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Posts Tagged ‘OBAMACARE tax’

3.8 % Surtax on investment income shocks Americans funding OBAMACARE in 2013

In Uncategorized on January 3, 2013 at 6:43 AM

As America wakes up on a cool January 1, 2013 from perhaps a night of celebrating the New Year, making resolutions for a new better year, full of lofty resolutions and promises to self to lose weight, quit smoking or be a better parent the US government and a fake president are placing huge tax burdens on you to fund OBAMACARE.

The circle of life continues and singing Aud Lang Syne is echoing in the distance while an oppressive and repressive tax is being placed on you once again.

We have discovered the Medical Devices tax or another retail tax as some in the house call it that soaked us for about 40 billion but another tax has been unveiled with many tentacles called a “surtax on Investment income”, a 3.8 percent tax relative to income earners of 250,000 (jointly) or 200, 000 dollars (single).

Taxes are increased from 39.6% to 43.4%  Other unearned income includes (for surtax purposes) gross income from interest, dividends, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.

It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens. This stands out to me as possibly the oddest exemption in this new tax. Why are non residents aliens given a break and I am an American who pays more than my fair share of taxes, does not get an exemption from this huge tax. I dont understand.

It DOES however, include the sale of your home. Long term capital gains tax will increase from 15% to 20%. Add the 3.8 percent surtax and the long term capital gains tax becomes 23.8%.

In addition, there is an increase in Medicare Payroll Tax of .9 percent for single employees making over $200,000/year and married employees making over $250,000/year:  Payroll Tax currently at 1.45% increases to 2.35%.

I know many that are unfortunately at the poverty and below level think that 200 to 250,000 dollars is whole lot of money. I understand that “that kinda money” can go along way when your means to sustain life requires minimal amounts and that amount of money applied to your current situation would greatly improve it.

This is barely above a high middle income earner in today’s economic system. Many of these income earners are your small job creators, your mom and pop restaurants or a successful landscaping business. These are the same people that would hire 20 to 50 people in your neighborhood and now we add another tax on this struggling population?

No one is getting wealthy at this income level. These are people who have decided to pursue the “American Dream” , to work hard, provide a better life for his/her family, maybe even send a child or two to college. And our US government is heaping another tax of 3.8 percent, to some this is their profit margin.

What has our country become when we are no longer promoting our small business owners? Why are we not making things easier on the ones who work hard, hire others and assure themselve the inalienable gift of life, liberty and the pursuit of happiness?

I believe I know the answer and I don’t like it. I believe many within our government at all levels have resigned that America as we know it is about to change to a purely socialist state. There are many in this country who are ok with letting the government provide for you and all that must be done is surrender your income and your sovereignty to a regime in DC that is, by design, creating a Socialist utopia that is setting up America for it’s eventual collapse and demise.

This slow growing tumor has surfaced and through many persistent years of effort the right recipe has been found, a mindset has surfaced in this country through indoctrination that less effort and more entitlement is the preferred reward.

God bless America. This tax of 300 plus billion and another 2.3 trillion may be just enough weight may be just enough to collapse her!

Source of info and I encourage you to visit the site below and support their efforts:

Many Americans seeing Medical Excise Tax sticker shock as OBAMACARE costs kick in

In Uncategorized on January 2, 2013 at 7:24 AM

It is true! Many Bradley Countians as well as many Americans are starting to see a new tax being applied to the purchase of many products to include medical devices as well as items that you would not think would be categorized as medical devices.

When the Medical Device Tax started hitting the retail stores yesterday, January 1, 2013, people began scratching their heads at the new tax at the bottom of their reciept of 2.3 percent. “I didn’t buy a medical device, I bought Q tips, a fishing rod and some ammo for my Ruger and I got taxed an additional 2.3 percent.” One consumer was overheard saying at the checkout counter recently.

Congress recently voted to tweak the bill because the bill came across as purely another retail tax. The ever encompassing IRS code and FDA labeling codes are what is driving the hordes of extra items categorized as “medical devices.”

When I think of medical devices I think of splints, stents, prosthetic hips and walkers. The IRS and our Federal Government sees “medical devices” as fishing rods, bows and arrows, ammo, Q tips and gas guzzling cars.

The new medical device tax started yesterday will be one of many planned taxes, that will take precious income away from many hard working Americans and place it into the US Treasuries pockets and assorted other coffers to assist in funding the dreaded unconstitutional, socialistic OBAMACARE Healthcare system.

The medical device tax is expected to raise upward of 40 billion dollars every decade to offset the cost of providing care for the influx of 30 to 40 million presently uninsured Americans.

As the OBAMACARE health system is fully implemented in 2014 with it’s many non restraints such as the unlimited pre existing provision, costs are expected to sore into the 100s of millions perhaps trillions some analysts say, over the next decade. This will leave many unemployed, broke and desolate, looking for government handout
to just survive in the environment the fake president has directed us with his hugely expensive healthcare tax.

Aside from the cost to us, our grandchildren and their grandchildren extensive job loss will be a fallout, numerous “medical device companies” closed, pack up and move overseas via outsourcing or simply close their doors.

The medical device industry employs around 420,000 state side
and millions world wide. Analysts are predicting a loss of 42,000 jobs in the first year as Americans begin to find out what items are taxes heavily and begin to dodge the tax and many companies that may only see a 2 to 3 percent profit margin will simply have to shut the doors.

Some say, just don’t label your products as medical devices and avoid the tax, well the IRS and the Feds have that covered also. If a company attempts to avoid the excise tax which to date has very loose guidelines as to what a medical device is will be faced with up to 10,000 dollars, more likely a daily fine of
1,000 dollars a day for trying to manipulate the system to their benefit.

The death spiral of our economy is just beginning and with each new tax the Senate, Congress and this fake president pile up on we are one step closer to the socialist utopia many of our elected and nonelected bureaucrats have been trying so hard to create.

Our present tax structure will be dim by comparison to the one that is coming in the next decade. I have often joked that eventually the government will receive 100 percent or more
Of my paycheck just as the Cloward-Piven strategists have predicted. Overload and overwhelm our economic system and you will have created a socialist America with Communistic overtones.

Please continue to read the links below directly from the IRS website. What you will not see in most cases is strictly medical devices but an array of assorted retail items and that list is only expected to grow as the extra capital is needed to fund OBAMACARE. what you will not see directly, but you will see higher prices for the products you purchase daily, is the import/export taxes and the extra taxes on manufacturers up to 10 to 12 percent just to make “medical devices!”

The following discussion of manufacturers taxes applies to the tax on:

Sport fishing equipment;

Fishing rods and fishing poles;

Electric outboard motors;

Fishing tackle boxes;

Bows, quivers, broadheads, and points;

Arrow shafts;


Taxable tires;

Gas guzzler automobiles; and


Q1. What is the medical device excise tax?
A1. Section 4191 of the Internal Revenue Code imposes an excise tax on the sale of certain medical devices by the manufacturer or importer of the device.
Q2. When does the tax go into effect?
A2. The tax applies to sales of taxable medical devices after Dec. 31, 2012.
Q3. How much is the tax?
A3. The tax is 2.3 percent of the sale price of the taxable medical device. See Chapter 5 of IRS Publication 510, Excise Taxes, and Notice 2012-77 for additional information on the determination of sale price.





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