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Thread: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    This site answers FAQ's about the health care reform.

    Here is a <SNIP>

    Q-8: How is the new 3.8% Medicare tax calculated?

    A: The new 3.8% Medicare tax is assessed only when Adjusted Gross Income (AGI) is more than $200,000/$250,000. (See Q-2 above.) AGI includes net income from interest, dividends, rents and capital gains, as well as earned compensation and several additional forms of income presented on a Form 1040 Income Tax Return.

    The tax is NOT imposed on the total AGI, nor is it imposed solely on the investment income. Rather, the taxable amount will depend on the operation of a formula. The taxpayer will determine the LESSER of (1) net investment income OR (2) the excess of AGI over the $200,000/$250,000 AGI thresholds. Thus, if net investment income is the smaller amount, then the 3.8% tax is applied onlyto the net investment income amount. If the excess over the thresholds is the smaller amount, then the 3.8% tax would apply only to the excess amount.


    Q-9: Give me an example.

    If AGI for a single individual is $275,000, then the excess over $200,000 would be $75,000 ($275,000 minus $200,000). Assume that this individualís net investment income is $60,000. The new 3.8% tax applies to the smaller amount. In this example, $60,000 of net investment income is less than the $75,000 excess over the threshold. Thus, in this example, the 3.8% tax is applied to the $60,000.

    If this single individual had AGI if $275,000 and net investment income of $90,000, then the new tax would be imposed on the smaller amount: the $75,000 of excess over $200,000.

    Rules of thumb for predicting the application of this tax year to year are not readily determinable, largely because the proportion of net investment income compared to AGI will vary from year to year and from individual to individual.
    read more:

    Health Insurance Reform - FAQs: Medicare Tax on Net Investment Income
    When it comes to matters of reproduce health, Politicians and the religious dogma of another faith should never interfere with religious liberty of an individual or her faith.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Ok, so Obama is looking to eliminate the debt ceiling altogether, increase the taxes only on the rich (which will amount to nothing), and not address entitlements.

    Does that sound like a guy looking to pay down the debt and balance the budget?

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by minnie616 View Post
    According to this article the CBO says that "Obamacare" will lower our deficit:



    read more:

    CBO says Obama's health law will reduce deficit
    As is always the case with CBO estimates, you have to pay attention to what they were told to assume. In practice the law isn't going to have many of the spending cuts they put in initially.

    The bottom line is that the CBO's numbers are most likely bogus. Yes, it is going to be much more expensive than they say.

    "The urge to save humanity is almost always a false front for the urge to rule." --HL Mencken

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by keymanjim View Post
    And we run yearly deficits in excess of $1 TRILLION. The amount generated would cover about .65% of what we OVER spend.
    Except that's only part of the solution, remember?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Erod View Post
    Ok, so Obama is looking to eliminate the debt ceiling altogether, increase the taxes only on the rich (which will amount to nothing), and not address entitlements.

    Does that sound like a guy looking to pay down the debt and balance the budget?
    No it was Mitch McConnels idea and as usual any idea the Republicans have that Obama likes they are against it. The debt ceiling has nothing to do with new spending. One would think that has been made real clear. However, knuckle draggers cant get the concept.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by liblady View Post
    Except that's only part of the solution, remember?
    And what is the rest to cover the remaining 99%? Any word from the Big Owe yet?

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Erod View Post
    Ok, so Obama is looking to eliminate the debt ceiling altogether, increase the taxes only on the rich (which will amount to nothing), and not address entitlements.

    Does that sound like a guy looking to pay down the debt and balance the budget?
    The whole plan is to collapse the national economy, opening the door for a dictator to be installed.
    Last edited by apdst; 12-07-12 at 05:46 PM.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by minnie616 View Post
    This site answers FAQ's about the health care reform.

    Here is a <SNIP>


    read more:

    Health Insurance Reform - FAQs: Medicare Tax on Net Investment Income


    Thank you for dispelling many of the myths that are floating around out there about Health Care Reform!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by apdst View Post
    The whole plan is to collapse the national economy, opening the door for a dictator to be installed.
    At one time I would have laughed this off as just another conspiracy theory but it seems the collapse of the economy is being done deliberately. The very real problem is why so many Americans went along with it. Do they really and sincerely believe that taxing the rich will make a difference?

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    At one time I would have laughed this off as just another conspiracy theory but it seems the collapse of the economy is being done deliberately. The very real problem is why so many Americans went along with it. Do they really and sincerely believe that taxing the rich will make a difference?
    I think it's been a reality since January 2009. Whatelse could explain the seriously damaging and goofball decisions made by the current junta?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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