“This bill sends a loud and clear message: tax cuts for special interests and the wealthy matter more than your health care,” said Sen. Ron Wyden, the top Democrat on the Finance Committee..
Democrats relied on more than a dozen tax increases to help defray the cost of the health care law, the largest of which is essentially a backdoor increase in the capital gains rate. Known among experts as the “net investment income tax,” it imposes a 3.8 percent surcharge on a broad swathe of investments by people earning more than $250,000, on top of the usual capital gains rate that tops out at 20 percent.
It was paid by nearly 4 million people in 2015 on everything from interest to annuities to royalties to some home sales to large estates, in some circumstances.
A similar number paid the 0.9 percent surtax on wages that year, and together the…
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