Healthcare law to sock middle class with a $3.9 billion tax increase in 2019

[RockX]

JCT: Healthcare law to sock middle class with a $3.9 billion tax increase in 2019
By Jay Heflin - 04/12/10 02:37 PM ET

Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress's official scorekeeper.

The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.

Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income. Starting in 2013, most taxpayers will only be able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.

Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.

"Loss of this deduction will mean higher taxes for 14.7 million individuals and families making under $200,000 a year in 2019," Sen. Chuck Grassley (R-Iowa) told The Hill. "The new subsidy for health insurance would not be available to offset this tax increase for most of these households."

The healthcare law contains tax breaks for individuals purchasing health insurance, but the breaks phase out for those making $88,000 a year.

http://thehill.com/blogs/on-the-mon...s-middle-class-with-a-39-billion-tax-increase


Gee, who did not see this coming.

 

[TuTu Monroe]

JCT: Healthcare law to sock middle class with a $3.9 billion tax increase in 2019
By Jay Heflin - 04/12/10 02:37 PM ET

Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress's official scorekeeper.

The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.

Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income. Starting in 2013, most taxpayers will only be able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.

Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.

"Loss of this deduction will mean higher taxes for 14.7 million individuals and families making under $200,000 a year in 2019," Sen. Chuck Grassley (R-Iowa) told The Hill. "The new subsidy for health insurance would not be available to offset this tax increase for most of these households."

The healthcare law contains tax breaks for individuals purchasing health insurance, but the breaks phase out for those making $88,000 a year.

http://thehill.com/blogs/on-the-mon...s-middle-class-with-a-39-billion-tax-increase


Gee, who did not see this coming.

Yep, lied to by the liar again.

 

[tinfoil]

None of the libtards will even touch this. Evince? Crypiss? the countless other morons?

This is so obvious, it's funny.

I bet the same people will be shocked to learn that their health insurance is no longer tax exempt income and their employer no longer reduces their income statement by the amount they're used to seeing. They'll be dumbfounded when they get the 1099 form in the mail.

 

[christiefan915]

Yep, lied to by the liar again.

So this will cover 97% of the population, how much does that work out to per person?

 

[Topspin]

who didn't think the middle class would have to bend over without the courtesy of a reach around?

 

[apple0154]

JCT: Healthcare law to sock middle class with a $3.9 billion tax increase in 2019
By Jay Heflin - 04/12/10 02:37 PM ET

Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress's official scorekeeper.

The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.

Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income. Starting in 2013, most taxpayers will only be able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.

Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.

"Loss of this deduction will mean higher taxes for 14.7 million individuals and families making under $200,000 a year in 2019," Sen. Chuck Grassley (R-Iowa) told The Hill. "The new subsidy for health insurance would not be available to offset this tax increase for most of these households."

The healthcare law contains tax breaks for individuals purchasing health insurance, but the breaks phase out for those making $88,000 a year.

http://thehill.com/blogs/on-the-mon...s-middle-class-with-a-39-billion-tax-increase


Gee, who did not see this coming.

If the law contains tax breaks for those earning less than $88,000/yr how many of the 14.7 million will be earning between $88,000/yr and $200,000/yr? That's the number we should be looking at. If a person earning $50,000/yr is being taxed but receives tax breaks equal to or greater than the tax he is being levied then we certainly can't count him/her.

I wonder what the other 1/2 of the story is.

 

[FUCK THE POLICE]

The middle class will be getting a lot more out of this than 3.19 billion dollars.

 

[tinfoil]

The middle class will be getting a lot more out of this than 3.19 billion dollars.

LOL tard math! WTF are you talking about, little buddy? The middle class will be paying extra because they're losing a valuable tax deduction. Many people will see their taxable income rise as a result. The people have relied on the reduction in taxable income to reduce their tax burden. Is there something about this you have trouble understanding? Now this is going to screw with everyone's tax status if they're near the top of income brackets, so potentially, they'll be paying even more!


Go learn some math, you idiots

 

[signalmankenneth]

You Lie!!!

JCT: Healthcare law to sock middle class with a $3.9 billion tax increase in 2019
By Jay Heflin - 04/12/10 02:37 PM ET

Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress's official scorekeeper.

The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.

Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income. Starting in 2013, most taxpayers will only be able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.

Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.

"Loss of this deduction will mean higher taxes for 14.7 million individuals and families making under $200,000 a year in 2019," Sen. Chuck Grassley (R-Iowa) told The Hill. "The new subsidy for health insurance would not be available to offset this tax increase for most of these households."

The healthcare law contains tax breaks for individuals purchasing health insurance, but the breaks phase out for those making $88,000 a year.

http://thehill.com/blogs/on-the-mon...s-middle-class-with-a-39-billion-tax-increase


Gee, who did not see this coming.

 

[cawacko]

what do you have, besides a pointless cartoon, to refute the above Ken?

 

[Topspin]

Glad I made it out of the middle class, you guys are fucked.

 

[apple0154]

Glad I made it out of the middle class, you guys are fucked.

I love it!!!

 

[Topspin]

A lot of low income and lower middle class will love it.

 

[apple0154]

A lot of low income and lower middle class will love it.

Exactly and that's the people the plan was designed to help.

 

[Topspin]

Exactly and that's the people the plan was designed to help.

And well it should, you been paying billions for wars, bank, GM, Aig. The main street guy should get even more of a bailout or helping hand. I think Obama should have stuck with the cost covering by the rich.

 

[FUCK THE POLICE]

LOL tard math! WTF are you talking about, little buddy? The middle class will be paying extra because they're losing a valuable tax deduction. Many people will see their taxable income rise as a result. The people have relied on the reduction in taxable income to reduce their tax burden. Is there something about this you have trouble understanding? Now this is going to screw with everyone's tax status if they're near the top of income brackets, so potentially, they'll be paying even more!


Go learn some math, you idiots

Which tax credits are you talking about?

The subsidies, which go up to 70k (far above "middle class") are a lot more tan 3.19 billion dollars.