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| | ObamaCare's Worst Tax Hike | Posted on: March 17th, 2010 | | | Wall Street Journal
MARCH 17, 2010
ObamaCare's Worst Tax Hike
For the first time, payroll levies will hit investment income.
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.
For the first time, the combined employer-worker 2.9% Medicare rate would be extended beyond wages to interest, dividends, capital gains, annuities, royalties and rents for individuals with adjusted gross income above $200,000 and joint filers over $250,000....[more] |
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