Statement opposing the extension of the Medicare Hospital Insurance (HI) tax to unearned income
The Alliance for Savings and Investment (ASI) released the following statement today opposing the extension of the Medicare Hospital Insurance (HI) tax to unearned income.
Statement on behalf of Alliance for Savings and Investment (ASI) spokesperson Jim McCrery:
“Putting aside the merits of the overall health care reform plan, the Alliance for Saving and Investment was disappointed to learn of the inclusion of the application of a 3.8 percent HI (Medicare) tax to all income from saving and investment, including dividends and capital gains. If this proposal were to become law, it would be the first time in the history of Medicare that something other than the payroll tax would be used to finance the program. Such a move would not only sever the historical link between taxes paid on wages with benefits ‘earned,’ but would be a direct tax increase on saving and investment at the very time our economy needs more private investment to create jobs.”
About the Alliance for Savings and Investment:
The Alliance for Savings and Investment (ASI) is a diverse group of dividend-paying companies, investor organizations, and trade associations committed to strengthening the economy through policies that foster private savings and capital investment. ASI members include Altria, American Gas Association (AGA), Edison Electric Institute (EEI), Financial Services Forum, Investment Company Institute (ICI), Securities Industry and Financial Markets Association (SIFMA) and Verizon.