How does this HCR bill affect the tax rates of the wealthy?

[kentuck]

Supposedly, the tax rates of those making more than $250K will go up? How much?

Is this the main reason the Republicans are opposed? Do they believe this is an under-handed way to raise taxes without calling it a "tax increase"?

Anybody have any numbers on this?

[customerserviceguy]

1. I don't have firm numbers

but it involves Medicare tax. Rates will go up for the wealthy, and their investment income will be taxed for Medicare for the very first time. So far, Medicare (like Social Security) has only been a tax on work, and on people/companies who pay people to work.

Now that the principle of taxing investment income has been established, the mechanism is there to start taxing all investment income for what were formerly payroll-only taxes. I remember when they started taxing unemployment benefits during the Carter administration, the levels were set at $20,000 for a single person and $25,000 for a married couple. That seemed like a hell of a lot of money to me when I was only making about $10,000 a year, but it was only a matter of time before limits were dropped to zero exclusion, and inflation kicked many people over the interim thresholds of $12,000 for a single person and $18,000 for a married couple before tax on benefits was applied.

Expect the GOP to make that argument. I really don't know any way to counter it.

[theoldman]

2. I think the idea is to stop the tax breaks provided by Bush.

They have an expiration date.

[Yupster]

3. The only taxes I've heard about so far were

the increase of the capital gains tax from 15 % to 23 % and a 10 % tax on tanning sessions.

I think there's more than that though.

[Juche]

4. medicare tax of 0.9% on incomes over 250k, 3.8% for income from dividends/interest

http://www.whitehouse.gov/health-care-meeting/proposal/titleix/targeted-healthcare-tax

I'm not sure if that was in the final bill or not. I know the 0.9% part was.

[kestrel91316]

5. Not enough, AFAIAC. ROFLMAO

[Johonny]

6. +1