to their officers, employees, and directors.

MCV PAC believes that instead of rushing through a badly conceived health care bill and raising taxes to pay for it, Congress should focus first on economic recovery by dropping all talk of tax increases and extending permanently the 2001 and 2003 tax cuts. That is the only way to increase the incentives to work, save, invest, and take on new economic risk that will pull the economy out of the “Great Recession” and get unemployed Americans back to work.

Threatening the companies and high income earners that create jobs and employ so many of us is not going to instill confidence in our economy, our freedom to work, our investments, or the future of our country.