Posted 23 June 2017 - 05:48 PM
7 Huge Tax Breaks in the Senate GOP Health Care Plan
1. Repeal of surtax on investment income, worth $222.8 billion over 10 years. This is the granddaddy of the Obamacare taxes directly aimed at wealthier Americans and investors. It created a new, 3.8 percent tax on investment income in households making at least $250,000 a year or for single people earning at least $200,000.
2. Repeal of health insurance tax, worth $130 billion over 10 years. This tax is directly levied on the health insurance industry and is collected annually by the Treasury and is divided among insurers based on the premiums they collect each year. While insurers have complained about the tax, they have largely passed it along to small businesses that provide health care to their employers and middle class families and others in the form of higher premiums.
3. Repeal the hike in Medicare payroll tax, worth $123 billion over 10 years. The Affordable Care Act imposes an additional 0.9 percent payroll tax on individuals making $200,000 or couples making more than $250,000. Repealing the law provides a significant tax break for upper-income Americans.
4. Repeal of excise tax on comprehensive health insurance plans, worth $32 billion over 10 years. The proposed 40 percent excise tax on employer-provided "Cadillac" health insurance plans was scheduled to take effect in 2020. The steep tax would target top-of-the-line health insurance plans exceeding $10,200 for individuals and $27,500 for families. The Kaiser Family Foundation projected that the Cadillac tax would hit 26 percent of employer provided plan beginning in 2020 and rise to 42 percent by 2028.
5. Repeal of the "black liquor" tax hike, worth $23.6 billion over 10 years. This is a tax increase on a type of bio-fuel that is the byproduct of wood pulp manufacturing. The tax break would benefit paper mills.
6. Repeal tax on medical device manufacturers, worth $20 billion over the next 10 years. The new 2.3 percent excise tax on all sales of medical devices was temporarily postponed and set to take effect in 2018. Manufacturers have strongly lobbied against the tax, saying it would be serious blow to businesses and consumers, although the tax does not apply to eyeglasses, contact lenses, hearing aids, wheel chairs or other medical devices the public generally buys at retail for individual use.
7. Repeal "medicine cabinet tax" on HSAs and FSAs, worth $6.7 billion over 10 years. Under Obamacare, the 20.2 million Americans with Health Savings Accounts and the 30 million or so covered by a Flexible Spending Account are no longer able to purchase over-the-counter medicines such as cold, cough and allergy medicine using these pre-tax account funds.
tax cuts for the wealthy will greatly increase the deficit and debt ....
FY2017 federal revenues, previously forecast by the CBO to grow at 3%, are instead growing at less than 1% http://bit.ly/2rawNnv...
Federal revenues are $60 billion to $70 billion smaller for the fiscal year to date than CBO expected http://bit.ly/2rawNnv
The federal budget deficit was $432 billion for the first eight months of fiscal year 2017, the Congressional Budget Office estimates—$26 billion more than the shortfall recorded during the same span last year. But that result was affected by shifts in 2016 in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, the deficit for the first eight months of fiscal year 2017 would have been $68 billion larger than the one recorded for the same period last year. https://www.cbo.gov/publication/52791
Federal tax revenues (billions)
FY2017 thru May (29) as compared to May FY2016
FY2016 3,267 (18) deficit $587 billion
FY2015 3,249 (228) deficit $439 billion
CBO: Federal corporate tax revenues through May and for Fiscal Year (billions)
FY2016 $162 $300 (9.18% of total federal revenues)
FY2015 $183 $344 (10.59% of total federal revenues)
For the benefit of yourself and others please add your CML history into your Signature
02/2010 Gleevec 400mg
2011 Two weakly positives, PCRU, weakly positive
2012 PCRU, PCRU, PCRU, PCRU
2013 PCRU, PCRU, PCRU, weakly positive
2014 PCRU, PCRU, PCRU, PCRU (12/07 began dose reduction w/each continuing PCRU)
2015 300, 250, 200, 150
2016 100, 50/100, 100, 10/17 TFR
2017 01/17 TFR, 04/18 TFR, 07/18 TFR 0.0012, 08/29 TFR 0.001, 10/17 TFR 0.000
2018 01/16 TFR 0.0004 ... next quarterly PCR 04/17
At the earliest opportunity, and whenever possible, lower your TKI dosage; TKIs are toxic drugs and the less we take longterm the better off we are going to be ... this is especially true for older adults.
In hindsight I should have started my dosage reduction two years earlier; it might have helped minimize some of the longterm cumulative toxic effects of TKIs that I am beset with.
longterm side-effects Peripheral Artery Disease - legs (it's a bitch); continuing shoulder problems, right elbow inflammation. GFR and creatinine vastly improved after stopping Gleevec.
Cumulative Gleevec dosage estimated at 830 grams
Taking Gleevec 400mg an hour after my largest meal of the day helped eliminate the nausea that Gleevec is notorious for.
Trey's CML Blog - Stopping - The Odds - Stop Studies - Discussion Forum Cessation Study
Big PhRMA - Medicare Status - Social Security Status - Deficit/Debt