The many new taxes placed on us by the Obama administration set to be implemented on January 1, 2013 will make the budgetary and Bush Tax cuts look pale in comparison.
While many “conservatives” have honed in on the issues that the left want them to look at, the new far reaching Obamacare taxes are being shifted into place like vermin eluding a serpent as it’s evening meal.
The taxes below are five of the many taxes being unraveled as Obamacare approaches full implementation in January 2014.
God Bless our country as we morph into a truly Socialist country led by it’s newly elected, although fraudulently, dictator.
As one of Obamas mentor Cloward-Piven suggests, watch as our system is overwhelmed and the socialist build their empire on that statement and eventually crush everything this country has stood strongly upon for 250 or so years.
It’s unfolding now……..read and weap.
Five More Obamacare Taxes Hitting in 60 Days
Americans will be hit with five additional Obamacare taxes for the first time on Jan.1:
The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.
The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.
The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Capital Gains Dividends
2013+ (current law)
The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.
The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.
The Obamacare Medicare Payroll Tax Hike — an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:
Obamacare Tax Hike
While we hear maniacal statements of the left that Obamacare is not a tax, the overwhelming facts show otherwise. Obamacare will bankrupt our country while destroying a very good healthcare system. We have gone away from saving lives to taxing the citizenry for political gain. A sad day indeed! A great day for the Socialists in DC!
Source of info and I encourage you to visit their site regularly:
Americans For Tax Reform (ATR)