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Obamacare has faced much opposition throughout its existence, recent polls suggest that most Americans don’t want it repealed, especially if there is nothing to replace it.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Each of these taxes could en up on the chopping block, but it remains to be seen which ones will be officially repealed and which ones will survive.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
Here’s What Successful People Do Differently
Here’s What Successful People Do Differently Think about some of the most successful people you know. What makes them stand out? How did they become successful? What things do they do differently than most people? It takes hard work and the right attitude to become successful. And most successful people share very similar characteristics. So…
Alternative to Deleting Facebook
Facebook is getting a lot of criticism. Last week Apple CEO Tim Cook slam’s Facebook that it wouldn’t be in the situation because it cares about privacy. Facebook is also getting heat from congress over the last presidential election and the spreading of fake news.While some users are calling to delete their Facebook account, there are other options. According to Mark Zuckerburg, Facebook is taking actions to prevent companies from getting your information and ensuring these types of things
How to Maintain the Most Important Ingredient for Leadership
Remember those battery commercials featuring the Energizer Bunny? He just kept going, and going, and going. Yes, it’s true. That Bunny might have been a little annoying, but the message was clear. Energy is important and you never want to run out of it. So what about energy in the business world? How important is energy to an organization’s success? The truth is it’s vital.Energy Breeds SuccessHave you ever worked for a company that was low on energy? Going to work was probably a drag. There is
Beware of Cryptocurrency Frauds
Does it seem like a new cryptocurrency is born each day? Digital coins are popping up continuously, with each hoping to be the next Bitcoin. While most cryptocurrencies will likely never reach the value of Bitcoin, some of them have no intention to. That’s because scammers are becoming more prevalent all the time in the cryptocurrency market.If you haven’t been paying attention, several agencies are starting to sound alarms. According to recent reports, The U.S. Commodity Futures Trading