Posted on 03/19/2010 8:52:43 PM PDT by GVnana
Health care bill extends wage tax to investments
WASHINGTON (AP) - 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 President Barack 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.
The 40 percent tax on health benefits would be delayed until 2018 and would apply only to premiums exceeding $10,200 a year for individuals and $27,500 for families.
The search for revenue to pay for health care has been made more difficult by Obama's campaign pledge not to raise taxes on the middle class. The result is a bill that would raise a total of $438 billion in new taxes over the next decade, mainly from high-income taxpayers and fees on the health care industry.
(Excerpt) Read more at breitbart.com ...
And you thought the Democrats really didn't want to beggar America?
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.
Another marriage penalty.
“And you thought the Democrats really didn’t want to beggar America?”
Did you mean beggar or bugger?
Obama - redistributing the wealth, punishing the achievers, killing incentive.
Liberals are anti-freedom leeches.
I can’t wait till February.
What great thinkers. Take from those that produce; give to those who don’t produce (wave to that guy begging at the corner, he’s about to win). The Hamster playing Robyn Hood, that is a girly Robin. DC is his Sherwood Forest. If it works for Europe (it doesn’t) it will work for the U.S. Now where will the leaders of the Free World travel to for best-in-class health care?
So does this mean when we have to buy a policy min $12,000.00 min and up 15K for family we are going to get
taxed 40% as well - since they are considering the 10K plicy a cadillac plan?
Honestly the guy in the corner is about to find about what people are like when they get done over and over by the Government.
Again this will hurt the rich but it will destroy what is left of America’s underclass;except those who can kiss the Dem’s ass.
You have no right to something better than mediocre. /sarcasm>
Of coarse as long as I have a loop hole being that I am a Politician and make these Laws that don't apply to me or other ??????elected?????? con artists OPPS I meant to say Representatives.
Why February? I can’t wait until November...;)
Lord God help me I despise these people. Yes, McDermott, we work for wages in the hope of something BETTER!
Yes. Unless you’re a union member. Then you get Cadillac care that is untouchable. If you’re non-union, you’re screwed.
§ 59b(C)(3) and TITLE 26 > Subtitle A > CHAPTER 1 > Subchapter N > PART III > Subpart B > § 911(d)).
US Foreign Nationals who reside outside the USA within the definitions constrained within § 911(d) are deemed covered and to not be liable to pay tax, penalty or health insurance if they reside and work outside the USA for 330+ days a year.
“Obama - redistributing the wealth, punishing the achievers, killing incentive.”
Agreed! Just don’t make “too much” money and you’ll be alright/s Atlas is not only going to shrug, he’s going to sit down, crack open a bottle of Scotch, and drink till he passes out on the couch/s
death of capitalism...RIP
That reminds me.....Need to buy more liquor!
Pelosi says that there WILL be a NEW tax on unearned income - dividends, gifts, annuities, etc. ... AND our all-time favorite ... INHERITANCE !!!
Pelosi says that there WILL be a NEW tax on unearned income - dividends, gifts, annuities, etc. ... AND our all-time favorite ... INHERITANCE !!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.