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rushmc 23
So you were full of sh1t when you claimed the biggest tax increase ever. Situation normal.
Do you know how much these 10 taxes will cost you?
1. Hospital Insurance Tax. Beginning in 2013, Obamacare increases the Hospital Insurance (HI) portion of the payroll tax from 2.9 percent to 3.8 percent for families earning more than $250,000 a year and for single filers earning more than $200,000 annually. The increased HI tax is also applied to investment income for the first time. The 3.8 percent surtax on investment income is the most economically damaging tax in Obamacare. And these tax increases won’t remain just on families making more than $250,000 a year for long. As the JEC explains, this tax is not indexed to inflation: “This means that in just 10 years from now, the so-called ‘high-income’ thresholds will have effectively ratcheted down to $152,000 and $190,000 in today’s dollars.” This tax increase amounts to $210 billion between 2013 and 2019.
2. Mandate Penalties. In 2014, Obamacare’s individual and employer mandates go into effect, forcing individuals to purchase coverage and employers to offer coverage to their workers. The penalties paid in association with these mandates are an estimated $65 billion between 2014 and 2019.
3. Health Insurance Provider Fee. Starting in 2014, Obamacare imposes an annual fee on health insurance providers based on each company’s share of the total market. This totals a $60 billion tax hike between 2014 and 2019.
4. “Cadillac” Tax. In 2018, Obamacare puts a new 40 percent excise tax on “Cadillac” health plans, meaning plans that cost more than $10,200 for an individual and $27,500 for families. However, this tax is not indexed to medical inflation, causing it to eventually tax “Honda” plans at this rate as well. The JEC points out that “[t]he bulk of revenues from the ‘Cadillac’ tax would not be paid by platinum health insurance plans, but rather by employees who are forced to exchange tax-free health insurance benefits for taxable wages after employers reduce or eliminate health insurance.” This tax amounts to $32 billion in higher taxes in the first two years of its implementation.
5. Prescription Drug Fees. Since 2011, Obamacare has put an annual fee on manufacturers and importers of branded drugs based on each individual company’s share of the total market. Between 2011 and 2019, this will amount to a $27 billion tax increase.
6. Ethanol Tax. In 2010, Obamacare excluded ethanol from the existing cellulosic biofuel producer tax credit. This will hike taxes $24 billion from 2010–2019.
7. Medical Device Tax. Beginning in 2013, Obamacare imposes a 2.3 percent excise tax on medical device manufacturers. This will raise taxes on patients needing medical devices, who will ultimately pay the tax through higher prices, by $20 billion from 2013 to 2019.
8. Business Regulation Costs. Beginning in 2012, Obamacare raises corporate taxes through stricter enforcement, because businesses will be required to report more information on their business activities. This will raise taxes $17 billion from 2012 to 2019.
9. Reducing Medical Deductions. In 2013, Obamacare raises the floor on itemized medical deductions from 7.5 percent of adjusted gross income to 10 percent, meaning Americans must spend 2.5 percent more of their income before they get a medical deduction, costing $15 billion from 2013 to 2019.
10. FSA Limits. Starting in 2014, Obamacare limits the amount of pre-tax dollars that taxpayers can deposit in flexible savings accounts (FSAs) to $2,500 a year. This results in an extra $13 billion in taxes from 2014 to 2019.
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
rushmc 23
Also, the CBO says (in ist latest scoring of the ACA) that there will be more uninsured under this act
(To help you understand the scoring says there will be more freeloaders for you and I to pay for)
You like that too?
(To help you understand the scoring says there will be more freeloaders for you and I to pay for)
You like that too?
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
tkhayes 348
QuoteThe vast majority of money spent by medicare goes to the bureaucracy...
I disagree with that statement and would ask you to back that up.
One of the ways to reduce the administrative costs is to combine the services. We do not need a VA, Medicare, Medicaid, State and local programs that all do the same things yet duplicate the admin side of it.
An early step could be to combine ALL those agencies under one roof.
We also need torte reform. The payments do not cover the costs for a lot of reasons. But the bottom line is that repairing a broken arm should not cost $25,000. What does that cost go into? If it takes a surgeon, 3 O.R. nurses to do the procedure and the procedure takes 3 hours, then that is $8000+/hour. Bottom line, the Doctor ain't making $1000/hour for his work - so where is the money going?
It's a broken arm, - maybe we do not need the MRI, the massive antibiotics, the X-Rays and the pre-treatments, the outside consulting firms, the billing departments from 4 different companies that have their hand in it, etc. Maybe we just need a doctor, an operating room, an X-Ray and an operation and ONE bill.
Yes, there needs to be overhaul at many levels. Unless we start the process, we can never finish it. And 'not having the final perfect solution to every problem at hand' is NOT a reason to not start the process.
rushmc 23
So you were full of sh1t when you claimed the biggest tax increase ever. Situation normal.
These are the taxes to those making LESS than 250K
Another broken Obama promise
QuoteWhile we were all debating the cost to our liberty due to the Patient Protection and Affordable Care Act (Obamacare), we were ignoring the cost to our pockets. If there ever was a reason for bipartisan rage about this law, it should be on the twenty - yes, twenty - hidden new taxes of this law. Making matters even more relevant is that seven of these taxes are levied on all citizens regardless of income. Hence, Mr. Obama’s promise not to raise taxes on anyone earning less than $250,000 is just another falsehood associated with this legislation.
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 growth 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.
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). This provision hurts middle class earners particularly hard since they earn enough to actually pay federal taxes, but not enough to make this restriction negligible.
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. Tuition rates for this type of special education can easily exceed $14,000 per year and the use of pre-tax dollars has helped many middle income families.
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. Consider the middle class family with $80,000 of adjusted gross income and $8,000 of medical expenses. Currently, that family can get some relief from being able to take a $2,000 deduction (7.5% X $80,000 = $6,000; $8,000 –$6,000 = $2,000). An increase to 10% would eliminate the deduction in this example and if that family was paying a 25% federal tax rate, the real cost of that lost deduction would be $500.
The fifth new tax on the middle class, and all Americans, is the Health Savings Account (HSA) Withdrawal Tax Hike. This provision increases the additional tax on non-medical early withdrawals from an HSA from 10% currently to 20% beginning in 2013. This provision actually sets these accounts apart from Investment Retirement Accounts (IRAs) and other tax advantaged accounts, all of which remain with a 10% early withdrawal tax.
Another regressive tax that is part of this law began in 2010 and that is the Indoor Tanning Services Tax, which places a 10% excise tax on people using tanning salons. While some may regard this as insignificant, the broader implication is that this act of taxation is a blatant move by the federal government to control the behavior of citizens. This provision, as does the Individual Mandate and as Justice Kennedy said during the oral arguments on the constitutionality of the law said, “….fundamentally changes the relationship between the federal government and the citizen.”
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. The reason it begins in 2018 is because most unionized workers are covered by plans that fall under this definition and a deferral was made to spare union members from this tax for at least a period of time.
There are thirteen other taxes that apply to businesses and that apply to high income (over $250,000 per year) households. While these additional provisions will not impact the middle class directly, they can have serious indirect consequences for middle and low income earners. Beginning in 2014, the Employer Mandate Tax will impose an annual non-deductible tax on employers with more than 50 employees who do not provide health insurance for their employees.
The impact of this provision on low and middle income earners, and really all working Americans, is that employers will be confronted with three choices. The first is provide some level of health insurance, as many do today, and there would be no impact on employees. The second choice is to pay the penalty, which would most likely be less expensive than providing health insurance, and force employees to seek their own health insurance or purchase it through federal government controlled state exchanges. Studies have estimated that 20 million Americans will lose their employee funded health insurance as a result of this provision and employers electing this option. The third choice is for employers to lay off employees, or not hire additional employees, because Obamacare forces them to either provide health insurance or pay the new tax.
Another new tax, the Tax on Medical Device Manufacturers that begins in 2013, places a 2.3% excise tax on all items retailing for more than $100. This provision will not only drive up the cost of various medical devices ranging from mobility assistance devices to personal testing supplies, but will also impact an industry that employs 360,000 people in 6,000 plants across our country. This tax, while not a direct tax, would have significant negative impact on the middle class.
The Surtax on Investment Income for households earning $250,000 and more, beginning in 2013, will raise the Capital Gains Tax from 15% to 23.8% on investment income for these households and will raise Taxes on Dividends from 15% to 43.4% for the same households. Aside from the impact on retired citizens dependent on dividends, this provision will pull income from the private economy. In addition, the tax rate on Other Investment Income earned by Subchapter S Corporation (which many small business are organized as, allowing the owners to claim all business income as personal income) will rise from 35% to 43.4%. This part of the provision would place additional pressure on small businesses resulting in more layoffs and less hiring, impacting all American workers.
All but one of the remaining new taxes in Obamacare are directed at health industry businesses and while they will not impact middle income families directly, the additional costs will most likely be passed on to the public. The last new tax is really interesting, it is a tax on certain biofuels!
These are the facts. It does not matter if you support Mr. Obama and his new law or if you oppose it, the new taxes on the middle class or real and all Americans should understand their impact on their families and the economy. Citizens, regardless of political beliefs, should recognize that Obamacare was passed with almost no sunlight shined on these middle class tax increases and need to understand that the new law was sold with the promise that there would be no new middle class taxes. This is not partisan, it is simply the reality of politics.
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
QuoteQuoteQuoteQuoteQuote
I don't see that a tax on freeloaders like Mary Brown is a bad thing at all.
She could afford insurance, chose not to have it, and then stiffed her doctors when she got sick.
I doubt Mary Brown is a real person. She is likely a "composite".
Mary Brown was the lead plaintiff in the lawsuit. Very real, very freeloading, willing to stiff her doctors (and by extension, those of us responsible enough to have health insurance).
www.google.com/webhp?sourceid=chrome-instant&ix=h9&ie=UTF-8#hl=en&gs_nf=1&tok=cflSZJQ2NAXJqEebRS95rw&cp=20&gs_id=6&xhr=t&q=mary+brown+plaintiff&pf=p&safe=off&output=search&sclient=psy-ab&oq=mar
The poster child for why the ACA is needed
Sorry, thought you would have gotten the humor.
I'm sure you think it funny to stiff your doctor for medical care.
I don't stiff my doctor because I have a Cadillac Healthcare Program.
Now that we have this huge tax, you liberals will start expanding it and giving away waivers to anyone who contributes to your re-election campaigns, does you other favors.
In addition, the majority of the people who stiff their doctors are poor. They will have their healthcare paid for by those of us who don't stiff our doctors.
Left-wingers like you can't be honest even when the facts are staring you in the face.
billvon 3,088
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>To keep costs down the collected tax will have to go to insurance companies to
>cover these freeloaders you so loath
Correct. The freeloaders will now have to pay a tax that covers their healthcare.
>cover these freeloaders you so loath
Correct. The freeloaders will now have to pay a tax that covers their healthcare.
rushmc 23
Quote>To keep costs down the collected tax will have to go to insurance companies to
>cover these freeloaders you so loath
Correct. The freeloaders will now have to pay a tax that covers their healthcare.
Freeloaders dont pay taxes
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
billvon 3,088
>Freeloaders dont pay taxes
Then they go to jail and don't freeload on ER's any more.
Then they go to jail and don't freeload on ER's any more.
I'm lucky in a sense that my job allows me to see what reimbursement rates are like from insurance companies. They're pretty low. But not as low as Medicare. A surgery for a malunion of a broken arm? Reimbursement to the surgeon was barely enough to even cover the hardware, and Medicare won't pay for the hardware, and the surgeon couldn't bill for it. This is not good for delivery of healthcare, is it?
Re: single payer. I disagree that it is a good system because I see what Medicare does. It is a massive bureacracy. The vast majority of money spent by medicare goes to the bureacracy ofMedicare and the back office billing staff. An OB performing a hysterectomy? That's a 3-4 hour surgery and the OB might get $80 for it from Medicare.
So how do we lower transaction cost? We go to a cash system. Picture the cost and delivery of a burger if it was handled las a single payer system. Think it would be cheaper? Higher quality? Better delivery? Want to hold the onions? Want to pay more for the sirloin? That would defeat the system.
Why do people think a single payer system would somehow be cheaper, better or more efficient? When there's a single payer, you get what the single payer thinks it should pay for or thinks it knows better than you what you should have.
My wife is hotter than your wife.
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