Obamacare Tax Hikes

House Health Care Bill Includes 3.8% Medicare Tax on Investment Income:

The House Health Care bill unveiled today includes a 3.8% Medicare tax on investment income (interest, dividends, capital gains, annuities, rents) earned by those with incomes in excess of $200,000 (single) and $250,000 (joint).

March 18, 2010

WSJ: Obama’s ‘Sneaky’ New Tax on Investments:

Wall Street Journal editorial, Obama’s New Investment Tax: A Sneaky Medicare Levy on Dividends and Capital Gains:

The White House’s new health-care proposal promises the “largest middle class tax cut for health care in history,” which is a creative way of describing a vast taxpayer-subsidized insurance entitlement. Naturally, the fine print goes on to describe one of the largest tax increases for health care in history, too.

This new ObamaCare bargain would for the first time apply the 2.9% Medicare payroll tax to “interest, dividends, annuities, royalties and rents,” so-called passive income that we are told includes capital gains, though the latter wasn’t explicitly mentioned in the proposal. This antigrowth investment tax would apply to singles earning more than $200,000 and joint filers over $250,000 and comes on top of the Senate’s 0.9-percentage-point increase in the payroll tax, which would bring the combined employee-employer share to 3.8%.

The rate hike on investment income would presumably take effect at the same time the 2001 and 2003 Bush tax cuts are due to expire next year, bringing the top rate to 22.9% as the current top capital gains rate would also rise to 20% from 15%. That’s a 52% jump, and the last time investors were slammed with anything comparable was 1986 when the capital gains rate bounced to 28% from 20%—or a 40% increase—as part of the Reagan tax reform that reduced income tax rates. …

If Americans need another reason to oppose ObamaCare, or more evidence of its destructiveness, here it is.

February 24, 2010

President Obama’s Health Care Tax Increases:

The tax centerpiece of President Obama’s $950 billion health care plan are (1) increasing the Medicare tax by 0.9% for those with incomes over $200,000 (single) and $250,000 (joint), and (2) extending the 2.9% Medicare tax on wages to investment income (interest, dividends, capital gains, etc.) on those “wealthy” taxpayers:

More on Obamacare:

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Barack Obama’s Health Care Lies And Reversals

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Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas

Obamacare: Big payoffs to senators on health bill stoke public anger

Obamacare: Change Nobody Believes In:

A bill so reckless that it has to be rammed through on a partisan vote on Christmas eve.

Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama:

“Change you can believe in?

More like bullshit you can take a bath in, if you ask me.”

Senate Health Care Bill: 17 Tax Increases = $370.2 Billion

Obama Lied About Health Care: ‘Nobody considers that a tax increase’ – Ask The Justice Dept. And Joint Commitee on Taxation!

Health Care Statements In Congress Were Ghostwritten By Lobbyists Working For Genentech

Health Care Treason: Tell The Senate No, We Will Sue

White House Pharma Deal to Net Industry $137 Billion

President Obama: Penalties have to be high enough to force people to buy health insurance

Pelosi Healthcare Bill: Buy Insurance or Go To Jail

Rep. Dennis Kucinich: Health reform legislation ‘a bailout for insurance companies’

President Obama Lobbies Senate, Favors Insurance Industry Version of Health Care Reform

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