Follow up to previous postings on health care reform, this relevant data: “The $938 billion health care reform legislation finalized by Congress [signed by President Obama on March 23, 2010] is financed primarily through net cuts to Medicare and an increased Medicare tax on high-income taxpayers, according to the Tax Foundation. The Medicare spending cuts would save $416.5 billion, or about 39 percent of the bill’s 10-year cost. The increased Medicare taxes on high-income people — including an additional 0.9% Medicare Hospital Insurance Tax on earned income exceeding $200,000 for single taxpayers ($250,000 for married couples) and an “Unearned Income Medicare Contribution” of 3.8% on investment income for taxpayers with adjusted gross incomes (AGI) in excess of $200,000 for single filers ($250,000 for married filers) — would raise $210 billion, or about 19 percent of the legislation’s cost. A graph depicting a breakdown of the financing is available online. The cost of coverage provisions from 2010-2019 is $938 billion, but the total of all provisions is $1.08 trillion due to deficit reduction.”
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