ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households

[Penelope]

ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households

Each Would Get Average Tax Cut of About $7 Million a Year

First, it would eliminate two Medicare taxes — the additional Hospital Insurance tax and the Medicare tax on unearned income — that both fall only on high-income filers, thereby cutting taxes substantially for those at the top.

· The top 400 highest-income taxpayers — whose annual incomes average more than $300 million apiece — each would receive an average annual tax cut of about $7 million, we estimate from Internal Revenue Service (IRS) data.

· This group’s tax cut would total about $2.8 billion a year.

· The roughly 160 million households with incomes below $200,000 would get nothing from the repeal of these two taxes

· The ACA’s Medicare taxes fall only on individuals with incomes above $200,000 and couples with incomes above $250,000.

· These individuals and couples pay an additional 0.9 percent Hospital Insurance tax on earnings above those amounts, raising the employee share of their Medicare tax rate on earnings to 2.35 percent, from 1.45. They also pay a 3.8 percent Medicare tax on unearned income above those thresholds that’s derived from wealth, such as capital gains, dividends, taxable interest, and royalties.

· Before health reform, Medicare taxes applied only to wage and salary and self-employment income, not to unearned income from wealth. For low- and moderate-income working families, which have little unearned income, this meant that Medicare taxes applied to virtually all of their income. In contrast, the wealthiest taxpayers owed no Medicare taxes on their unearned income, which represents a significant share of their income.

· ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households | Center on Budget and Policy Priorities

Why the wealthy and the republicans hate the ACA. Not only is it about money, but about the immorality of the wealthy.

 

[Pete7469]

So all the billionaires and filthy rich Hollyturd "actors" that supported your meat puppet faggot secretly hated obozocare?

You weren't just dropped on your head as a baby. Someone spiked your dumbass like a football in the end zone.

 

[Penelope]

So all the billionaires and filthy rich Hollyturd "actors" that supported your meat puppet faggot secretly hated obozocare?

You weren't just dropped on your head as a baby. Someone spiked your dumbass like a football in the end zone.

I doubt the charge for the wealthy will affect you at all. your on ignore , you never have an intelligent post, just insults

 

[Moonglow]

So all the billionaires and filthy rich Hollyturd "actors" that supported your meat puppet faggot secretly hated obozocare?

You weren't just dropped on your head as a baby. Someone spiked your dumbass like a football in the end zone.

I doubt the charge for the wealthy will affect you at all. you on ignore , you never have an intelligent post, just insults

And it is always the same redundant bucket of crap..Nothing better than a on e trick pony...I doubt they drop the tax section of the ACA..

 

[usmbguest5318]

ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households

Each Would Get Average Tax Cut of About $7 Million a Year

First, it would eliminate two Medicare taxes — the additional Hospital Insurance tax and the Medicare tax on unearned income — that both fall only on high-income filers, thereby cutting taxes substantially for those at the top.

· The top 400 highest-income taxpayers — whose annual incomes average more than $300 million apiece — each would receive an average annual tax cut of about $7 million, we estimate from Internal Revenue Service (IRS) data.

· This group’s tax cut would total about $2.8 billion a year.

· The roughly 160 million households with incomes below $200,000 would get nothing from the repeal of these two taxes

· The ACA’s Medicare taxes fall only on individuals with incomes above $200,000 and couples with incomes above $250,000.

· These individuals and couples pay an additional 0.9 percent Hospital Insurance tax on earnings above those amounts, raising the employee share of their Medicare tax rate on earnings to 2.35 percent, from 1.45. They also pay a 3.8 percent Medicare tax on unearned income above those thresholds that’s derived from wealth, such as capital gains, dividends, taxable interest, and royalties.

· Before health reform, Medicare taxes applied only to wage and salary and self-employment income, not to unearned income from wealth. For low- and moderate-income working families, which have little unearned income, this meant that Medicare taxes applied to virtually all of their income. In contrast, the wealthiest taxpayers owed no Medicare taxes on their unearned income, which represents a significant share of their income.

· ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households | Center on Budget and Policy Priorities

Why the wealthy and the republicans hate the ACA. Not only is it about money, but about the immorality of the wealthy.

Medicare has morphed from its original design. The program was created to enable people over 65 to have health insurance insofar as private insurers were reluctant to cover people at or after that age.

To the extent the issue is very wealthy people who have only unearned income no longer having to pay a share of their income for Medicare, I don't have a problem with it so long as by their non-participation, they also are not eligible to receive Medicare coverage. Many wealthy people over their lives also have/had earned income, so they likely will be eligible provided they meet the ten year earned income (work) and age requirements. That's probably as it should be for they paid into the program in accordance with its guidelines.

I don't know what it is with people these days....There seems to be some sort of national revulsion toward people who've been financially successful. That's just wrong.

I doubt they drop the tax section of the ACA..

If they repeal the ACA, that provision will too be repealed. If they cherry pick provisions to repeal, which is what they did in the bill that Obama vetoed, they won't really be repealing the ACA.

I find it derisory that after all the years of complaining about the ACA that now that they have control of Congress and the White House, they are timid about simply repealing the whole of the ACA and restoring things to the way they were prior to the ACA's enactment.

 

[Moonglow]

ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households

Each Would Get Average Tax Cut of About $7 Million a Year

First, it would eliminate two Medicare taxes — the additional Hospital Insurance tax and the Medicare tax on unearned income — that both fall only on high-income filers, thereby cutting taxes substantially for those at the top.

· The top 400 highest-income taxpayers — whose annual incomes average more than $300 million apiece — each would receive an average annual tax cut of about $7 million, we estimate from Internal Revenue Service (IRS) data.

· This group’s tax cut would total about $2.8 billion a year.

· The roughly 160 million households with incomes below $200,000 would get nothing from the repeal of these two taxes

· The ACA’s Medicare taxes fall only on individuals with incomes above $200,000 and couples with incomes above $250,000.

· These individuals and couples pay an additional 0.9 percent Hospital Insurance tax on earnings above those amounts, raising the employee share of their Medicare tax rate on earnings to 2.35 percent, from 1.45. They also pay a 3.8 percent Medicare tax on unearned income above those thresholds that’s derived from wealth, such as capital gains, dividends, taxable interest, and royalties.

· Before health reform, Medicare taxes applied only to wage and salary and self-employment income, not to unearned income from wealth. For low- and moderate-income working families, which have little unearned income, this meant that Medicare taxes applied to virtually all of their income. In contrast, the wealthiest taxpayers owed no Medicare taxes on their unearned income, which represents a significant share of their income.

· ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households | Center on Budget and Policy Priorities

Why the wealthy and the republicans hate the ACA. Not only is it about money, but about the immorality of the wealthy.

Medicare has morphed from its original design. The program was created to enable people over 65 to have health insurance insofar as private insurers were reluctant to cover people at or after that age.

To the extent the issue is very wealthy people who have only unearned income no longer having to pay a share of their income for Medicare, I don't have a problem with it so long as by their non-participation, they also are not eligible to receive Medicare coverage. Many wealthy people over their lives also have/had earned income, so they likely will be eligible provided they meet the ten year earned income (work) and age requirements. That's probably as it should be for they paid into the program in accordance with its guidelines.

I don't know what it is with people these days....There seems to be some sort of national revulsion toward people who've been financially successful. That's just wrong.

I doubt they drop the tax section of the ACA..

If they repeal the ACA, that provision will too be repealed. If they cherry pick provisions to repeal, which is what they did in the bill that Obama vetoed, they won't really be repealing the ACA.

I find it derisory that after all the years of complaining about the ACA that now that they have control of Congress and the White House, they are timid about simply repealing the whole of the ACA and restoring things to the way they were prior to the ACA's enactment.

The GOP found that re-election concerns override political philosophy...

 

[usmbguest5318]

ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households

Each Would Get Average Tax Cut of About $7 Million a Year

First, it would eliminate two Medicare taxes — the additional Hospital Insurance tax and the Medicare tax on unearned income — that both fall only on high-income filers, thereby cutting taxes substantially for those at the top.

· The top 400 highest-income taxpayers — whose annual incomes average more than $300 million apiece — each would receive an average annual tax cut of about $7 million, we estimate from Internal Revenue Service (IRS) data.

· This group’s tax cut would total about $2.8 billion a year.

· The roughly 160 million households with incomes below $200,000 would get nothing from the repeal of these two taxes

· The ACA’s Medicare taxes fall only on individuals with incomes above $200,000 and couples with incomes above $250,000.

· These individuals and couples pay an additional 0.9 percent Hospital Insurance tax on earnings above those amounts, raising the employee share of their Medicare tax rate on earnings to 2.35 percent, from 1.45. They also pay a 3.8 percent Medicare tax on unearned income above those thresholds that’s derived from wealth, such as capital gains, dividends, taxable interest, and royalties.

· Before health reform, Medicare taxes applied only to wage and salary and self-employment income, not to unearned income from wealth. For low- and moderate-income working families, which have little unearned income, this meant that Medicare taxes applied to virtually all of their income. In contrast, the wealthiest taxpayers owed no Medicare taxes on their unearned income, which represents a significant share of their income.

· ACA Repeal Would Lavish Medicare Tax Cuts on 400 Highest-Income Households | Center on Budget and Policy Priorities

Why the wealthy and the republicans hate the ACA. Not only is it about money, but about the immorality of the wealthy.

Medicare has morphed from its original design. The program was created to enable people over 65 to have health insurance insofar as private insurers were reluctant to cover people at or after that age.

To the extent the issue is very wealthy people who have only unearned income no longer having to pay a share of their income for Medicare, I don't have a problem with it so long as by their non-participation, they also are not eligible to receive Medicare coverage. Many wealthy people over their lives also have/had earned income, so they likely will be eligible provided they meet the ten year earned income (work) and age requirements. That's probably as it should be for they paid into the program in accordance with its guidelines.

I don't know what it is with people these days....There seems to be some sort of national revulsion toward people who've been financially successful. That's just wrong.

I doubt they drop the tax section of the ACA..

If they repeal the ACA, that provision will too be repealed. If they cherry pick provisions to repeal, which is what they did in the bill that Obama vetoed, they won't really be repealing the ACA.

I find it derisory that after all the years of complaining about the ACA that now that they have control of Congress and the White House, they are timid about simply repealing the whole of the ACA and restoring things to the way they were prior to the ACA's enactment.

The GOP found that re-election concerns override political philosophy...

What's the point of being re-elected if one isn't going to exert one's political will while in office? Isn't that the whole point of seeking the office?