Revenue Offsets – Continued
–Medical device manufacturers and importers will pay an excise tax based on their sales.
–Health insurance companies will pay an excise tax based on the premiums they receive, as well as third-party-agreement funds they charge.
–Part D subsididies for companies providing reireee benefits will end December 31, 2010.
–After December 31, 2012, itemized deductions for medical expenses will be allowed only if they exceed 10% of adjusted gross income However, the present 7.5% figure wil apply for years 2012 through 2017, for those who reach age 65 before the end of the taxable year.
–An insurance company cannot deduct an executive’s salary in excess of $500,000.
–Those earning $200,000 or more will pay .5% of their income on Part A Medicare taxes.