obamacare-taxes

This article concentrates on yet another aspect of  Obamacare rarely, if ever, discussed and though all of this may sound mundane and boring, since it will raid your pocket for additional taxes you need to check it out.   This portion comes under:   TITLE I-COVERAGE, MEDICARE, MEDICAID, AND REVENUES and most sections will have a brief description:

SUB-TITLE E – PROVISIONS RELATING TO REVENUE 
CHAPTER 2A
SEC. 1411. IMPOSITION OF TAX 

‘‘(a) IN GENERAL.—Except as provided in subsection (e)—

‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual, there is hereby imposed (in addition to any other tax imposed by this subtitle) for each taxable year a tax equal to 3.8 percent of the lesser of—
‘‘(A) net investment income for such taxable year, or
‘‘(B) the excess (if any) of—
‘‘(i) the modified adjusted gross income for such taxable year, over
“(ii) the threshold amount
‘‘(2) APPLICATION TO ESTATES AND TRUSTS.—In the case of an estate or trust, there is hereby imposed (in addition to any other tax imposed by this subtitle) for each taxable year a tax of 3.8 percent of the lesser of—…..”
‘‘(b) THRESHOLD AMOUNT.—For purposes of this chapter, the term ‘threshold amount’ means—
‘‘(1) in the case of a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), $250,000,
‘‘(2) in the case of a married taxpayer (as defined in section 7703) filing a separate return, 1⁄2 of the dollar amount determined under paragraph (1), and
‘‘(3) in any other case, $200,000
‘‘(c) NET INVESTMENT INCOME.—For purposes of this chapter—
‘‘(1) IN GENERAL.—The term ‘net investment income’ means
the excess (if any) of—
‘‘(A) the sum of—
‘‘(i) gross income from interest, dividends, annuities, royalties, and rents, other than such income which is derived in the ordinary course of a trade or business not described in paragraph (2),…..”
‘‘(2) TRADES AND BUSINESSES TO WHICH TAX APPLIES…..”
 ‘‘(3) INCOME ON INVESTMENT OF WORKING CAPITAL SUBJECT
TO TAX.—…..”
These are the basic highlights of the particular sections as noted above.  All of this  can be found in the Certified Full-Text Version: Reconciliation Act (PDF – 282 KB)

While this portion of Obamacare does not have anything to do with healthcare per se, its relationship lies in the fact that additional revenues for funding this monstrosity relies on the ability to impose additional taxes on the activities noted.  (Bbbbut didn’t he say he wouldn’t raise taxes on the middle class?)

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Grace B. is the Editor of American Patriot.

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