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"I will repeal Obamacare on my first day in office."

Obama’s Health Care Law Would Drive Romney’s Tax Bill Up

Most Americans pay more in payroll taxes – which finance Social Security and Medicare – than they do in income taxes. The rich are different. Mitt and Ann Romney paid virtually no payroll taxes in 2011, because nearly all their income came from investments on which payroll tax was not owed.

For most taxpayers, the 2.9 percent Medicare tax levied on wage income will be the same next year as it was in 2011. But starting in 2013, high-income taxpayers will pay more – and in the Romneys’ case – much more.

If their 2013 income were unchanged from this year, their Medicare tax bill would exceed $500,000.
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