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ProSense

(116,464 posts)
23. Another reason
Wed Dec 18, 2013, 10:26 AM
Dec 2013

"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


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 individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s 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

Recommendations

0 members have recommended this reply (displayed in chronological order):

That sure isn't our families experience OKNancy Dec 2013 #1
Right wing crapaganda (R) to pollute American brainpans Berlum Dec 2013 #2
I am relatively certain that some of their assumptions are false. Mass Dec 2013 #3
Heritage Foundation? GoldenOldie Dec 2013 #4
Independence Blue Cross Freddie Dec 2013 #5
They can afford to play both sides of the coin. onehandle Dec 2013 #6
Looking forward to it Freddie Dec 2013 #17
Actually, they are correct, that's the point of the mandate... Demo_Chris Dec 2013 #7
This is pure ProSense Dec 2013 #9
Yeah, but that's crap Prosense, and you know it... Demo_Chris Dec 2013 #12
No, it's not "crap." The Heritage Foundation is spewing crap ProSense Dec 2013 #13
Then there is nothing to worry about and we don't need any mandates. nt Demo_Chris Dec 2013 #16
What does that have to do with the fact that the OP is nonsense? ProSense Dec 2013 #19
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
A tax-funded single-payer system would do exactly the same thing. Nye Bevan Dec 2013 #10
The NHS is funded through general taxation. nt Demo_Chris Dec 2013 #14
Not with a progressive income tax it wouldn't, since older workers are wealthier, and earn more. Romulox Dec 2013 #15
I think quite a few DUers would dispute your "older=wealthier" theory. Nye Bevan Dec 2013 #29
It's statistically true, even as there are many individual exceptions. Romulox Dec 2013 #31
Another reason ProSense Dec 2013 #23
That's paying for the subsidy/tax credit side of things. The other larger half... Demo_Chris Dec 2013 #27
There you go again ProSense Dec 2013 #30
+1 mmonk Dec 2013 #34
Wasn't the ACA ... sendero Dec 2013 #8
Krugman explained ProSense Dec 2013 #11
Was that after Krugman recently explained his support for the Trans Pacific Partnership? Romulox Dec 2013 #21
You're knocking Krugman and agreeing with BS from the Heritage Foundation? ProSense Dec 2013 #26
Nonsense. Obamacare ("Romneycare") is *also* from the Heritage Foundation. YOU agree with them. nt Romulox Dec 2013 #28
Yes it was solarhydrocan Dec 2013 #18
Yes, and almost exactly in the form it was enacted--e.g. no drug reimportation, no public option. nt Romulox Dec 2013 #20
The idea that the youngest workers could bail out the healthcare industry is bizarre, to begin with. Romulox Dec 2013 #22
that's my paper and here's the funny part: PCIntern Dec 2013 #25
Your posting this here why? Capt. Obvious Dec 2013 #32
Welcome to ignore. onehandle Dec 2013 #33
How immature of you Capt. Obvious Dec 2013 #35
Of course it is... hughee99 Dec 2013 #36
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