There are twenty new or increased taxes in Obamacare. This package was supposed to give you a $2,500 family rate reduction in your medical costs. The cost of insurance will have to drop by $5,000 for you to see that reduction because costs have already increased since the President made that promise.
The legal name for the health plan is the (PPACA) Patient Protection and Affordable Care Act.
Five taxes trigger from the PPACA on January 1st. All total, the American taxpayer will shoulder a $1 trillion tax hike for the years 2013-2022 according to the Congressional Budget Office (CBO) no matter what the outcome of the Fiscal Cliff Crisis.
The Obamacare taxes effective on January 1st are highlighted here:
1) Obamacare Medical Device Tax: Obamacare puts a new 2.3 percent excise tax on company sales even if the company doesn’t earn a profit during the year. Conclusion: Job loss and everything from pacemakers to artificial hips will be more expensive increasing insurance premiums.
2) Obamacare Flex Account Tax: Americans who use pre-tax Flexible Spending Accounts (FSA) to pay for their family’s medical needs will see their account capped at $2500. This will confiscate $13 billion of new tax money from Americans over the next ten years.
3) Obamacare Surtax on Investment Income: This is a new, 3.8 percentage point surtax on investment income earned in households at the new fiscal cliff gross income level. What it means is that your capital gains tax will increase from 15 to 23.8 percent and your dividend tax would increase from 15 to 43.4 percent.
4) Obamacare Medical Itemized Deduction Tax: Americans who face high medical expenses were able to deduct those expenses exceeding 7.5 percent of adjusted gross income (AGI). For 2013, this tax will limit the deduction to a maximum of 10 percent of AGI. This tax provision harms retirees and seniors with high medical bills.
5) Obamacare Medicare Payroll Tax Hike: The Medicare payroll tax will increase from 2.9 to 3.8 percent. This is a direct income tax hike on small business owners who are liable for self-employment tax.
These are only a few of the President’s new taxes that will no doubt effect the middle class working people, senior citizens and retirees on fixed income.
Remember, many of you have already paid taxes into Obamacare for at least the last two years and all you got for your money was a higher insurance premium.
Coming soon at your employer . . . The President’s plan directs your employer to tax your health care as income and phase out the benefit status leaving you to pay the taxes since it will become part of your gross annual income.
Welcome to Obamacare because there are at least fifteen more Obama taxes on their way.
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