Sunday, July 01, 2012

Taxes Here, Taxes There, ObamaCare Taxes, Everywhere!!!

ObozoCareTax:

...The first, and best known, of these seven taxes that will hit all Americans as a result of Obamacare is the Individual Mandate Tax (no longer concealed as a penalty). This provision will require a couple to pay the higher of a base tax of $1,360 per year, or 2.5% of adjusted gro[ss] income starting with lower base tax and rising to this level by 2016.  Individuals will see a base tax of $695 and families a base tax of $2,085 per year by 2016.

That's a fairly large tax in itself.
 
Next up is the Medicine Cabinet Tax that took effect in 2011.  This tax prohibits reimbursement of expenses for over-the-counter medicine, with the lone exception of insulin, from an employee’s pre-tax dollar funded Health Saving Account (HSA), Flexible Spending Account (FSA) or Health Reimbursement Account (HRA).

The Flexible Spending Account (FSA) Cap, which will begin in 2013, is perhaps the most hurtful provision to the middle class.  This part of the law imposes a cap of $2,500 per year (which is now unlimited) on the amount of pre-tax dollars that could be deposited into these accounts.  Why is this particularly hurtful to the middle class?  It is because funds in these accounts may be used to pay for special needs education for special needs children in the United States.

Nice.  Slam the special needs kids and families who use child-care--or anyone else who

...Another direct hit to the middle class is the Medical Itemized Deduction Hurdle which is currently 7.5% of adjusted gross income.  This is the hurdle that must be met before medical expenses over that hurdle can be taken as a deduction on federal income taxes.  Obamacare raises this hurdle to 10% of adjusted gross income beginning in 2013.

The seventh new tax that directly impacts the middle class, along with all citizens, is the Excise Tax on Comprehensive Health Insurance Plans or the “Cadillac” Health Insurance Plan Tax.  These are plans that provide extensive coverage and that are generally fully paid for, or largely paid for, by employers.  This provision imposes a 40% excise tax on the employer-paid premium on taxpayers who are covered by such plans, beginning in 2018...

That one will slam the daylights out of taxpayers who pay for AFSCME/WEAC-level health bennie programs, which are Cadillac- (or Bentley-) types.  OR it will slam the daylights out of the employees who are receiving such bennies.  Take your pick.

6 comments:

Amy said...

Slam the special needs kids and families who use child-care

Don't worry. Soon it will be "medically advisable" that such special-needs kids aren't allowed to be born, which will solve that problem.

What a mess. Hope Obama has fun defending this through the election. And I hope Mitt Romney is taking notes.

At this point anyone -- a ragmop -- who can talk about these taxes is going to beat Obama.

Anonymous said...

Why would Romney take notes? He created it at the state level!

Jim said...

The first, and best known, of these seven taxes that will hit all Americans as a result of Obamacare is the Individual Mandate Tax

This is a lie. The penalty for the mandate is estimated to apply to about 4 million people who can afford health insurance and refuse to purchase it. That is hardly "all Americans."

Dad29 said...

....only if you live in LaLaLand--like say, California.

Given the choice between paying $14-20K/year EACH for employee health insurance, or paying $2.5K/employee to dump them into the "pool," ....

But then, you never were real good at reality-games.

Tim Morrissey said...

It's such a shame that the Republicans will nominate the man who created and vigorously defended the "taxes" in RomneyCare.

Jim said...

Employers have been free all along to NOT provide health care for their employees, thereby saving trillions of dollars. Why do you think all of a sudden they are going to stop providing it now?