Reminder: Taxes already going up on the rich

[el_em_en_oh]

(CNN-Money) President Barack Obama reiterated his call Monday for the extension of the Bush tax cuts for people making less than $250,000 a year -- and a return to higher rates for wealthy Americans.

If Obama triumphs, the top tax rate on income will jump from a baseline of 35% to 39.6%.

But it's worth noting that even if the Republican position -- extending the Bush tax cuts for everyone -- is adopted, the rich are still likely to pay higher taxes in 2013. Why? The health reform law.

The health care law, upheld last month by the Supreme Court, contains two new Medicare tax changes that will help pay for health insurance subsidies.

Here's how CNNMoney described the scheduled tax increases in March:

The new increases in Medicare taxes will apply to individuals making more than $200,000 a year, or $250,000 for married couples.

The first involves the Medicare tax on earnings. Today, workers pay 1.45% of their wages into Medicare. Starting next year, high-income individuals will pay another 0.9 percentage points on their earned income over $200,000 ($250,000 if married).

The second change pertains to investment income, which to date has never been subject to the Medicare tax. But next year high-income households will start paying a 3.8% tax on at least a portion of their investment income, such as capital gains, dividends and rental income.

Roughly 4 million households -- or 2.4% -- will be affected by the increase initially, according to new estimates from the Tax Policy Center. By 2022 that number will grow to 8.3 million, or 4.6%.

SOURCE: http://economy.money.cnn.com/2012/07/09/reminder-taxes-already-going-up-on-the-rich/?source=cnn_bin

[brice1967]

Just call it a penalty and it isn't a tax....

[Vance2335]

So the people who make the most money, who are more likely to invest, buy large items and start business are going to pay more taxes which means less money for them to help the economy. Obama always makes the smart move...lol.

I am pretty sure that Obama said that you don't raise taxes during a recession. Looks like another thing he said that he is not sticking to. But you know libs will give him a pass on it.

[brice1967]

Any way you look at this (at least in my useless opinion) "we the people" will all end up paying more taxes because taxation is the major source of money for the government.

I'm actually tired of this conversation.  Most folks I know think they pay too much taxes on a personal basis.  The rest aren't even close to knowing how much taxes they pay.  (I think its the governments job to keep that actual amount foggy in order to keep the masses confused or out of the loop completely.)

Blah, blah, blah....  go ahead and take sides, heathens!  Lets fight this one out while standing on the party lines....