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1/15/2010
MORE taxes on investment income - dreadful and wrong
Applying the Medicare payroll tax to investment income is wrong.
First Obama gives up a tax on a portion of union Cadillac health care plans (until 2018). And then he wants to pay for it with an extension of the Medicare payroll tax to investment income. Unbelievable.
Dreadful and wrong.
The new tax on investment income is part of the narrowing range of ideas being considered as Obama and his allies push to wrap up work on far-reaching legislation to expand healthcare coverage, rein in insurance industry abuses and curb healthcare costs.
…. "It's a very progressive way to raise money," said Roberton Williams, an analyst at the nonpartisan Tax Policy Center. "It would protect union workers. It would definitely target people who are better-off, but it could hit some of the elderly who are relying on savings to get by."
The Medicare trust fund is now financed with a 2.9% tax on wages -- half paid by employees, half by employers.
The Senate healthcare bill includes two major tax increases. The tax on high-end plans would raise $149 billion by levying a 40% excise tax on insurance companies that offer plans costing more than $8,500 for individuals and $23,000 for families. It also would hike the employee share of the Medicare payroll tax rate to 2.35% for individuals with more than $200,000 in income and couples with more than $250,000.
The House version of the bill would raise revenue by slapping a 5.4% income surtax on very wealthy people -- individuals with more than $500,000 in income and couples with more than $1 million.
…. Under current law, the top rate on capital gains and dividend income is 15%. That is scheduled to rise to 20% in 2011 if the George W. Bush-era tax cuts are allowed to expire.
Raising the tax burden on investors further could be a risky move for Democrats at a time when they are scrambling to shore up the economy and respond to voters' anxiety about high unemployment.
Jo Egelhoff, FoxPolitics.net
COMMENTS
Yea, taxes are terrible. Let them keep their money and spend it on building jobs... in China and India.
Jack Lohman (Fri Jan 15 04:02:08 2010)
Ok Jack, just pause for a moment and think about this. Why tax investments that are critical for growing the economy? Why tax retirees whose income is almost solely from investments? And more to the point, do you defend the deal the unions struck to avoid taxes on Cadillac health plans, which is driving this new tax?
Jo (Fri Jan 15 04:08:15 2010)
Why tax investments that are critical for growing the economy?
Who's economy? Our or China's or India's? And no I do not support the unions. They had to buy the politicians and anything that gets passed due to bribery is automatically bad.
I've stated (too many times before), that for the same dollars we are spending on health care today, 100% of us could have these Cadillac plans and none would need to be taxed, because they'd already be taxed through our national infrastructure.
Yes, taxes. The Scandinavian countries have taxes approaching 50%, yet they have taxpayer-paid single-payer health care for 100% and free higher education for 100%, and oh, 3.4% unemployment.
Go figure.
Jack Lohman (Fri Jan 15 04:34:05 2010)
So Jack, move to Scandinavia.
Jo (Fri Jan 15 05:00:15 2010)
Sad to say, Jo, but if I did not have family here I would give that serious thought. Too bad many of us are stuck for that reason, but worse that others are willing to live with our corrupt system. Time will prove that to be a major mistake. They say that democracies have a typical 200 year lifespan, and frightfully, I can see signs of ours coming to a close.
Jack Lohman (Fri Jan 15 05:42:26 2010)
And, just so you can get a handle on what we spend on insurance ... er, sorry ... health care costs, see this chart.
Jack Lohman (Fri Jan 15 11:18:26 2010)
So, Jack, do you really think any country can TAX its way to prosperity?
Emily Matthews (Sat Jan 16 20:36:16 2010)
No Emily, I've never said that. There are two extremes and neither are good. The ultimate conservative position is no better than the ultimate liberal position. Haiti is a good example. 5% elites versus 95% poor. Is that what the conservatives want for the US? That's where we are heading.
Right now the fat cats are paying off the politicians to increase their wealth, and I'd be tickled pink just to get the moneyed influence out of the political decisions and let congress members work and vote in the best interest of the country rather than their funders. Then and only then will we see appropriate tax policies. But when high taxes are needed to pay for government subsidies, that is not sustainable.
Jack Lohman (Sun Jan 17 06:33:00 2010)
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