Skip to comments.Obamacare: Seven New Taxes on Citizens Earning Less than $250,000
Posted on 08/28/2012 3:38:33 AM PDT by tobyhill
While 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. Obamas 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 employees 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.
(Excerpt) Read more at breitbart.com ...
Some surveys indicate 38% of wage earners are already living paycheck to paycheck- gas food local taxes and energy, etc, are continuing to climb
wonder where they’re going to get that extra $2000?
Of course, barry harry and nancy assume we all have extra money we don’t need ...
And they want every penny of it!
Our government no longer represents the people. It is not of the people, for the people, nor by the people.
Raising the tax on ‘roll your own’ tobacco 1700%.
Not many rich people roll their own, this was a direct tax on the poor.
It looks like there will be a lot of new lines in the tax forms to cover all the red tape of these new health rules. The 1040 has gotten difficult enough as it is.
Oh its going to be much much larger than that, and many of the tax increases will be hidden. Costs to healthcare will be enormous.
This week they released a 672 page regulation that is intended to clarify other regs. They are talking about releasing a mega-reg in a couple months as the first installment in new regulations under obamacare. Expect 20,000 pages of new regulations which will cover every single aspect of healthcare.
Yeah, just who’s the ‘extremist’ here, Zippy?
ping for later
That 3% tax on house sales is downright EVIL. Yes, EVIL.
A good man leaveth an inheritance to his children’s children: and the wealth of the sinner is laid up for the just.
And 0bama and the left, like always, take a biblical truth, a God-given moral, and turn it upside down and call it “good”. Woe unto them.
And while Rome burns, Wrongney fiddles with trying to increase GOP political power over true conservates.
I'd say it differently.
Our government no longer represents all of the people. It represents roughly half of the people who are takers--dependendency nation; as well as a sliver of wealthy leftwing zealots who wish to impose their social vision while the producers are harnessed to pay for it. Note that this sliver is not all of the mythical 1%.
Completely forgotten are the Founding Fathers' admonitions to "Leave the people alone" as much as possible.
I had not heard about this 3% tax you wrote about and found this: http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/