Watchhttp://finance.yahoo.com/news/what-obamacare-means-for-your-taxes.html
But that's not all. Also starting in 2013, all or part of the net investment income, including long-term capital gains and dividends, collected by higher-income folks can get socked with an additional 3.8% "Medicare contribution tax." Therefore, the maximum federal rate on long-term gains for 2013 and beyond will actually be 23.8% (versus the current 15%) and the maximum rate on dividends will be a whopping 43.4% (versus the current 15%). Yikes!
Article fails to mention the other 18 new taxes from Obamacare.
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San Leandro, CA
My Father, An Engineer, Left Europe in 1952, due to the 75% income tax rate caused by "SOCIALIZED MEDICINE" ! Get ready America. History does repeat itself due to our emotional decision making habit.
Because it is free, People will overwhelm any services available.
Do you really believe you get a free taxi ride on New years eve.
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Los Angeles, CA
Since the feds only take in 50% of what they spend (rest is printed via the fed reserve buying new tbonds with newly printed $) I propose we abolish all forms of taxation.
Then they can simply print 100% of what they need and leave us alone. Imagine all the saved trees and carbon emissions that would result from no tax paperwork of any kind (thus saving the planet!!!!!!!)
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Corning, NY
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PockyClipsNow says
Ammo.
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I just signed up for a Death Panel! I heard it is all you can eat!
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Hahaha, you're a conservative, on what planet? If welfare reform incentivizes work, why are so many on welfare? Could it be because of liberal government policies (which you support) keep indentured voters indentured?
In other words, so you can understand, if the government continues to shackle people with dependency, the dependents MUST support those policies, or else.
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Taxmaggedon has little to do with ObamaCare (though, I won't deny there ARE taxes in the legislation). The big 2013 rate hikes are due to the expiration of the Bush cuts. Its going to be a crazy November and December in Washington once the election is over.
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wthrfrk80 says
It because this way because the unions which run this country felt that for generations employer must provide health insurance, and that's how the system adjusted.
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Los Angeles, CA
Seriously its game over when the feds are printing 50% of the budget. How can we grow out of that hole when the deficit is still going up over 1T per year.
It could be the USA is now a failed state - BUT - no one will realize it until a drastic and fast currency collapse happens like the CCCP collapse - they were gone within 2-3 years! Shit there was even a movie made about the CCCP invading the US and by the time the movie came out - they had ceased to exist. funny huh. Shit happens fast when money is funny.
Gold would be an excellent hedge BUT if you are gonna own over 100k in gold, get ready for the dudes who sold it to you to follow you around and steal it or do home invasion robbery.
So what to invest in? I suppose rental homes.
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FortWayne says
Private employer union membership is something like 7%. Public is 30%. I can certainly see how they run the country. How is it that so many countries with much stronger unions never developed employer health care? The reason private employer health care plans proliferated was because in 1954 they became exempt from taxes. Public plans followed later as a way to avoid direct increases in public salaries. Follow the money.
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bob2356 says
That's how it started, mentality never changed.
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Honest Abe says
That's my job eh? Not the job of the person making the absurd claim?
No wonder you're so confused. The tax on dividends can never exceed the income tax. Therefore someone who earns $10,000 in dividends and no other income will pay 0% tax now, tomorrow, and in 2013. Start with that.
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bob2356 says
This is the same kind of "thinking" that gets working folks irate over the estate tax (cleverly renamed death tax). Very few of the people opposed to the estate tax actually know that there is a huge exemption, I think it currently 5 million valuation to an estate before any taxes are paid. Unless they hit the mega millions lottery most can rest assured that when they die their 3/2 house in the burbs is safe from Uncle Sam.
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Sunnyvale, CA
bob2356 says
You're a decade late.
As world war 2 began the need for more labor to build war machines combined with fewer men available since they were off fighting caused significant inflation as wages increased and the price of goods followed- 15% from January 1, 1941 to May 1, 1942.
To put a stop to that the government froze wages in 1942.
Benefits weren't considered wages, so companies attracted more workers through things like health insurance in lieu of more cash.
In 1943 the IRS ruled that these benefits were not taxable.
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Health Care and Health Insurance are two different items, that's the first thing everyone needs to get straight. Health Care, or the actual services rendered for seeing to the health of an individual, vs. a payment method of paying for those services rendered in Health Insurance. As Oliverks1 above pointed out, Health Insurance is a different animal in "almost" every aspect of an insurance payment vehicle when compared to other insurance products, and it seems that it is also one where individuals paying for it seem to be the most removed from seeing the money put in % vs. insurance claims paid, and any other negotiatory services (or monopolistic practices, whatever the case may be) rendered for the claimant.
This Gigantic text of a law is so immense, one could say intentionally so as to inter-twine these two separate services in an attempt to completely confuse and cause a lay person uneducated in legalese to give up whatever feeble attempt they may undertake to understand it before they even get past the first few pages. Then, if they do get so far as the first 100 pages, they have got to the point where that line between health care, and method of payment for that care has been blurred into oblivion.
It's absolute hogwash, congress, senate, do your duties now! (repeal this pig!)
You all would do well to watch this synopsis by Peter Schiff &list=UUIjuLiLHdFxYtFmWlbTGQRQ&index=0&feature=plcp
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Unions are probably the most upset group over this. Every single one of them have "cadillac" plans. They get to pay taxes into the system.
Of course they are going to try to stick taxpayers with it, but that's a whole other story.
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zzyzzx - Great poster - "Governmental Irony". Where can I get a copy?
BTW, it clearly demonstrates the schizophrenic mindset of liberal lawmakers, doesn't it?
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Marcus, OK - I can do the "save image as" - but how do I go from that to a 24" by 36" poster on glossy paper?
Thanks for your help. Abe.
P.S. The message on the poster is clearly a mixed message, isn't it?
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Marcus, good point, you said: Nobody ever thought it would be a good idea to give people a free standard of living that is as good as what they can get from working.
Except that is what we have in many cases. Its financially better, after paying taxes and withholding, to freeload than it is to work. How about this: cut the size and expense of government, cut taxes, cut withholding. Let the worker keep more of the fruits of their own labor rather than stealing it and sending it off to Washington to be wasted and squandered.
That way it might be possible to shift millions of people from welfare to work - because now they can AFFORD to work.