Here's the list of tax increases associated w/ Obamacare! (Congress, health care, how much)
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So much for "Oh, it's only going to affect those people who don't have insurance, no one else will have to pay"
A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ)
A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
The itemized-deduction hurdle for medical expenses is going up to $10,000. Right now, any medical expenses over $7,500 per year are deductible. Next year, that hurdle will be $10,000. (ATR.org)
The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
A tax of 10% on indoor tanning services. This has been in place for two years, since the summer of 2010. (ATR.org)
A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)
A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)
A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income. (More details here.)
A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures. (Breitbart.com)
So those are some of the new taxes you'll be paying that will help pay for Obamacare.
Any big ones I've missed?
I don't see anything unreasonable with those taxes. Most of them fall on the upper brackets that have been getting a deal on taxes for ten years.
Also, what's the problem with the penalty tax for those who don't buy health insurance? Those people choose to have no health insurance but when they have an illness show up to ER and expect the rest of us to pay for their care. Why should they get a free ride and shirk personal responsibility? Isn't that what conservatives preach, personal responsibility?
So instead of them showing up at the ER for a free ride we just hand em the free ride. Nothing will change, people were getting free care before obamascare and now we will just hand it to em
The 40% tax on "Cadillac Health Care Plans" is the biggest one here. That segment alone would sink any president three letter grades in my book. In Obama's case, he's already at an F----.
What about refusing dubious preventative medicine? What about the justification for curtailing freedom? Can I force fat people, reckless drivers and smokers to change their behavior?
The 40% tax on "Cadillac Health Care Plans" is the biggest one here. That segment alone would sink any president three letter grades in my book. In Obama's case, he's already at an F----.
And the panoply of other taxes. Good grief.
Do you have such a plan? Because the tax starts in 2018.
Criticisms of these plans generally center around the fact that small or nonexistent co-pays, deductibles, or caps encourage the overuse of medical care, driving the cost up for the uninsured or those on other plans, that some say necessitates a Cadillac tax.[citation needed]
A study published in Health Affairs in December 2009 found that high-cost health plans do not provide unusually rich benefits to enrollees. The researchers found that only 3.7% of the variation in the cost of family coverage in employer-sponsored health plans is attributable to differences in the actuarial value of benefits. Only 6.1% of the variation is attributable to the combination of benefit design and plan type (e.g., PPO, HMO, etc.). The employer's industry and regional variations in health care costs explain part of the variation, but most is unexplained. The researchers conclude "…that analysts should not equate high-cost plans with Cadillac plans, but that in fact other factors—industry and cost of medical inputs—are as important in predicting whether a plan is a high-cost plan. Without appropriate adjustments, a simple cap may exacerbate rather than ameliorate current inequities.
What about refusing dubious preventative medicine? What about the justification for curtailing freedom? Can I force fat people, reckless drivers and smokers to change their behavior?
There is no "refusing dubious preventative medicine." As for freedom, what freedom is being infringed -- the right to get sick and add your costs to that of hospital overhead?
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