Friday, October 30, 2009

ObamaCare: Lotsa New Taxes!

Besides demolishing family health insurance, ObamaCare has a few other nasty little taxes. Highlights:

Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs).

Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price.

The next one is a huge new regulatory/paperwork burden, but not a tax:

Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property

That's stark-raving nuts. It means that a small business will be required to issue 1099s to (e.g.) OfficeMax for all its purchases of paper, ink, (etc.) throughout a given year, and to the electric and phone companies, etc., etc. That's about 8 hours' worth of toting, typing, and mailing...

Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related

(Ask the City of Milwaukee about revenooer-deeming. They just love it!!)

1 comment:

brain said...

Here's a funny music video making fun of Obamacare, and the progressive view of their "New America:"

http://www.youtube.com/watch?v=5ibHFAXGUwo