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Tax Hikes Under Obamacare
And these aren't all of them folks!
Ashlea Ebeling, Forbes Staff
I write about how to build, manage and enjoy your family's wealth.
Taxes
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6/28/2012 @ 5:00PM |34,339 views
ObamaCare's 7 Tax Hikes On Under $250,000-A-Year Earners
mjk0259 Tanning tax? Horrors! Communism! My health insurance goes up by more than all these taxes every year and so do the deductible.
John Koppisch , Forbes Staffexcellent piece, Ashlea. a very nice summary of what we’re in for.Ashlea Ebeling ,Forbes StaffThanks. I’m going to follow up with some pieces on planning around the tax hikes; advisors are ready with ideas, and some clients have been implementing th [...]
President Barack Obama's signature on the health insurance reform bill at the White House, March 23, 2010. (Photo credit: Wikipedia)
By ruling that ObamaCare is constitutional, the Supreme Court has set in motion a slew of tax hikes. Well, someone has to pay for it. For rich folks, looming big is the 3.8% Medicare surtax on investment income, and the 0.9% Medicare payroll tax hike (from 1.45% to 2.35%). And then there are the tax hikes for everybody else.
Obama’s pledge against any form of tax increase on Americans making less than $250,000 a year “was thrown out the window” when he signed the healthcare law, says John Kartch, communications director with Americans For Tax Reform (founded by anti-tax crusader Grover Norquist).
Here’s a rundown of seven ObamaCare tax hikes that affect the hoi polloi.
No. 1. The Individual Mandate Excise Tax. Starting in 2014, anyone not buying “qualifying” health insurance must pay an income tax surtax. It goes up each year until 2016 and beyond when a couple would pay a tax of the higher of $1,360 or 2.5% of adjusted gross income.
No. 2. The Over-The-Counter Drugs Trap. Since Jan. 1, 2011, employees with health savings accounts, flexible spending accounts or health reimbursement accounts have no longer been able to use pre-tax funds stashed in these accounts to buy over-the-counter medicines for allergy relief and the like without a doctor’s prescription (there’s an exception for insulin).
No. 3. The Healthcare Flexible Spending Account Cap. Starting Jan. 1, 2013, employees will face a $2,500 cap on the amount of pre-tax salary deferrals they can make into a healthcare flexible spending account. There is no cap under current law. In light of the new cap, employee benefits groups are lobbying for Congress to modify the use-it-or-lose-it rule that means employees forfeit unused funds in their accounts at the end of the plan year.
No. 4. The Medical Itemized Deduction Hurdle. Starting Jan. 1, 2013, taxpayers who face high medical expenses will only be allowed a deduction for expenses to the extent they exceed 10% of adjusted gross income, up from 7.5% now. Taxpayers 65 and older can still use the old 7.5% threshold through 2016. For how to score the medical expense deduction before 2013, click here.
No. 5. The Health Savings Account Withdrawal Penalty. Since Jan. 1, 2011, taxpayers who withdraw money from health savings accounts for non-medical expenses before age 65 face a 20% penalty, up from 10% before.
No. 6. The Indoor Tanning Services Tax. Since July 1, 2010, folks using indoor tanning salons face a new 10% excise tax. This one hasn’t been bringing in as much revenue as anticipated.
No. 7. The Cadillac Health Insurance Plan Tax. Starting in 2018, there will be a new 40% excise tax on taxpayers who are covered by high-cost health insurance plans (with premiums at or above $10,200 for a single or $27,500 for a family). Insurers or employers who are self-insured will pay the tax, but it is expected to trickle down to mean higher costs for consumers.
Americans For Tax Reform has a full list of ObamaCare’s 20 new or higher taxes on American families and small businesses.
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Lying eyes... I think this fits him really well.... |
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WHAT EVERYONE WILL BE SAYING WHEN THEY FIGURE WHAT JUST HAPPENED |
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YEP THE DUMMIES WILL CATCH ON WHEN THE "GIVEITTOMENT" TAKES IT ALL. |
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REMEMBER THIS?
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You are going to give me nightmares, put a sack over his head! LOL! |
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Hahahahahaha
"BOO" Sleep tight |
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Crap! That was just mean! I may never sleep again and will die like that poor guy who stayed awake for days and nights on end to watch some stupid sport. It will be all your fault too and I hope you feel lots of guilt! |
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I just don't what came over me to do such a mean thing. If you need me you know where I'll be....
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LOL! What a cute kitty but too little too late! I almost OD'd on sleeping pills to get rid of those horrible visions! Good thing I don't have a weak heart! |
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I think Donald summed it up pretty well
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Instead of the poor moving upward in life they will stupidly blindly follow the Pied Piper Liar in Charge. There are nearly twice as many on food stamps as there were before Obama took office a mere 3+ years ago. When will the willfully blind open their eyes? Remember the idiot Grayson in Florida accusing the Republicans of wanting people to "die quickly"? Well the DEMS are implementing exactly that strategy. There will be healthcare rationing with Obamacare. There will not be enough providers. That translates into you will because of neglect die quickly.
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Isn't that how it always works? They accuse you of doing of what they're doing or are going to do...if anything, it's a clue into what's ahead. There's even less incentive to work when healthcare is provided, but since there will be fewer jobs than there are now, they won't need to make a mad dash to monster. com anyway if they were so inclined. There's no way around healthcare rationing with the influx of people and doctor shortage as it is. Something has to give and it will be quality, access, and choice. |
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Well, "the poor" have food (in the form of credit cards) and the Gov. tried to give them housing (cheap loans they couldn't afford) and the medical is to keep them alive so they can vote Democrat. The gov wants to pay for their sex in the form of birth control and abortions. What more is there? What incentive to work? The rest of us who EARN get to pay, like it or not. Never mind that we will have substandard healthcare. After all they (FedGov. bureaucrats) ruined the Educational system by involving themselves. Everything they touch turns to excrement. The Fed doesn't believe in "quality" of anything any more. They do believe there is no aspect of life that they won't mess with. And they sure as heck don't believe in "private" anything. If they aren't stopped, my bet is in a mere 50 years we won't have private ownership of anything. THIS was never the Founder's vision. Nor has it historically ever worked. |
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It's all counter to the human spirit which gives us the motivation to better ourselves, without limits, without the misplaced guilt over success and without the redistribution of the fruits of hard work. All of this crap is a spirit breaker, all the way around. We're like caged animals; they've cut out and will continue to cut out any avenue for accumulating wealth, and those caged animal are also all those who think their false, forced Utopia is so wonderful. I wonder if it will be another shining moment for them when they finally see what they've helped create - the excruciatingly highlighted and sharp division between the power elite and a massive peasantry class. Have any of them given a thought as to why, if this plan is so great, the government is exempt? I can't remember who said this - Socialism is for the people, not the socialists. |
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The people doing this WANT us to lose our spirit so that they can run rough shod over us. It will not happen. |
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Yes it is a spirit breaker. I might add, when God is removed from the equation (and this is what many Communist-Marxist activists want) it's the beginning of the end, too. God helps us preserve our morals and morality and keeps inherent goodness of mankind's spirit intact. Communism's Theoretical Failures: Communism strives for the complete equality of all incomes, and therefore, everything. As income approaches complete equality, productivity disappears. It also squelches innovation and inventiveness. When there is no reward for excellence, why excel? The Twentieth Century heralded wonderful advancements in every aspect of our lives because of our freedom and competition under Capitalism, which is the driver of innovation. http://gopcapitalist.tripod.com/socialistmyth.html I belive that the quotation should be reversed. Socialism (or Communism) is for the Socialist/Communist's power and control, not the good of the people. There is no freedom of choice under Socialism and Communism. Everything is dictated by a greedy power elite which completely negates all premise/promise of equality. |
Now Nota! Just look into those big brown eyes and tell me you believe that Obama would tax anyone making under $250,00 a year one thin dime? Look wa-aay up, those first two are upturned nostrils! LOL!