Did we already raise taxes on the rich starting in 2013 through the Health Care Reform bill?

[dkf]

http://www.nevadaappeal.com/article/20101219/BUSINESS/101219596

The PPACA also carries a historic price tag. The cost of the legislation will add significantly to the tax burden of high net-worth individuals and families. Beginning in 2013, individuals earning more than $200,000 and married couples with wages in excess of $250,000 will pay a Medicare payroll tax of 2.35 percent, up from 1.45 percent. Additionally, high-income taxpayers will pay a 3.8 percent tax on unearned income such as dividends, interest and royalties above the threshold — any income other than that which is derived from a business activity or from tax-exempt sources, such as tax-exempt municipal bond interest, income from certain active partnerships and S corporations. The act also puts a 40 percent excise tax on so-called “Cadillac” health plans and increases the threshold for claiming deductions for unreimbursed medical expenses to 10 percent of AGI, from 7.5 percent (effective January 1, 2013).

The act increases the threshold for claiming itemized deductions for unreimbursed medical to 10 percent of AGI, from 7.5 percent (effective January 1, 2013). This change will have a significant impact, given that the money spent on medical care by senior citizens far outpaces that of younger population groups.

[tosh]

1. K & invisible R.

That is good info.

[LiberalFighter]

2. They should round it up to 3 percent for the Medicare.

[sinkingfeeling]

3. Bet these are the first items up for the GOP to repeal. Can't allow the rich to pay for those low

lifes, you know.

[dkf]

4. Well no wonder they hate it so much. It makes sense now right?

[zipplewrath]

5. Careful, the cadillac tax isn't only on the "rich"

They negotiated the space for unions to renegotiate their contracts before this tax kicked in, but many of those cadillac plans were on blue collar workers that gave up raises for better health care benefits.

[dkf]

6. People with cadillac plans and pensions have morphed into the "haves".

And to be truthful, $24,000 or whatever the amount is, in undeclared income is pretty hefty.

[zipplewrath]

7. We can argue about who is "rich"

but don't make the mistake of thinking that people with cadillac plans are automatically making a million dollars a year. They are as likely to a be long shoreman (who aren't particularly under paid) or some other blue collar worker who gave up salary several years ago for improved health benefits.