Obama Started Fighting Inequality Years Ago -- You Just Didn't Notice

[okaawhatever]

If you’re searching for a modern-day Robin Hood, look no further than Obamacare, or the 2010 Affordable Care Act as it’s more boringly known.

That’s because President Obama’s landmark health care reform law indeed does take from the rich (and middle class) and give to the poor, according to a new paper out of the nonpartisan Brookings Institute.

The study’s authors, Henry J. Aaron and Gary Burtless, found that the poorest 20 percent of Americans will receive what amounts to a 6 percent raise in their average income as a result of the law.

SNIP

In an email to The Huffington Post, co-author Henry Aaron listed a number of reasons Obamacare takes a small slice out of the incomes of the top 80 percent: an increased payroll tax for the rich, a new tax on investment income and a reduction to enrollees in Medicare Advantage, a private insurance plan. The AP listed a jump in Medicare premiums for the wealthiest retirees as an additional reason.

Burtless said in a phone interview with HuffPost that the study's results shouldn't overly concern Americans that appear to take a hit. "We do not take into account the benefit that people derive that if they lose their insurance there will be an affordable insurance plan available," he said. "That has value to most of us.'

Continued at Link:

http://www.huffingtonpost.com/2014/01/30/obamacare-inequality_n_4689644.html?utm_hp_ref=business

[KG]

1. forcing poor people to buy something they didn't before is a raise in income?

ha-ha. nice try.

[Roselma]

5. Yes. Medicaid and Medicaid expansion as well

as extremely heavily subsidized insurance policies (essentially free) do help the poor. That's just the way it is. So, my hubby's friend now gets a silver-level plan for $32/month (he is age 63), BUT due to his low income, in addition to low premiums and SUPPORTS, he pays an annual deductible equal to only $100 (website says $1000) with $.0 copay (website says $20), almost all medications are covered 100% and an annual maximum out-of-pocket of $500. The plan called "silver" with its combination of premium subsidies and other supports will cover nearly 97% of all of his medical costs.

[Mass]

2. What does Obamacare take to the rich? For the most part, it

Last edited Sat Feb 1, 2014, 03:10 PM - Edit history (1)

preserves them by avoiding to finance healthcare according to your means. Payroll taxes are paid mostly by the middle class and working poor. Most of the rich revenues are not touched.

This does not mean that the Medicaid expansion and the subsidies are not good, but people have to stop saying it touches the rich. Middle class probably, but not them.

[ProSense]

4. The health care law

"This does not mean that the Medicaid expansion and the subsidies are not good, but people have to stop saying it touches the rich. Middle class probably, but not them."

... raised the payroll tax for high income earners and taxed investment income.

Net Investment Income Tax

A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on the Net Investment Income Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Net Investment Income Tax, see our questions and answers.

Additional Medicare Tax

A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year. The IRS and the Department of the Treasury have issued proposed regulations on the Additional Medicare Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Additional Medicare Tax, see our questions and answers.

http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions

Krugman: Obama and the One Percent
http://www.democraticunderground.com/10024391415

[freshwest]

7. K&R right here. n/t

[TheMathieu]

3. I noticed.

It is helping me and my family a great deal.

And that's the hallmark of a great law.

[Jamaal510]

6. The Koch Brothers definitely noticed long ago.

That's why they and other ultra-rich tycoons spent tons of dollars in 2012 to defeat him.

[reformist2]

8. Maybe so, but Obama rescued the stock market first.

[TransitJohn]

9. Indeed, the Administration and Congress have worked together like this

[pampango]

10. Studies. We don't need no stinkin' studies we already "know" the truth.

We know what we know. Studies and science just cloud our convictions.