The Tax CUT truth that counters Rs' LIES about ACA "tax increase on the middle class"
On Fox "News" Sunday yesterday, Republican Senate Leader Mitch McConnell slipped and said, "the President said it was not a tax-- the tax is going to be levied 77 percent on people making less than $120,000 so it's a middle class tax cut--tax increase".
IMO he was right the first time, and I don't understand why Democrats aren't still touting "the largest middle-class tax cut for healthcare in history", as they did nonstop until the President signed the ACA.
First, McConnell apparently was referring to tiny penalties collected by the IRS on the 1 percent CBO estimates will not buy mandated health insurance,
Surprisingly, in the media onslaught about the ACA since Thursday's USSC opinion, I've seen very little about the precise details of ACA.
But, according to the NY Times snippets below, the ACA contains many billions of dollars in substantial healthcare tax CREDITS for families under 400 percent of the poverty level and for small businesses. True, there are slight Medicare tax increases for those above $200,000 in yearly income and for "Cadillac" healthcare plans.
On net, the huge middle class tax credits FAR outweigh small tax increases for the wealthy and puny tax penalties for individuals and businesses who can afford health insurance but refuse to take resposibility.
Why aren't Democrats saturating the airwaves with these facts?
How can the Republicans expect to get away with their Orwellian whoppers of lies about the Affordable Care Act?
WHAT'S YOUR OPINION?
From http://www.nytimes.com/2012/06/30/us/health-care-act-questions-and-answers.html :
"Consumer Questions on Health Care Act, and the Answers
By KATIE THOMAS June 29, 2012
"Q. I’m unemployed and can’t afford health care, what does this ruling do for me?
A. Beginning in 2014, the law expands Medicaid to cover people who are under 65 and earn income up to 133 percent of the federal poverty level, or $30,657 for a family of four in 2012. Families who make between 100 and 400 percent of the federal poverty level -- or $92,200 for a family of four in 2012 -- will be eligible for tax credits for insurance plans that are purchased through state-run exchanges. ...
Q. My parents are screaming about higher taxes from the Affordable Care Act. Any figures for those who have health insurance through our employers already? What does this mean for us?
A. The law imposes tax changes that would affect some people who are covered through their employers, especially those in higher tax brackets. Beginning next year, the law increases the Medicare tax by 0.9 percent on earnings over $200,000 for individual taxpayers and $250,000 for married couples filing jointly. It also imposes a 3.8 percent tax on unearned income for high-income households. ...
Q. I’ve heard that I’m required to have insurance. When does that go into effect? And what sort of penalties will I face if I don’t comply?
A. Starting in 2014, most Americans will be required to have health insurance and could face federal penalties if they do not. Taxpayers will be required to indicate on their tax returns whether they have health insurance that meets minimal benefits standards, according to the Commonwealth Fund. If consumers do not have insurance by 2014, they would owe $95, or 1 percent of taxable income, whichever is greater. The penalty rises to $325, or 2 percent of taxable income in 2015, and then $695, or 2.5 percent of taxable income in 2016, up to a maximum of $2,085 per family. ...
Q. What happens to employees receiving health insurance from small-business employers?
A. Businesses with fewer than 50 employees are exempt from penalties that otherwise will be imposed for not covering their workers. Small businesses with fewer than 25 workers and average wages of less than $50,000 get tax credits to help cover their workers. The state health insurance exchanges, which go into effect in 2014, will also allow small businesses to buy coverage there. ..."
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