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In reply to the discussion: In The Philadelphia Inquirer is an 'article' called 'Obamacare: A bad deal for young people' [View all]ProSense
(116,464 posts)23. Another reason
"In other words, the ACA is a regressive tax, a wealth transfer from the young and poor -- those least able to afford anything -- to the older and affluent. "
...why that's nonsense: the new tax on the high-income earners and the wealthy.
Reported when the law passed in 2010:
A big chunk of the money to pay for the bill comes from lifting payroll taxes on households making more than $250,000. On average, the annual tax bill for households making more than $1 million a year will rise by $46,000 in 2013, according to the Tax Policy Center, a Washington research group. Another major piece of financing would cut Medicare subsidies for private insurers, ultimately affecting their executives and shareholders.
http://www.nytimes.com/2010/03/24/business/24leonhardt.html
http://www.nytimes.com/2010/03/24/business/24leonhardt.html
It's the law, 2013:
Net Investment Income Tax
A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on the Net Investment Income Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Net Investment Income Tax, see our questions and answers.
Additional Medicare Tax
A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individuals wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individuals filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year. The IRS and the Department of the Treasury have issued proposed regulations on the Additional Medicare Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Additional Medicare Tax, see our questions and answers.
http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions
A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on the Net Investment Income Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Net Investment Income Tax, see our questions and answers.
Additional Medicare Tax
A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individuals wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individuals filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year. The IRS and the Department of the Treasury have issued proposed regulations on the Additional Medicare Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Additional Medicare Tax, see our questions and answers.
http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions
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In The Philadelphia Inquirer is an 'article' called 'Obamacare: A bad deal for young people' [View all]
onehandle
Dec 2013
OP
As I said, it's not, but that's okay. I am not interested in debating the self-evident. nt
Demo_Chris
Dec 2013
#24
Not with a progressive income tax it wouldn't, since older workers are wealthier, and earn more.
Romulox
Dec 2013
#15
That's paying for the subsidy/tax credit side of things. The other larger half...
Demo_Chris
Dec 2013
#27
Was that after Krugman recently explained his support for the Trans Pacific Partnership?
Romulox
Dec 2013
#21
Nonsense. Obamacare ("Romneycare") is *also* from the Heritage Foundation. YOU agree with them. nt
Romulox
Dec 2013
#28
Yes, and almost exactly in the form it was enacted--e.g. no drug reimportation, no public option. nt
Romulox
Dec 2013
#20