Skip to comments.20 Hidden Tax Hikes in Obamacare
Posted on 07/03/2012 5:09:16 PM PDT by bobsunshine
The Obamacare law contains 20 new or higher taxes on American families and small businesses
Taxpayers are reminded that the presidents healthcare law is one of the largest tax increases in American history.
Obamacare contains 20 new or higher taxes on American families and small businesses.
Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:
Taxes that took effect in 2010:
1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971.
2. Codification of the economic substance doctrine (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks substance and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113.
3. Black liquor tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105.
4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980.
5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004.
(Excerpt) Read more at newsmax.com ...
We need to make sure everyone sees the "other" taxes besides just the mandate and we need to elect enough Republicans to repel this law.
Amen. Ads running here only show the penalty tax if you do not buy insurance. People with insurance will simply say so what.
Is Romney paying attention to this or hiding behind Obama’s skirt?
Another problem with the common person is that they do not understand that business do not pay taxes. They collect them.
All of these taxes will be passed on to the consumer in the form of higher prices; if they are not the business will soon be out of business.
So many of the Lib Democrats I know always complain that business get all of these tax loop holes and dont pay enough taxes.
No matter how often I explain the realities of business taxes they continue to complain that wealthy businesses making obscene profits dont pay enough taxes.
Not to worry. It’s all part of Justice Roberts diabolically brilliant plan!
"I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."
A national sales tax or flat tax that eliminates the need for the IRS would go a long ways towards finishing off Obamacare.
Liberals don’t understand how business works. They don’t understand capitalism. So naturally, they don’t understand that if you impose taxes on business, that businesses pass along taxes to their customers as a cost of doing business.
I think what the liberals would really like to see happen, is for businesses to get hit with taxes, and then the liberals would forbid business from raising prices to compensate.
Of course, enough of that will put business out of business. But that gets back to the point that liberals don’t understand how capitalism works.
How many liberals in politics have ever run businesses, or even been employed in the private sector anywhere? How many conservatives in politics have business experience of some kind? I don’t have stats available, but I bet the stats on that would be very telling.
Muslims are encouraged to lie to the infedel.
Who's going to want to hire or spend with such unknowns in their future?