by PDR -
Medicare Tax according to Webster's: A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age. Medicare tax is paid by both employee and employer.
Medicare Tax was first imposed upon us working Americans in 1966 at a rate of .35 or .70. The current Medicare Tax rate is 1.45% or 2.90%; that is a 241% increase over a 43 year period. Medicare is paid by the employee, yes you the employee and is matched by the employer. There is no wage base for the Medicare tax, you pay it from day 1 and you pay it as long as you are a wage earning American. We already pay too much in taxes.
This tax affects ALL of us adversely:
The young will be paying from the first job they take. They will have no CHOICE but to participate in government sponsored health care. They will this Medicare tax until they are ready to retire at age 65 and collect their and then they will become SENIORS
SENIORS, who have been paying into Medicare are will receive less services by less doctors; higher premiums for MediGap and the government will have direct access to your bank account to obtain payment for services. Medicare already denies more claims than any private insurance plan. HR3962 specifically makes reference to a reduction in Medicare funding, higher Medicare Taxes but less funding and benefits. Is this what we want? NO we do not.
And Small business owners-we know who we are and we know how we are currently struggling under high taxes. We can no longer afford additional taxation. Small businesses combined provide the greater majority of jobs in this country and are always hardest hit by tax increases. Why? Because it is more difficult for small businesses to compete and more difficult for small businesses to increase the costs of goods and services. Colgate Palmolive can increase the cost of a tube of toothpaste 1% to cover this Medicare tax increase and the American consumer will continue to purchase the toothpaste. They can raise the price by 10 or 20% to cover all the additional costs that will be imposed upon us by HR3962 and we will continue to purchase their products. The small business owner who increases his price for goods and services by 10% may be out of business tomorrow.
I urge everyone to oppose HR3962. It is an invasion of our privacy. It takes away our choices. It reduces benefits to our seniors. It increases taxes and costs. And it does not provide coverage for every uninsured American, but it sure does tax every working American.