The ACA is funded by taxpayer dollars, which is part of the reason why the GOP has spent years attempting to dismantle the landmark law.
Individuals who make more than $200,000 a year are required to pay a 3.8% net investment income tax (NIIT), which applies to investment, income dividends, capital gains, royalties, etc. Some Americans in that income bracket are also subject to the additional 0.9% Medicare tax.
“The ACA expanded health care for low- and middle-income people and financed it largely with a tax increase on the rich,” Hanlon explained. “Repealing it would unwind all that. And specifically, the biggest tax provision was a new 3.8% tax on the investment income of high-income people. Since investment income like capital gains and dividends is extremely skew ed toward the very wealthy, that is who would benefit the most from eliminating the tax.”
Cuttint the defense budget will reduce that tax, as will cutting the housing budget.
The budget, including taxes, are collapsed into a single account. They do not uncollapse automatically, it is not a specific fee. Thus us a completely fictitious statement, almost as bad as Kevin Drum.
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