To: GROUND ZERO™ who wrote (34439 ) 7/2/2012 2:15:33 AM From: Sam 6 Recommendations Read Replies (2) | Respond to I have no idea where you get your political comments from.75% of ObamaTAXcare COSTS will fall on those making LESS than $120K per year along with 4,000 new IRS agents ENFORCING it... [2] contains 18 separate tax increases that will cost taxpayers $503 billion between 2010 and 2019. [3] Three major tax hikes make up nearly half of the new revenue raised by PPACA: Section 1401 imposes a 40 percent excise tax on “Cadillac” health insurance plans. This new tax will apply to health plans valued in excess of $10,200 for individuals and $27,500 for families. Those thresholds will grow annually by inflation plus 1 percent. The tax takes effect in 2018 and is projected to raise $32 billion by 2019. Section 1411 increases the Medicare Hospital Insurance (HI) portion of the payroll tax. This provision will increase the employee’s portion from 1.45 percent to 2.35 percent for families making more than $250,000 a year (and for individuals making more than $200,000). Combined with the employer’s portion, the total rate will be 3.8 percent on every dollar of income over $250,000 when the tax hike takes effect in 2013. Section 1411 also imposes a new payroll tax on investment. This tax provision applies the new higher 3.8 percent Medicare tax to investment income—including capital gains, dividends, rents, and royalties—and is scheduled to become effective in 2013. Together, the Medicare tax hikes will raise $210 billion between 2013 and 2019. Table 1 lists all of the tax increases in PPACA.
