Posted on 03/19/2010 9:42:11 AM PDT by SmartInsight
High-income families would be hit with a tax increase on wages and a new levy on investments under President Barack Obama's health care overhaul bill.
For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 3.8 percent tax would be imposed on interest, dividends, capital gains and other investment income for individuals making more than $200,000 a year and couples making more than $250,000.
The bill also would increase the Medicare payroll tax by 0.9 percentage point to 2.35 percent on wages above $200,000 for individuals and $250,000 for married couples filing jointly.
The new tax on investment income is higher than the 2.9 percent tax proposed by Obama. House Democratic leaders increased it so they could reduce the impact of a new tax on high-cost health insurance plans strongly opposed by labor unions.
(Excerpt) Read more at cnbc.com ...
Among other things this will kill the economy.
16,000 new IRS jack booted thug agents to ensure we ALL pay or go to jail!
Well all those college kids and professors cheering on Obama at his little victory lap want this thing. Of course they are going to super surprised when the feds have real time access to THEIR bank accounts. Whatever happened to PRIVACY that these kids treasure??? Wait till the revolt happens. They just think they are sticking it to the insurance companies!!! HAHAHA
Payroll taxes like Medicaid, SS, and Medicare have never been imposed on wage income before; people like Breck Edwards set up S-Corps to avoid these taxes. This makes them juick targets for socialists to fund their utopian dreams. This will break the dam and I expect eventually the FICA and other payroll taxes be applied to investment income.
CNBC also has a poll on their website:
“Do you support President Obama’s plan to overhaul American health care? “
Yes: 25%
No: 75%
13258 responses.
Is it just me, or is that a new marriage penalty tax?
Should read:Payroll taxes like Medicaid, SS, and Medicare have never been imposed on non-wage income before
Come November Obastard won't need VOTES to get crap passed he will deem things his way. Obastard needs to be IMPEACHED he mist become a HALF TERM PRESIDENT!
You mean investment income, right?
NYC and NY State will certainly reap disaster from taxes on investment.Wall St. funds 40-45% of NYC budget and even nanny for life Bloomberg has predicted disaster if such taxes are federally enacted.
Come November Obastard won't need VOTES to get crap passed he will deem things his way.
Obastard needs to be IMPEACHED!!!!!
He must become a HALF TERM PRESIDENT!
Yeap. I corrected it a few after my stupid error. Thanks. :)
I have been paying attention and even I can get snookered? What about the poor dolts who refuse to pay attention to what the DC creepos are doing?
Has anyone heard Republicans talking about this anywhere? Did it just come to light?
I’m losing my mind trying to keep up with all of this.
Thanks for changing that because I was just going to reply to that! Adding NON makes it correct.
I can’t believe it - every time I’m reading something on FR, Rush pipes in on the same subject. He’s reading a Kudlow article about it right now. This happens over and over. If we’re all on the same plain with Rush - we can’t be doing too bad!!!
I find it hard to believe that they will only tax higher paid workers. I think they will tax all of us.
It will first be on higher earners but as this monstrosity explodes in costs the tempatation is to lower the threshold until there is none.
That's how it will start.
I think they will tax all of us.
I don't think you will have to wait long.
Wisdom of the masses, hee hee. When you think about it there are thousands of Freepers with their own unique knowledge bases and experiences so it is no surprise you find the same exact or I would argue better analysis here than on Rush or other media outlets.
Kudlow & Cramer Reunion: Will Obama-Care Topple Stocks? (by Larry Kudlow)
http://www.cnbc.com/id/35948622
“My old pal Jim Cramer and I reunited last night to discuss the impact Obama-Care will have on the stock market and economy if it passes.
According to my former co-host: “First, it is the single biggest impediment to the stock market going higher. And a lot of this has to do with what’s not being talked about enough with how it’s going to be paid for and also about what it will do to small business formation. This bill is a disaster for both.”
I can’t say I disagree...”
“I find it hard to believe that they will only tax higher paid workers. I think they will tax all of us.”
Of course they will.
Don’t forget — the income tax was introduced to tax people with incomes higher than $1 Million, back when that was a lot of money and even then they only had to pay 1%. Look at us now...
Those who fail to learn from history are condemned to repeat it — or something like that.
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