Obamacare: Barack Obama has already raised taxes on the rich, the IRS releases 159 pages of new tax laws
Barack Obama ran on the promise of taxing the rich and forcing them to pay what he considers to be their fair share, ignoring the fact that tax revenue on the rich actually increased with the Bush tax cuts, and the American people bought into it by rewarding Barack Obama with a second term.
But while telling the American people that the rich had to pay more he ignored the fact that Obamacare did actually raise taxes on the rich already and those tax increases will go into effect next year; the IRS has just released 159 pages of new tax laws to deal with Obamacare taxes on the rich:
The Internal Revenue Service has released new rules for investment income taxes on capital gains and dividends earned by high-income individuals that passed Congress as part of the 2010 healthcare reform law.
The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.
The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.
The tax applies to a broad range of investment securities ranging from stocks and bonds to commodity securities and specialized derivatives.
Barack Obama and the Democrats have already increased the tax burden on the rich, although you don’t hear them touting this, and yet they still want more because they never think they have enough. The question has to be asked, what does Barack Obama think constitutes a fair share? Perhaps it would be easier if the government simply confiscated all Americans’ checks and then just redistributed the money as they saw fit.