The forced march to pass ObamaCare continues, and all that matters now is raw politics. But opponents should go down swinging, and that means exposing such policy debacles as President Obama’s 11th-hour decision to apply the 2.9% Medicare payroll tax to “unearned income.”
That’s what savings and investment income are called in Washington, and this destructive tax wasn’t in either the House or Senate bills, though it may now become law with almost no scrutiny.
This is pretty cool. You will now have triple taxation on dividends. Once to the corporation as corporate income, a second time to the individual as income tax, and a third time for the Medicare tax. Oh wait, if you invest really wisely and do well, it gets taxed a fourth time — when you die.
I would also refer readers to another WSJ op-ed piece: [url=http://online.wsj.com/article/SB10001424052748703625304575115691871093652.html ]The Failure of RomneyCare [/url].
We see in Maine and Massachusetts how ObamaCare will play out which is not well at all. But because it is on a national level the cost will be orders of magnitude worse.
Great idea. In the middle of a major recession, with employment still down, sock another 3% tax on savings. Do these people think taxes have no consequences? Apparently they do.
#1. I’m going to be really upset about that 4th tax when I die.
Otherwise, I don’t have any money anyway. I’m not complaining. But if I were to do well, I wouldn’t have any trouble supporting the USA. Just waiting for the bills for all our wars, however. You ready for that?
RE: ” You will now have triple taxation on dividends.”
Hey Daniel — for collectivists that’s a [i]feature[/i], not a bug.
I don’t know if the article points this out, but in only applies for those earning > $200,000. What percentage of the population is that? Less than 5%?