The American Spectator : The Spectacle Blog : Democrats Eye Medicare Tax on Investment Income

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The Spectacle Blog

Democrats Eye Medicare Tax on Investment Income

By Philip Klein on 1.12.10 @ 4:14PM

Yesterday, I noted how the proposed new Medicare payroll tax is on the verge of being raised for the second time even before being passed into law. Today brings word that in order to appease unions and reduce the impact of the tax on high-end insurance policies, Democrats are considering applying the new Medicare tax to investment income as well as wages, the Wall Street Journal reports. Applying the new Medicare tax to investment income would have similar economic effects as raising the capital gains tax in terms of reducing incentives for individuals to invest. The capital gains tax is already scheduled to rise to from 15 percent to 20 percent next January as the Bush tax cuts expire. This new investment tax would raise that effective rate even higher.

During an April 2008 debate with Hillary Clinton before the Pennsylvania primary, candidate Obama was asked why he supported a capital gains tax hike even though history shows that raising the tax on investments actually results in less revenue. He responded that he supported such a tax hike "for purposes of fairness." Video below.

View all comments (6) | Leave a comment

MarkJ| 1.12.10 @ 7:14PM

Barack Hussein Obama: Soooper Geeenyus.

Lord Zero appears to be declining around two points per month in the polls. Heck, even if the Chicago Wonder slows his fall to "only" 1% per month, his approval numbers will easily be down to 35-38% by fall. Numbers like those are toxic and portend a biblical-scale wipeout of Donks in November.

Don't even get me started on what might happen if, or more likely, when we slip back into recession thanks to massive ObamaCare-related taxation. If that happens, The Boy President will consider himself damn lucky to have finished his only term without resigning first.

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arthdsoft| 1.13.10 @ 1:18AM

Lord Zero appears to be declining around two points per month in the pollsgreen coffee 800
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Inge| 1.13.10 @ 5:26AM

This comment has nothing to with healthcare. The Canada Free Press (CFP) reported yesterday, that zero signed another executive order, of cours secrectly, to establish a 'Council of Governors' selected by him.
What is most troubling as one reads the news, it appears that zero is hurrying to turn the USA into a 'dictator state'.
I encourage anyone to read the post at the CFP site, there are some really troubling issues , only to wonder what is really going on.

2Anglico| 1.13.10 @ 9:22AM

Politicians are the most greedy people on Earth. But, they get away with this garbage because WAY too many Americans WANT them to do EXACTLY what they are doing!