— Broaden the 1.45-percent Medicare tax on earned income to “passive income,” which could include money from capital gains, rental properties an...
— Broaden the 1.45-percent Medicare tax on earned income to “passive income,” which could include money from capital gains, rental properties and businesses that do not require direct participation. This could raise 0 billion.
— Levy a five-percent surtax on individuals who earn more than 0,000 and couples that make million.
— Tax health benefits at a higher level than had been considered. Two scenarios are in play. Taxing plans worth more than ,300 for a family and ,300 for an individual could raise 0 billion. Increasing the cut-off to plans worth more than ,000 would bring billion.
— Capping the tax break on itemized deductions at 28 percent, as President Barack Obama had proposed, or freezing the top deduction rate at 35 percent when the Bush tax cuts expire in 2010. The first scenario would raise 8 billion, while the second would collect billion.
— Issue tax credit bonds to pay for the proposed Medicaid expansion, raising billion.
— Charge fees to pharmaceutical manufacturers, bringing in as much as billion, and insurance providers, raising billion.
– Raise taxes on sodas and sugary drinks. A 3-cent hike could pick up billion, and a 10-cent hike could make 0 billion. This one already appears out of favor: Many senators have specifically ruled out the sugar tax, and a Senate Democratic source said it was the one option that was clearly not gaining traction with committee members.
http://www.politico.com/news/stories/0709/24752.html
Tags: barack obama, bush tax cuts, capital gains, committee members, gaining traction, health benefits, insurance providers, itemized deductions, medicaid, medicaid expansion, medicare tax, passive income, pharmaceutical manufacturers, rental properties, sodas, sugar tax, sugary drinks, surtax, tax break, tax credit
Posted in Tax Deductions Q & A | 7 Comments »
— Broaden the 1.45-percent Medicare tax on earned income to “passive income,” which could include money from capital gains, rental properties and businesses that do not require direct participation. This could raise 0 billion.
— Levy a five-percent surtax on individuals who earn more than 0,000 and couples that make million.
— Tax health benefits at a higher level than had been considered. Two scenarios are in play. Taxing plans worth more than ,300 for a family and ,300 for an individual could raise 0 billion. Increasing the cut-off to plans worth more than ,000 would bring billion.
— Capping the tax break on itemized deductions at 28 percent, as President Barack Obama had proposed, or freezing the top deduction rate at 35 percent when the Bush tax cuts expire in 2010. The first scenario would raise 8 billion, while the second would collect billion.
— Issue tax credit bonds to pay for the proposed Medicaid expansion, raising billion.
— Charge fees to pharmaceutical manufacturers, bringing in as much as billion, and insurance providers, raising billion.
– Raise taxes on sodas and sugary drinks. A 3-cent hike could pick up billion, and a 10-cent hike could make 0 billion. This one already appears out of favor: Many senators have specifically ruled out the sugar tax, and a Senate Democratic source said it was the one option that was clearly not gaining traction with committee members.
http://www.politico.com/news/stories/0709/24752.html
Tags: barack obama, bush tax cuts, capital gains, committee members, gaining traction, health benefits, insurance providers, itemized deductions, medicaid, medicaid expansion, medicare tax, passive income, pharmaceutical manufacturers, rental properties, sodas, sugar tax, sugary drinks, surtax, tax break, tax credit
Posted in Tax Deductions Q & A | 9 Comments »