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Wealthiest Americans Will Pay More Taxes To Fund Health Care Law

12/18/12

  04:53:49 pm, by MedBen5   , 155 words,  
Categories: News, Health Plan Management

Wealthiest Americans Will Pay More Taxes To Fund Health Care Law

Affluent Americans will soon see a reduction in their paychecks in order to finance health care reform, The New York Times reports.

Beginning January, workers will pay a tax equal to 0.9% of any wages over $200,000 for single taxpayers and $250,000 for married couples filing jointly. That’s in addition to the 1.45% hospital insurance tax employees and employers currently pay to help fund Medicare.

The new taxes are expected to raise a total of $318 billion over the next decade to help pay for health care – about half the revenue to be collected under the Affordable Care Act. On average, the highest-income households will pay an additional $6,000 in 2013, economists estimate.

Ruth M. Wimer, a tax lawyer at McDermott Will & Emery, notes that the taxes came with “a shockingly inequitable marriage penalty.” A single man or woman who earns $200,000 would pay no additional tax. But if they were married and filing jointly, they would owe $1,350 over the $250,000 threshold.

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