[quote][b]Sappy Lighthead[/b]<br>Increased taxes on dividends, capital gains, and earnings are in the Health Care Law that was just passed? Maybe you're thinking of another bill. Please provide a link to more details, I'm eager to learn.[/quote]
I never referred to the Health Care Bill's taxes.
Shorter [b]Sappy Lighthead[/b]: [i]Sometimes I infer what I want and jump to conclusions, including prematurely judging people as racists. But that's where revisionist editing comes in handy.[/i]
But since you brought it up, the 940 Billion dollar bill ain't going to pay for itself:
[b]Originally proposed taxes in the bill:
The Joint Committee on Taxation has published a list of the 17 tax increases in the Senate health care bill...
40% excise tax on health coverage in excess of $8,500/$23,000 ($149.1 billion)
Employer W-2 reporting of value of health (negligible revenue effect)
Conform definition of medical expenses ($5.0 billion)
Increase penalty for nonqualified health savings account distributions to 20% ($1.3 billion)
Limit health flexible spending arrangements in cafeteria plans to $2,500 ($14.6 billion)
Require information reporting on payments to corporations ($17.1 billion)
Additional requirements for section 501(c)(3) hospitals (negligible revenue effects)
Impose annual fee on manufacturers & importers of branded drugs ($22.2 billion)
Impose annual fee on manufacturers & importers of medical devices ($19.3 billion)
Impose annual fee on health insurance providers ($60.4 billion)
Study and report of effect on veterans health care (no revenue effect)
Eliminate deduction for expenses allocable to Medicare Part D subsidy ($5.4 billion)
Raise 7.5% AGI floor on medical expenses deduction to 10% ($15.2 billion)
$500,000 deduction limitation on taxable year remuneration to health insurance officials ($0.6 billion)
Additional 0.5% hospital insurance tax on wages > $200,000 ($250,000 joint) ($53.8 billion)
Modification of section 833 treatment of certain health organizations ($0.4 billion)
Impose 5% excise tax on cosmetic surgery ($5.8 billion)[/b]
Certainly not all of these those made to the final draft, not for lack of trying. But these did:
[b]Those who earn 150 percent or less of the poverty line (around, say, $30,000 for a family of four) would get a subsidy equal to about 95 percent of their premium. To pay for a large chunk of those subsidies, the bill taxes the rich in various ways.[/b]
http://www.csmonitor.com/Money/new-econ ... th-a-twist
[b]Obama would boost the Medicare tax by 0.9 percentage points for households with incomes over $200,000 for singles and $250,000 for joint filers. In addition, he’d impose a 2.9 percent tax on these same people on interest, dividends, annuities, and most other investment income. While the official Obama summary does not say so, the new tax would apply to capital gains as well. Add it up, and the 1.2 million taxpayers making $624,000 or more (their average income is about $2 million) would pay nearly 86 percent of this tax once it is fully effective in 2013.
On average, the Obama proposal would raise their taxes by more than $20,000. The top 0.1 percent of earners--those making more than $2.8 million-- would get hit with a tax increase of more than $120,000. By contrast, nearly everyone else would get no tax hike at all under this proposal.[/b]
http://www.csmonitor.com/Money/Tax-VOX/ ... x-the-rich
[b]The package of fixes to the health care bill passed by the House on Sunday includes a tax on “unearned” income... the package of fixes House members require to make the Senate health care bill acceptable—includes a chapter titled “Medicare Tax.” That chapter provides for the government to level a 3.8 percent surtax on any “unearned” income for individuals making over $200,000 and couples making over $250,000... taxing unearned income will further discourage investment during an economic slump and that the money, originally called a “Medicare tax” may not necessarily go to shoring up Medicare...
“You cannot think that taxing capital gains and dividends will not affect the middle class,” he (Ryan Ellis, tax policy director at Americans for Tax Reform) said, “unless you don’t believe the middle class owns stocks or has an IRA... You cannot increase taxes on capital gains and dividends without hurting the whole stock market. “The day after (the law) is signed, the value of your portfolio or IRA goes down,” Ellis added.
The $132 billion would also not go directly into Medicare, as (Alan) Reynolds pointed out. “The 3.8% tax on both labor and investment income is not a ‘Medicare tax,’ he wrote. “It’s surtax on income that goes into the slush fund, not the Medicare trust.” [/b]
http://www.cnsnews.com/news/article/63298
[b]Medicare Payroll tax on investment income- Starting in 2012, the Medicare Payroll Tax will be expanded to include unearned income. That will be a 3.8 percent tax on investment income for families making more than $250,000 per year ($200,000 for individuals).
Excise Tax- Beginning in 2018, insurance companies will pay a 40 percent excise tax on so-called "Cadillac" high-end insurance plans worth over $27,500 for families ($10,200 for individuals).[/b]
http://www.cbsnews.com/8301-503544_162- ... 03544.html
[b]To help fund the $940 billion health care overhaul, a 10% tax on individuals receiving indoor tanning services was tacked on, and the initiative is expected to generate $2.7 billion over ten years. The 10% tanning tax has replaced the 5% tax on cosmetic surgery that was originally included in the bill.[/b]
http://money.cnn.com/2010/03/24/news/ec ... /index.htm
[quote]Reagan left office after exploding the deficit. This doesn't seem like an appropriate time to mythologize Reagan.[/quote]
This doesn't seem like an appropriate time to bring up exploding deficits. As for not mythologizing Reagan, tell me that in three more years.
<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>