Posted on 02/28/2010 5:29:31 AM PST by Brugmansian
President Barack Obama's health plan proposal would extend Medicare taxes to the investment income of higher-earning households.
The health care proposal that the White House released last Monday would extend the existing 2.9% Medicare tax to unearned income — including interest, dividends, annuities, royalties and rent — for taxpayers with income exceeding $200,000 for singles and $250,000 for couples.
Currently, the Medicare tax is assessed only on wages or earned income.
The president also wants to hit these higher earners with an additional 0.9% Medicare tax on their earned income. The additional Medicare taxes are similar to those proposed in the Senate's health care bill.
The new taxes wouldn't affect income from active participation in S corporations, according to the administration.
Not surprisingly, the life insurance industry opposes the proposed changes
(Excerpt) Read more at investmentnews.com ...
Pay when you file your income tax return.
Oh, stop it!
If you were "paying for Medicare", you would have been paying upwards of $10,000/year!
You never did that, right?
What you did pay for wouldn't last you two days in a hospital, never mind two months in an ICU.
Abolish Medicare, or pay for it (really pay for it, I mean).
Those are the choices. The GOP policy - keep it, expand it to include drugs, incorporate all advances, and give it away for a premium of a tiny fraction of what it costs - is corrupt.
Your entire life has already been messed up by giving out public benefits grossly in excess of revenue for the last forty years, and now, there's nothing you can do about it.
Suck it up.
How queer!!!
BTW, read my comment. I didn't say medicare shouldn't be shut down.
My comment is directed at the fact that medicare is just another way to add to the general fund and dump the liability and expense on future generations.
That's said, I would still like my money back...with interest!
Hold on there, Jimbo. The typical worker pays Medicare taxes for about 50 years, then is eligible for Medicare coverage for maybe 10 or 15 years after retirement. If the amount paid in over that 50 years (and matched by employers) had been set aside and invested it would buy an awful lot of health care.
So yes, we have been “paying for Medicare”. And as a small business owner with eight employees, I’ve been paying for a whole lot of Medicare!
The dollar amount would be too big for the government to rely on having the taxpayer realize how much it is. It would need to be collected in an incremental, withholding basis, just like the federal income tax and the current FICA / Medicare payroll taxes.
When milli0ns of Americans start seeing their 1040 refund be reduced by an additional Medicare tax, they may wake up and start asking questions. The elitss can't have that kind of thing.
The List, ping
The FEDS have access to your savings F D I C...............
As I understand it (may be incorrect) you can protect yourself from this tax by merely making sure that your unearned income (combined with any earned income) stays below the magic rich-folk level of $250,000. Now, learn to be a good little commie and keep your income low, where it should be, you naughty little comrade.
Exactly. I’m a very good little commie too! Income bad.
I have my entire life built around the current tax system.
I have subcontractors do the jobs I need so I don't have to have a payroll, withholding, or workers comp. I am setup as individual proprietorship so that I can report my income on my regular tax form. I have no withholding for social security and medicare since I am self employed, and I have no sales taxes that I have to collect, or report because my income is derived from “real property” in the form of rents, on which there is no sales tax.
ect,ect,ect...
Thanks for the explanation. We have somewhat the same philosophy, except part of my income is from military retirement, and part from self employed subcontractor. There are occasions where I wish I could afford workmans comp and payroll taxes.
I just don’t generate enough income to even come close to being able to justify either, and another person on payroll wouldn’t generate income, but suck it up.Occasionally I may sell something to someone, but I have to file state tax returns anyway so adding sales isn’t a big issue.
With all that said, consider any business that has a stabilized accounting system and can plot their future out ten years or so, and one can easily see, what the business/job climate is and will be for the foreseeable future with the anti business president now in the white House.
OBAMANOMICS—TRICKLE DOWN DESTRUCTION of the economy
SET THEIR LOCAL AND DC LINES ON FIRE!
Bambi doesn’t keep his promises...so buyer beware!
Sen Scott Brown’s number is 202-224-4543
Capitol Hill switchboard is 202-224-3121
Lots of local demwit phone numbers on this thread
http://www.freerepublic.com/focus/news/2408217/posts
Rename, repackage, rewrite it a tad smaller, and sell another pig in a poke. NO COLAs for granny, retired Military or retired fed employees. BIG NEW fees for Tricare for Life retired over 65 Military’s secondary health ins.
(DOD bill already passed, delayed but goes into effect 2011 NEEDS TO BE REPEALED!
OBAMA’s WAR ON SENIORS http://www.freerepublic.com/focus/f-news/2433867/posts/
New Dem mantra: Woof, woof eat dog food granny....ala let them eat cake. http://www.lifenews.com/bio3058.html
Friday, February 19, 2010
Obama says slight fix will extend Social Security
http://townhall.com/news/us/2010/02/19/obama_says_slight_fix_will_extend_social_security
Health Care Rationing for Seniors Another Problem in New Obama Plan http://www.lifenews.com/bio3058.html
SOCIALIZED MED THREAD http://www.freerepublic.com/focus/f-news/2460358/posts
TRI CARE FOR LIFE This from a google search:
http://economicspolitics.blogspot.com/2009/05/tricare-for-life-is-obama-trying-to.html
This option would help reduce the costs of TFL, as well as costs for Medicare, by introducing minimum out-of pocket requirements for beneficiaries. Under this option, TFL would not cover any of the first $525 of an enrollee’s cost-sharing liabilities for calendar year 2011 and would limit coverage to 50 percent of the next $4,725 in Medicare cost sharing that the beneficiary incurred. (Because all further cost sharing would be covered by TFL, enrollees could not pay more than $2,888 in cost sharing in that year.) http://www.cbo.gov/ftpdocs/99xx/doc9925/12-18-HealthOptions.pdf
http://www.vawatchdog.org/09/hcva09/hcva110609-1.htm
Bill Would Restrict Veterans’ Health Care Options 11/06/09
Buyer and McKeon Offer Amendments to Protect Veterans and TRICARE Beneficiaries
Congress plans to block Tricare fee increases
http://www.armytimes.com/news/2009/10/military_tricarefees_blocked_100709w
http://www.navytimes.com/news/2009/10/military_tricarefees_blocked_100709w/
By Rick Maze - Staff writer, Oct 7, 2009
Tricare fee increases imposed last week by the Defense Department will be repealed by a provision of the compromise 2010 defense authorization bill unveiled Wednesday by House and Senate negotiators.
Snip The fee increases were announced on Sept. 30 and took effect on Oct. 1, but the defense bill, HR 2647, includes a provision barring any fee increases until the start of fiscal 2011.
Snip
Retired Army Maj. Gen. Bill Matz, president of the National Association for Uniformed Services, said the announcement of fee increases was shocking considering that the Obama administration promised earlier this year to hold off on any new fee Tricare fee increases until fiscal 2011.
“President Obama and DoD assured NAUS and the entire military family earlier this year that there would rightly be no increases in any Tricare fees” in fiscal 2010, Matz said. “We took them at their word, and I can’t believe that a co-pay increase like this was allowed to go forward,” he added.
And the lives of millions of others as well, considering its negative effect on the entire economy.
That's because they are economic illiterates. They are only interest in growing government, and to hell with the private sector (whatever remains of it). Plus, they don't appreciate that if you tax an activity more, there will be less of it and that the economy is dynamic, not static.
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