Subject: txt 1st hcare mny =
Under ObamaCare, payroll levies will hit investment income for the first time ever
President Obama's 11th-hour decision to apply the 2.9 percent Medicare payroll tax to "unearned income" -- that's what savings and investment income are called in Washington -- would be extended beyond wages to interest, dividends, capital gains, annuities, royalties and rents.
According to the Institute for Research on the Economics of Taxation:
- This investment tax would depress GDP by about 1.3 percent and reduce capital formation by 3.4 percent.
- Labor productivity and wages would fall across the board, while the lost government revenues from the more-sluggish economy would offset the expected receipts.
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