Sheldon Richman: Brace yourself for ObamaCare taxes

  Now that President Obama’s health-insurance overhaul has become law, we can brace ourselves for the new taxes. What new taxes? Aren’t they only on the “rich” and on large companies?

  It’s true that the Obama plan includes new taxes on upper-income people. For example, the Medicare tax will now be applied to investment income. People making more than $200,000, will now have to pay a 2.9 percent tax on investment income over that limit.

  For people earning salaries of more than $200,000, their payroll tax will rise from 1.45 to 2.35 percent on the amount over that limit. (The so-called employer’s share will remain the same.)