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Obamacare has faced much opposition throughout its existence, recent polls suggest that most Americans don’t want it repealed, especially if there is nothing to replace it.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Each of these taxes could en up on the chopping block, but it remains to be seen which ones will be officially repealed and which ones will survive.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
Business Employee Surveys
Business Employee Surveys By Patrick Gilbert, David Slavney, and David Tong Employee motivation is vital to business success. Increasingly, it distinguishes companies that thrive from those that fail to survive. A highly motivated workforce delivers superior products and services, and this in turn leads to greater customer satisfaction and improved sales performance. Given the implications…
Are These Traits Killing Your Leadership Ability?
Are These Traits Killing Your Leadership Ability? To be a good leader requires many attributes. Most good leaders possess the necessary skills to lead their teams and contribute to their companies’ success. However, no one is perfect. And even good leaders aren’t always “on.” Everyone has a bad day, or a bad moment, when they…
Passive Funds in U.S. Stock Market Have Nearly Equaled Active Funds
Passive Funds in U.S. Stock Market Have Nearly Equaled Active Funds What kind of an investor are you: passive or active? Chances are if you’ve been following the recent trend you find yourself on the passive side. But what does that mean exactly? It’s not so much the way in which you invest, but more…
Do You Know Enough About the Death Tax?
Do You Know Enough About the Death Tax? No one really wants to think about his or her own death. But death is inevitable. And if you’re a high net worth individual then you really can’t afford to ignore the subject. That’s because if you’re not prepared when your time comes, your beneficiaries could be…