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there already is 'shared sacrifice' built into tax INCREASES in law on the books;
here;
Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.
For first time, the bill also applies Medicares 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on the rich. Oh, and these new taxes arent indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires?
Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. Thats estimated to raise $20 billion.
Already underway this year is the new annual fee on branded drug makers and importers, which will raise $27 billion.
Another $15.2 billion will come from raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%.
Starting in 2018, the bill imposes a whopping 40% excise tax on high-cost health insurance plans. Though it only applies to two years in the 2010-2019 window of ObamaCares original budget score, this tax would still raise $32 billionand much more in future years.
And dont forget a new annual fee on health insurance providers starting in 2014 and estimated to raise $60 billion. This tax, like many others on this list, will be passed along to consumers in higher health-care costs.
here;
Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.
For first time, the bill also applies Medicares 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on the rich. Oh, and these new taxes arent indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires?
Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. Thats estimated to raise $20 billion.
Already underway this year is the new annual fee on branded drug makers and importers, which will raise $27 billion.
Another $15.2 billion will come from raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%.
Starting in 2018, the bill imposes a whopping 40% excise tax on high-cost health insurance plans. Though it only applies to two years in the 2010-2019 window of ObamaCares original budget score, this tax would still raise $32 billionand much more in future years.
And dont forget a new annual fee on health insurance providers starting in 2014 and estimated to raise $60 billion. This tax, like many others on this list, will be passed along to consumers in higher health-care costs.