Huge Decisions Loom for Lawmakers on Obamacare Taxes
One of the biggest calling cards of the Republican Party for the last several years, including President Donald Trump, has been to repeal the Affordable Care Act, also known as Obamacare. Although Obamacare has faced much opposition throughout its existence, recent polls suggest that most Americans don’t want it repealed, especially if there is nothing to replace it.
Still, republican lawmakers are undeterred in their efforts to scrap it. However, there are several significant taxes issues that must resolved, namely which taxes should they repeal. Make no mistake, republicans hate the Obamacare taxes, but some feel that they should keep them to help pay for their replacement plan. The taxes in question include:
- Net Investment Income Tax – this would automatically eliminate the 3.8 percent tax on capital gains.
- Health Insurance Tax – Health insurance providers are forced to pay this annual fee based on their market share.
- Medicare Surtax – This tax on the wealthy created an extra $7.3 billion for the government, so eliminating it would help anyone earning more than $200,000 (single filer) or $250,000 (joint filer) a year.
- Cadillac Tax – this is set to begin in 2020, but many lawmakers from bot sides oppose it, as it would be a huge tax on those with high-cost health plans, including many democratic-backed unions.
- Prescription Drug Tax – repealing this would help businesses that make or import branded prescription drugs and have to pay huge fees for doing so.
- Tanning Tax – this contributed to many tanning salons going out of business
- Medical Expenses Deduction Cap – this raised the threshold for deducting medical expenses from 7.5 percent to 10 percent.
- Flexible Spending & Health Savings Accounts – these placed lower limits on the amounts people can add to them and raised the penalties for using the money on anything other than medical expenses.
- Mandate Penalties – these are the penalties that people must pay if they choose not to have health insurance.
Each of these taxes could en up on the chopping block, but it remains to be seen which ones will be officially repealed and which ones will survive.
http://thehill.com/policy/finance/317880-gop-faces-big-decision-on-obamacare-taxes
Slogans: Creating and Using Them In Life, Career and Business
Slogans: Creating and Using Them In Life, Career and Business By Catherine Franz Information is coming at us from all directions nowadays. This pace requires us to demand that we receive it fast and predigested in order to inch ahead of the game. This also requires a new filing system method for storing the bites…
Market Yourself Through Public Speaking
Market Yourself Through Public Speaking As part of your marketing strategy, a noteworthy way for you to get exposure and new customers is public speaking. Public speaking is a powerful way to get new customers and leads, so be sure to incorporate it into your quiver of marketing techniques. By Wendy Maynard A noteworthy way…
Selling Your Success
Selling Your Success By Dean Mercado Looking for simple marketing and sales techniques to differentiate your business from the competition? Well here are 3 key ones that will help you humanize and personalize your marketing and sales approach to draw prospects in like a magnet! I attended a seminar the other day at a local…
Finding Networking Opportunities Is Easy!
Finding Networking Opportunities Is Easy! By Leni Chauvin Business networking is all about forming strong relationships built on mutual respect and trust. Those relationships are the basis for the single most important tool that we all need if we want to survive in the competitive 21st century. I’m talking about referrals. And today’s savvy business…