Bloomberg is reporting that Sen Reid is considering another new tax to help fund health care legislation (I’m giving up on the reform idea).
“Reid’s proposal, being advanced by Massachusetts Senator John Kerry, would apply Medicare taxes to non-wage income earned from capital gains, dividends, interest, royalties, and partnerships for American couples earning more than $250,000, the aides said. He’s also considering an alternative that would simply increase the 1.45 percent Medicare tax on salaries of couples who earn more than $250,000, one of the aides said.”
Those among us who see no problem soaking the rich should be careful what they ask for because these health care proposals will get out of control cost wise real fast. $250,000 is only the starting point for additional taxes.
What is most disconcerting about this proposal is the connection between new entitlements and existing Medicare. We have yet to deal with the Medicare fiscal crisis and we are tapping that vehicle for other purposes.
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