Posted on 12/26/2013 9:02:28 PM PST by Innovative
Here comes the ObamaCare tax bill.
The cost of President Obama’s massive health-care law will hit Americans in 2014 as new taxes pile up on their insurance premiums and on their income-tax bills.
But one insurance company, Blue Cross Blue Shield of Alabama, laid bare the taxes on its bills with a separate line item for “Affordable Care Act Fees and Taxes.”
Under ObamaCare, individual tax filers earning more than $200,000 and families earning more than $250,000 will pay an added 0.9 percent Medicare surtax on top of the existing 1.45 percent Medicare payroll tax. They’ll also pay an extra 3.8 percent Medicare tax on unearned income, such as investment dividends, rental income and capital gains.
(Excerpt) Read more at nypost.com ...
This all is aimed at collapsing the economy and have socialism take its place -- "the government will take care of you", you don't need a paycheck, they will just allocate you food, clothes, medical care, etc -- this is just the first step.
... and you think I'm kidding...
Hitting the middle class the hardest, I bet.
“Hitting the middle class the hardest, I bet.”
Naturally — need to take away from them and give it “to the poor”.
They are taking away incentives from people to work, save and get ahead.
ObamaCare: Older Workers Could Pay 25% Of Income
http://www.freerepublic.com/focus/f-news/3105630/posts
The economy has no chance.
People who bust their ass for a living are about to pay out the ying yang for Barry Soetoro’s “signature” achievement. “Embrace the suck!”
the difference between us and the people in that picture is that they don’t have 200 million privately owned guns in their country.
Funny how Great Leader says he won’t enforce the deadlines. I’m certain he will enforce the fees.
Sell your house no matter your income pay Obamacare 3%
We sounded the alarm.
Ted Cruz sounded the alarm.
I do not understand why America is grabbing it’s ankles.
people have not even digested the first wave and here comes the second..
3.8% according to the article. I think that comes under capital gains.
Nausea is like that. 0bamaCare causes nausea.
Can’t believe the National Association of Realtors let that one slide through. It’ll kill traditional MLS listings with a full service listing agent. Less money netted from the sale is just great for sellers, too, with prices still depressed in much of the country. I don’t know whether it’s malicious or clueless. I suppose it could be both.
Because we are the minority.
I don’t like it either.
It's not that bad. It's actually 3.8% but it's only on the amount your gains on the home exceed $500,000 or something like that, and even then, only if your taxable income is over $250,000, so it's going to hit a lot fewer people than if it were 3.8% on any gain at any income.
Capital gains are part of your taxable income — so when you sell an appreciated asset, such as your home or stocks, that can kick your income above $200K and the 3.8 ADDITIONAL tax kicks in.
And you know how taxes go — initially only those making over $1,000,000, back when that was real money, paid 1% income tax and look at income taxes today.
That extra 3.8% on capital gains is here to stay and will be applied to everyone — I think the US already has one of the highest capital gains taxes in the world.
Compare to Russia where there is NO capital gains tax and there is something like a 12% flat tax on income.
You can read all the details of this sneaky 3.8% tax right on the IRS website:
http://www.irs.gov/uac/Newsroom/Net-Investment-Income-Tax-FAQs
I’m putting my house on the market at the end of March, and was scouring for details. Thanks, I’m relieved not to be getting another cost hit, the insurance itself is bad enough. I don’t know how a lot of people are going to hold it together, it’s going to be a huge ongoing hit to discretionary spending because they just won’t have much left.
As I said in my post 16 — the IRS discussion the link to which I posted in my post 17 makes it clear (their item 20) clearly shows that when calculating the threshold, income and capital gains are added, so if you do have significant capital gains, that quite likely pushes you into the bracket where you have to pay the additional capital gains of 3.8% “medicare tax”
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