Skip to comments.Here Are The New Taxes You're Going To Pay To Pay For Obamacare...
Posted on 07/03/2012 1:50:08 PM PDT by 2ndDivisionVet
Well, Obamacare is now official, which means that a lot more people in the United States will have health insurance.
And it also means a lot more people will be paying more taxes.
(You didn't think Obamacare was free, did you?)
Here are some of the new taxes you're going to have to pay to pay for Obamacare:
A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ) A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
The itemized-deduction hurdle for medical expenses is going up to 10% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%. (ATR.org)
The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)[Continued]
(Excerpt) Read more at businessinsider.com ...
NOTHING will sell if it can be put off at all until this is undone. Only in the most dire circumstances will people pay nearly 44% tax on capital gains.
The economy will dry up like a prune.
This may be a mute issue, I am watching for an October surprise that is biblical in proportion.
It’s all here in a fully searchable PDF
I seriously doubt that the sheeple will really understand the full impact of this monstrosity until the entire medical system starts to disintegrate.
This may be a mute issue, I am watching for an October surprise that is biblical in proportion.
It’s “ Obama Vampire Hunter “
You mean worse than it is now? That’ll be Great Depression II or more. As it is, you can’t buy a job here and if you could it’d pay minimum wage.
Thanks for posting this very informative article on the “REAL COST” of OBMADOESN’TCARE!
This does not highlight the other Real Costs of Doctors who won’t be there anymore, the huge Bureaucracys we will have to deal with, the Death Panels that will rule on the Elderlys’ Economic Viabilty and remember Obama HUSSEIN said this was a step towards their ultimate goal of single payer Healthcare! I’m old enough, this Abortion might not have direct impacts on me, but I fear for my children and theirs and FREEDOM and Our Constitution and America!
May GOD SAVE AMERICA and send this Madman Muslim Terrorist back to KENYA for his retirement years! AMEN!
Who cares. Its all about getting something for nothing, about repo-rations. About hiring more idiot Federal workers via affirmative action at the expense of private sector employment. Fewer private sector workers in insurance etc and more Federal Govt workers to administer this bloated pig of a social welfare plan.
If you earn under $9000 you dont have to pay any penalty. That is declared income of course. So all the illegal aliens and millions of other poor getting paid off the books or doing nothing but sucking off the Govt will pay nothing. If they get sick they can head to the emergency room same as they do today
You and me will pay their freight
Either ATR or BI blew it, from my memory and our participation it is a current max of $5,000.
Still those that max it out for co-pays are gonna get wacked.
Ditto those HSA-MSA subscribers that use the FSA to truly offset their high deductible....
MSA-HSA's go way just like the college insurance plans and all the small plans i.e the McDonald Plans and all new plans have to meet the "conforming" model which is akin to a Cadillac Plan Blue Cross Blue Shield Plan.
Can you say the total destruction of "Contract Law"? Look how many "contracts" destroyed with this? And that is even getting to what happened to "Catholic Contracts"!
Who is going to tell or when will someone tell the groups which have received waivers from little barry bastard commie that since this bill is a tax bill the white house slug is not authorized under Constitutional executive powers to unilaterally grant to them waivers from taxes? ... The crickets will be arriving in 3, 2, 1,
I had heard that there was a 1% bank tax that is in that bill- any bank transaction including direct deposit, paying bills, cashing a check, writing a check, transferring funds- would be taxed at 1%. Does anyone know if that is true?
Yes, I mean more than now. Transactions will all but stop. Who would sell anything if he thought that a nearly 50% tax on capital gains is insane and thought that some how insanity would be stopped? Wouldn’t he just hold and wait? If relief did not come the damage would be done.
People dependent on transactions would not have work. Properties would not be sold. Long term leases maybe? But what about intangible property? What about people wanting to cash out stocks for living expense? I suppose they could hold the amounts down to below the 200 to 250k threshold. It is not certain that these sales would be included in income though. Maybe there is a loophole there?
Business owners would also find it very hard to sell and wouldn’t. Some other transaction might take place though such as long term leases again.
Of course, this is just more of eat the “rich”. The real rich will probably never see a problem though.
We all knew this here...
I portend that the Bush tax changes of 2003 where Divee's got parody with Cap Gains did more for the investor / economy than we will ever know.
That was a Bill Archer from TX idea if my memory is correct...
Dividend stocks is one of the few havens left for Seniors looking for yield. They might sell out of them and the further de-leveraging of all our unrealized capital new worth errodes under this despot...
Again Houses, GM-Bond-Holders, many 401k's in general and now specifically Dividends take a hit.
After all, how dare these Corporations play G-D and share the wealth, Only I, Barack Insane Obama can determine who shares the WEALTH....
I am hoping that it is the Rapture.
The economy is already drying a bit in response the the court ruling.
In a few months we can change the public feeling completely and revive the economy overnight by getting rid of Obama.
Support Mitt Romney.
I am signed up to handle a legal plan in the USA & Canada that includes IRS tax audit coverage. I predict that’ll be a big selling point with both individuals/families and small business owners, which are covered under different plans. Hope my health improves enough to get out there and sell that and my other ventures.
Yes, it is possible. Recovery is even possible but fundamental changes are necessary if it is to last. I doubt we have the will or enough agreement for it to happen. We are too divided.
Getting rid of the communist will be a good start if that happens
Time to hide your money in the mattress.
No. Transactions will continue but they will be off the books, under the table.
If Romney were wise, each week he would talk about a single tax increase mandated by the health care act and how it would impact all taxpayers. By the election voters should be fully informed as to the negative impact the law would have on them.
And the retributions to those who are found out will be so severe that under the table will slow to a trickle.
What do you think all those new IRS agents are for? They can get more if they need them. There will also be bounties.
I want my country back!!!!!!!
There’s Gonna Be Fireworks!
There is currently a software application used by the federal government for collection of back child support and money for federally backed student loans. It looks for local, state and federal income tax refunds and other bonus payments. The program then triggers a transfer, for example with a state income tax refund, and sends it to your kids guardian or your federal income tax debt, in the order prescribed by the government. They arent garnishing your account, just intercepting and then reapplying the money.
There is already a proposal by the contractor to apply the same software to collecting the Obamacare fee. If put into practice, the Obamacare mandate fine that is limited by law from being taken from your bank account can still be taken from a state income tax refund. This automation makes it easier to collect the fines without violence, but it makes it easier to collect the “fines” / “taxes”.
The interesting thing will be if the fine for lack of approved insurance is applied even if your state opts out of Obamacare.
Why? So we can feel better that a 'Republican' is managing the Socialist decline of America?
I know, I know. You'd rather vote for a liberal than have a Marxist at the helm. Sure. Backing off the throttle just a couple of miles per hour will surely save the republic.
My God. Whatever happened to the spirit of independence and patriotic resistance to tyranny around here? I simply cannot believe how many Freepers are simply rolling over for the corrupt GOPe, and letting them cram their liberal nominee down our throats.
My thoughts exactly.
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