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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (42740)	4/14/2010 3:56:38 PM
From: TimF	Read Replies (1) \| Respond to of 71588

...Higher Medicare Taxes Most of the revenue would come from higher Medicare taxes on about 1 million individuals earning more than $200,000 and about 4 million couples filing jointly who make more than $250,000. The legislation would for the first time apply Medicare taxes to investment income received by these households, beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents and royalties. It wouldn’t apply to other income subject to income taxes, including interest from municipal bonds and retirement accounts such as 401(k) plans until funds are withdrawn. Obama’s budget proposes to allow the existing 15 percent tax rate on dividends and capital gains to rise to 20 percent in 2011 for the same high-earners. Layering a 3.8 percent Medicare tax on top of that would mean a new top rate on dividends and capital gains of 23.8 percent. The top tax rates on interest and rental income would rise to as high as about 44 percent, assuming other Obama tax increases on high-earners are enacted. Individual’s Share The bill also increases the individual’s share of Medicare tax currently imposed on salaries starting at $200,000 for individuals and $250,000 for couples to 2.35 percent, from 1.45 percent currently. The combination of the new Medicare taxes and Obama’s budget proposals, if they were in place this year, would cost a married couple with a household income of $5 million an extra $287,100 in taxes, according to analysis by the consulting firm Deloitte Tax in Washington... ...Consumers who frequent tanning salons would pay a 10 percent excise tax, and those who buy devices such as wheelchairs would pay a 2.3 percent excise tax. Drugmakers may pass on a $3 billion annual fee. Insurance companies would be denied deductions when they pay their executives over $500,000... bloomberg.com ------------------- ... * Individual Mandate Excise Tax * Employer Mandate Tax * Excise Tax on Comprehensive Health Insurance Plans * Hike in Medicare Payroll Tax * Medicine Cabinet Tax * HSA Withdrawal Tax Hike * Flexible Spending Account Cap - aka "Special Needs Kids Tax" * Tax on Medical Device Manufacturers * Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI * Tax on Indoor Tanning Services * Blue Cross/Blue Shield Tax Hike * Tax on Innovator Drug Companies * Tax on Health Insurers * Elimination of tax deduction for employer-provided retirement Rx drug coverage * Employer Reporting of Insurance on W-2 (Preamble to taxing health benefits on individual tax returns) (You can see details and page number references on these items here)... cc.org ...The tax on little cigars went from 4 cents to $1.01 a pack... ...The increases, which raise the federal cigarette tax from 39 cents a pack to $1.01, applies to all tobacco products... usatoday.com