With Senate Republicans planning to retain a 3.8% surtax on investment income in their health-care bill, it is a good time for American taxpayers to know exactly how this tax works.
The 3.8% surtax was enacted in 2010 to help fund the Affordable Care Act, also known as Obamacare. It took effect in 2013, and this year it is expected to bring in nearly $30 billion, according to the Tax Policy Center. Republicans in the House of Representatives have voted to repeal the tax, retroactive to Jan. 1, but those in the Senate surprised many recently when they revealed plans to keep it. […]
Remember when Republicans were AGAINST squeezing every last dime out of your wallet? (Remember?)
[…] This levy was billed as a tax on the richest, and often it is: More than three-quarters of its revenue comes from households earning more than $1 million. In 2017, these households will owe an average of about $37,000 each due to this tax, while those earning between $200,000 and $500,000 will owe an average of about $200 each.
The averages conceal wide variations, however. The 3.8% surtax can reach far beyond the wealthy, if taxpayers have an investment windfall. And its reach is expanding, because the trigger points aren’t adjusted for inflation.[…]
So, it’s being defended along the lines of the leftist class warfare rhetoric. WHO do these people think invests the money that powers the economy? (New taxes on investment income tends to make people sit on their cash instead of investing it.)
In Raleigh, Republicans were defending their tax reform efforts by spouting off about how “the rich” will still pay more. (*SIGH*) Republicans are winning elections campaigning as small-government fans but governing under the language and tactics of the leftist losers.
These people have their majority based on promises to kill ObamaCare and shrink government. In the real world, obtaining something of value (like, say, a legislative majority) via false pretenses (i.e., lying) is fraud. It’s a crime. Is it possible for us to indict A WHOLE PARTY?