The Medicare program was instituted by Congress
as a health insurance program for the elderly and
disabled. It is paid for by employers and
employees through the Medicare tax on an employee's
income.
The Medicare tax along with Social Security under
FICA, the Federal Insurance Contributions Act, is
based upon income and is withheld from the employee's
income and paid by the employer directly to the
government.
The Medicare program is growing out of control
because of the large number of baby-boomers reaching
retirement age, the increasing cost of healthcare and
the fact that people are living longer. The
program alone is a huge portion of the federal budget
and Congress is unwilling to take the hard steps
necessary to put this program on a sound financial
footing. Medicare taxes alone don't even come
close to funding Medicare which has a shortfall in the
trillions of dollars.
• Medicare Levy Changes Are Vital: Roxon AAP Via Yahoo7 News
Hundreds of thousands of families will lose tax relief if planned Medicare changes are rejected, federal Health Minister Nicola Roxon has warned senators.
• Medicare Levy Changes Are Vital: Roxon The West Australian
Hundreds of thousands of families will lose tax relief if planned Medicare changes are rejected, federal Health Minister Nicola Roxon has warned cross bench senators.
• Outlining Tax Platforms Journal Inquirer
As youre probably vaguely aware, the tax and health care platforms of presidential candidates John McCain and Barack Obama provide stark contrasts.
• Keep Charging Luxury Car Tax Adelaide Now
RECENT buyers of prestige cars will have to wait for an expected tax refund after the Rudd Governments controversial luxury car tax was voted down in the Senate.
• Luxury Car Tax Fight Not Over ABC Via Yahoo7 News
The Federal Government says it will reintroduce its defeated luxury tax bill and has attacked the Opposition over its actions which will take over 500 million from the Budget surplus.
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