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Applies Medicare taxes to investment income received by these households, beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents and royalties. It wouldn’t apply to other income subject to income taxes, including interest from municipal bonds and retirement accounts such as 401(k) plans until funds are withdrawn.
allows the existing 15 percent tax rate on dividends and capital gains to rise to 20 percent in 2011 for the same high-earners. Layering a 3.8 percent Medicare tax on top of that would mean a new top rate on dividends and capital gains of 23.8 percent. The top tax rates on interest and rental income would rise to as high as about 44 percent, assuming other Obama tax increases on high-earners are enacted.
increases the individual’s share of Medicare tax currently imposed on salaries starting at $200,000 for individuals and $250,000 for couples to 2.35 percent, from 1.45 percent currently.
Out of Pocket Expenses
Starting in 2013, Americans under 65 won’t be able to deduct medical expenses until they exceed 10 percent of income, up from 7.5 percent now; retirees would keep the lower threshold.
Other
Under the reconciliation bill that is now before the Senate, individuals who don’t purchase insurance would be subject to a fine of $325 in 2015 and $695 in 2016. Individuals may be subject to a charge equal to as much as 2.5 percent of their income in 2016, if the total is greater than the flat payment.
Employers with 50 or more workers would pay $2,000 per worker if they don’t offer health insurance. The legislation offers a small business tax credit to help pay for employer- provided premiums.
0.9 is through a payroll tax
2.9 is through interest, dividends, annuities, royalties and rents, so-called passive income that we are told includes capital gains
These only apply to singles earning more than $200,000 and joint filers over $250,000
These tax increases will apply at the same time the Bush tax cuts will expire.
As a result capital gains taxes go from 15% - to 20% - to 22.9%. That a tax increase of 52%.
The 2.9% tax hike on rent will be passed down to low income renters.
This "wealth" tax will hinder job employment since people who have money to hire people will have less to invest in their business.
A $32 billion “Cadillac tax” on high‐cost plans, So‐called "Cadillac" plans costing more than $10,200 a year for individuals or $27,500 for family coverage (not counting dental and vision plans) will be subject to a 40% tax on the portion of the cost that exceeds the limit, beg. 2018. Though the tax would actually be paid by insurers, it's expected that it would be passed along to plan holders in the form of higher premiums.
So if anyone decides to get maximum coverage for themselves, family, or whatever the issue, the insurance company would get taxed at a 40% rate on that policy - and that would be passed down to the consumer.
So Obama doesn't directly break a tax promise - so he levies the taxes indirectly. And of course, this begins in 2018. And if that is not enough...
Starting in 2018, a single union worker in a multiemployer health plan would be completely exempt from the “Cadillac tax” (a 40% tax on high‐cost plans) unless the price of that plan exceeds $27,500. In contrast, a single, non‐union worker living right next door would start paying that Cadillac tax as soon as the value of her health plan exceeds $10,200.
An exemption for his union friends.
How does this tax that originates 8 years from now help anyone today get health care coverage?
Starting in 2013, Americans under 65 won’t be able to deduct medical expenses until they exceed 10 percent of income, up from 7.5 percent now; retirees would keep the lower threshold.
This, combined with lowering the ceiling on Health Care Savings accounts is not a tax increase how?
Starting in 2013, Americans under 65 won’t be able to deduct medical expenses until they exceed 10 percent of income, up from 7.5 percent now; retirees would keep the lower threshold.
This, combined with lowering the ceiling on Health Care Savings accounts is not a tax increase how?
No, no. You're wrong. Obama said he would not raise taxes on anyone making less than 250 grand a year.
This is not a tax. If you say it is then you just hate Obama because he's black.
And even if it is a tax it is only there because George Bush was at one time president. It's his fault. It's always his fault. He hates black people, ya know.
I wonder if the mentally defective liberals realize this is the stuff they say to justify Obama breaking his campaign promises.
No, no. You're wrong. Obama said he would not raise taxes on anyone making less than 250 grand a year.
This is not a tax. If you say it is then you just hate Obama because he's black.
And even if it is a tax it is only there because George Bush was at one time president. It's his fault. It's always his fault. He hates black people, ya know.
I wonder if the mentally defective liberals realize this is the stuff they say to justify Obama breaking his campaign promises.
Obama raised taxes on people earning less then 250k a mth into his term but so many wish to ignore that.
All the rest you said is 100% correct. I dont think its every going to be Obamas responsibility. Everything hes done is because of Bush
Starting in 2013, Americans under 65 won’t be able to deduct medical expenses until they exceed 10 percent of income, up from 7.5 percent now; retirees would keep the lower threshold.
This, combined with lowering the ceiling on Health Care Savings accounts is not a tax increase how?
We are talking about "out of pocket" expenses. This rule only relates to one's income and what percentage of the income can be deducted from annual taxes.
So if someone makes $50K - they are able to deduct medical expenses above $3,750 from their taxes. In 2013, the deductible amount would be raised to $5,000.
So that's another 2.5% in your income spent in medical expenses before this person reaches the deductible amount.
Again - technically, that not a tax increase - but it does affect the bottom line.
Current law provides important tax relief to Americans who suffer catastrophic out‐of‐pocket medical expenses, permitting a deduction for costs above 7.5% of income. The Democrats’ bill would raise that threshold to 10% of income in 2012 (2016 for seniors and the disabled). This is a particularly hard hit on those with the highest medical costs who can least afford to pay more taxes. And, according to the non‐partisan Joint Committee on Taxation, more than 95% of the revenue generated from this tax increase would come from taxpayers earning less than $200,000.
I agree that semantically, taking away tax deductions or tax credits is not a tax increase, but the end result is having to pay more in taxes.
Same thing when you're filling out your tax return.
I find it especiaally onorus to not be able to put aside money for out of pocket medical expenses...co-pays and deductibles....when the whole premise of this health care issue is to help people afford health care.
Sounds to me like just one example of hurting those that try to be responsible while helping those that may or may not even need it (the paying of premiums based only on income level....not actual need)
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