Free Market Groups/Activists Urge Senate to Repeal All ObamaCare Taxes
The letter, which was organized by Americans for Tax Reform (http://www.atr.org/45-conservative-groups-and-activists-senate-should-repeal-all-obamacare-taxes), can be read below or here (.pdf).( http://www.atr.org/sites/default/files/assets/Coalition%20Letter%20Urging%20Senate%20to%20Repeal%20Obamacare%20Taxes.pdf)
The Honorable
Chairman,
As the
During a
We agree.
Recent media reports suggest that the
The roughly
Obamacare taxes directly suppress economic growth. The best example of this is the 3.8 percent so-called Net Investment Income Investment Tax (NIIT) on capital gains and dividends. Historically, capital gains taxes have a significant negative impact on capital formation, productivity, and economic growth while raising little or even negative revenue.
Repealing the 3.8 percent NIIT would return the capital gains tax rate to 20 percent, the rate agreed to by
A related tax hike is the 0.9 percent Medicare surtax on wages and self-employment income, the repeal of which was unfortunately delayed six years by an amendment in the House. It should be repealed as expeditiously as possible.
Other Obamacare taxes directly impact the ability of Americans to meet healthcare costs, such as the income tax hike on families with high medical bills. Around 10 million families pay
Obamacare also makes it harder for individuals to save for their own healthcare choices. Roughly 20 million Americans use tax-advantaged Health Savings Accounts (HSAs) to save for healthcare costs. Another 30 million use Flexible Spending Accounts. There are multiple taxes that restrict the ability of families to use these savings accounts, which limits the choice of consumers.
Other taxes hit certain healthcare industries, such as insurance providers, medical device and prescription drug manufacturers. Inevitably, these taxes are passed onto American families in the form of increased costs.
Finally, the tax associated with the employer mandate has limited millions of Americans to part-time work and the tax penalty associated with the individual mandate hit eight million Americans in 2014, with a family of four facing an income tax hike exceeding
True repeal of Obamacare means repealing the Obamacare taxes and the
We commend you on your stance to repeal these Obamacare taxes and urge any final package accelerate or at least maintain the House-passed tax reductions.
Sincerely,
President, Americans for Tax Reform
Founder/Chairman, 60
President, American Commitment
President,
CEO,
Executive Director, ALEC Action
President,
Policy Director,
President,
President,
President,
President, Citizen Outreach (
President and Co-founder,
Executive Director,
President,
CEO,
President,
Executive Director, Digital Liberty
President,
Chairman,
CEO,
President, Frontiers of Freedom
President, Galen Institute*
President,
President & CEO,
President & CEO, Independent Women's Voice
Chair,
President,
President, Less Government
President, Let
President and CEO,
President,
Chair,
Maine Conservative Activist
Former Speaker,
Chair,
Senior Fellow,
Brandon Arnold
Executive Vice President,
Executive Director,
Co-Executive Directors, the
Founder & CEO,
President & CEO,
President,
President,
Executive Director,
Founder/CEO, Women for Democracy in
Cc:
*Organization listed for identification purposes only
Gov. Malloy Issues Statement on State Senate Approval of Another Insurance Mandate
Sens. Rubio, Menendez, Colleagues Lead Bipartisan Flood Insurance Reform Bill
Advisor News
- Strong underwriting: what it means for insurers and advisors
- Retirement is increasingly defined by a secure income stream
- Addressing the ‘menopause tax:’ A guide for advisors with female clients
- Alternative investments in 401(k)s: What advisors must know
- The modern advisor: Merging income, insurance, and investments
More Advisor NewsAnnuity News
- ALIRT Insurance Research: U.S. Life Insurance Industry In Transition
- My Annuity Store Launches a Free AI Annuity Research Assistant Trained on 146 Carrier Brochures and Live Annuity Rates
- Ameritas settles with Navy vet in lawsuit over disputed annuity sale
- NAIC annuity guidance updates divide insurance and advisory groups
- Retirement is increasingly defined by a secure income stream
More Annuity NewsHealth/Employee Benefits News
- NC’s new Medicaid ‘compromise’ comes at a cruel and frightful cost
- Vance singles out Hawaii as weak on Medicaid fraud policing
- Banner|Aetna Named Exclusive Health Insurance Partner of Arizona Interscholastic Association
- Americans cannot wait any longer for universal healthcare | Opinion
- Idaho's rural hospitals grapple with insurance denials, employee housing shortages, Medicaid changes
More Health/Employee Benefits NewsLife Insurance News
- ALIRT Insurance Research: U.S. Life Insurance Industry In Transition
- 5 steps to take before selling your insurance agency
- U-Haul Holding Company Schedules Fourth Quarter Fiscal Year End 2026 Financial Results Release and Investor Webcast
- New Empathy and LIMRA Research: The Overlooked Opportunity to Engage the Next Generation After an Insurance Payout
- Symetra Names Jeff Sealey Vice President, Stop Loss Captives
More Life Insurance News