Tax increase on the rich – already done.

Beginning on 1/1/2013, individuals with income over $200,000 and married couples with incomes over $250,000 will pay a new 3.8% Medicare tax on interest, dividends and capital gains.  This increase will happen whether or not the Bush Tax Cuts are allowed to expire.  Currently, the Medicare tax is 2.9% of all earned income, without limit.  So, the wealthy pay the Medicare payroll tax on everything they earn.  Beginning in 2013, they will contribute even more based on unearned income.  This tax was included he Patient Protection and Affordable Care Act (PPACA), commonly called Obamacare.  The tax had nothing to do with protecting patients or making care more affordable.  It was simply a tax increase on the rich to help reduce the tremendous Medicare funding deficit.  So, Obama has already increased taxes on the rich.

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