Skip to comments.Obamacare's Five Tax Increases That Most Hurt Seniors
Posted on 03/19/2012 9:43:57 AM PDT by 92nina
The jobs-killing Obamacare law contains 20 new or higher taxes on American families and employers. Many of these tax increases fall on families making less than $250,000--a direct violation of candidate Obama's promise not to raise "any form" of taxes on these families. In less than a week, the third anniversary of Obamacare being signed into law will take place. The Supreme Court will be hearing oral arguments about the constitutionality of Obamacare next week.
Out of the 20 new or higher taxes in Obamacare, here are the five that most hurt seniors:
Individual Mandate excise tax penalty. Many seniors face a coverage gap between retirement and Medicare eligibility. Obamacare raises taxes on these younger seniors by punishing them if they don't purchase "qualifying health insurance." Set to go into effect in 2014, the excise tax penalty for mandate non-compliance will in 2016 rise to 2.5% of adjusted gross income for a senior couple (or $1390 for those making less than $55,600). Why does Obamacare raise taxes on seniors just as they are entering retirement?
"Cadillac Plan" excise tax. Starting in 2018, Obamacare imposes a whopping 40% excise tax on high-cost ("Cadillac plan") health insurance plans. This is defined for seniors as a plan whose premiums exceed $29,450 for a family plan, or $11,500 for a single senior. Seniors often face higher costs in health insurance premiums due to chronic health conditions and other risk factors. This tax is almost exclusively a tax which will fall on seniors with the greatest health insurance needs.
Dividends tax hike. Starting in 2013, the top tax rate on dividends is scheduled to rise from 15% today to 39.6%. In addition, Obamacare imposes a dividend "surtax" of 3.8% on families making more than $250,000 per year. That would create a top dividend tax rate of 43.4%, nearly triple today's rate. This will fall very hard on seniors. According to the Tax Foundation's analysis of IRS data, 70% of households over age 55 receive dividend income. 71% of all dividends paid flow to these households. To raise taxes on dividends is to raise taxes on seniors.
Medical device excise tax. Obamacare imposes a new excise tax on medical device manufacturers in 2013. These companies will surely build the cost of this new tax into the price of what they sell. Who buys medical devices? Who buys pacemakers, wheelchairs, and other costly medical devices? Seniors do.
Reduce allowable medical itemized deductions. Under current law, medical itemized deductions can be claimed on tax returns, but they must be reduced by 7.5% of adjusted gross income. Obamacare increases this "haircut" to 10% of AGI in 2013. This will mean that millions of Americans claiming medical itemized deductions will no longer be able to. The same IRS data as above tells us that 60% of all tax returns claiming this deduction are over age 55.
Read more: http://www.atr.org/obamacares-five-tax-increases-most-hurt-a6779#ixzz1pa7e94O7
We have a government at war with it’s citizens. This charade of the USSC looking at obomination care is just that a charade.
The fix is in. Why? The cockroaches in black robes still refuse to allow cameras so “WE THE PEOPLE” can see what our government is attempting to do.
To appease the peons, the USSC traitors to the Constitution will give us a 2 hour delayed audio feed. Oh thank you oh black robed ones. /sarcasm.
Just what will they edit out during that 2 hour time frame?
In my opinion they will cut out anything which may show the fix is in and give cover to the 5-4, 5-4, 5-4, constitution ignoring judges.
They do not want us to know how they will ignore the constitution once again.
THE AVERAGE AMERICAN HASNT A CLUE AS TO THE BILLIONS OF AMERICAN TAX PAYER DOLLARS THAT OMUSLIM HAS THROWN AWAY WHILE THREATENING TO WITHOUT SENIORS SS AND GUTTING THE MILITARY:
Obamas 2009 Supplemental Appropriations for Iraq, Afghanistan, Pakistan, and Pandemic Flu was revised and passed by the full committee.
It gives billions http://creepingsharia.wordpress.com/2009/05/1...
of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies.
Read the summary from David Obeys office that was quietly released last week with nary a word from any media.
$3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces
$400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces
Afghanistan:$1.52 billion,$86 million above the request
West Bank and Gaza:$665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza
Jordan:$250 million,$250 million above the request, including $100 million for economic and $150 million for security assistance
Egypt:$360 million,$310 million above the request, including $50 million for economic assistance,$50 million for border security, and $260 million for security assistance
Pakistan:$1.9 billion,$591 million above the request
Iraq:$968 million,$336 million above the request
Oversight:$20 million,$13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq
International Food Assistance:$500 million,$200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis
Refugee Assistance:$343 million,$50 million above the request, including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)
Disaster Assistance:$200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia
Peacekeeping:$837 million for United Nations
peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic
Department of Justice:$17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system
Obama gives your tax dollars to rebuild Muslim mosques around the world
ACCORDING TO THE ASSOCIATED PRESS, THE OBAMA ADMINISTRATION WILL GIVE AWAY NEARLY $6 MILLION OF AMERICAN TAX DOLLARS TO RESTORE 63 HISTORIC AND CULTURAL SITES, INCLUDING ISLAMIC MOSQUES AND MINARETS, IN 55 NATIONS. See the State Department document here.
And THATS just the tip of the iceberg.
THIS will blow your mind!!
They should have 2010 up, but they dont. Thats where youll find Obamas largesse towards Muslim countries really go off the charts.
Who are the most reliable voters in the fall?
This is great to put on the internet at this time.
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