If you maintain a health savings account and had to withdraw from it due to non-medical reasons in the past, you were hit with a penalty tax of 10%. H.R. 3962 doubles that to 20%.
Never forget that the rich are evil bastards who should be soaked at every opportunity according to the Dems. Oh, and it's not a tax on $1,000,000 incomes as erroneously reported - it's a tax on incomes over $500,000 per individual.
‘‘SEC. 59C. SURCHARGE ON HIGH INCOME INDIVIDUALS.‘‘
(a) GENERAL RULE.—In the case of a taxpayer other than a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal
to 5.4 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $1,000,000.
‘‘(b) TAXPAYERS NOT MAKING A JOINT RETURN—
In the case of any taxpayer other than a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), subsection (a) shall be applied
by substituting ‘$500,000’ for ‘$1,000,000’.
‘‘SEC. 4061. MEDICAL DEVICES. ‘‘
(a) IN GENERAL.—There is hereby imposed on the first taxable sale of any medical device a tax equal to 2.5 percent of the price for which so sold.
I'm having another WTF!!!! moment. How does this reduce the cost of healthcare. C'mon, liberals, show some intellect and challenge me on this one! This is completely non-sensical tome insofar as it relates to the supposed goals of this bill. So, Joe gets hit by a car on his way home. Joe loses his legs. Sucks to be Joe - he or his insurer now pay a tax on Joe's artificial limbs.
Payments by Medicare to nursing homes are reduced by 2%. Hmmmm....
I'm on page 451 which is mainly Medicare terminology. They could tell me pigs fly in this section in bureaucratese and I wouldn't know the difference to be honest. So I think I'll give it a rest tonight.