Skip to comments.Obamacare’s Tax Hike Train Wreck
Posted on 04/30/2013 3:37:59 PM PDT by Hojczyk
Starting in tax year 2013:
Obamacare Surtax on Investment Income: A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single).
Obamacare Medicare Payroll Tax Increase:
Obamacare Medical Device Tax: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales even if the company does not earn a profit in a given year.
Obamacare High Medical Bills Tax: Before Obamacare, Americans facing high medical expenses were allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). Obamacare now imposes a threshold of 10 percent of AGI. Therefore, Obamacare not only makes it more difficult to claim this deduction, it widens the net of taxable income.
Obamacare Flexible Spending Account Tax: The 30 - 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their familys basic medical needs face a new Obamacare cap of $2,500. This will squeeze $13 billion of tax money from Americans over the next ten years.
Starting in tax year 2014:
Obamacare Individual Mandate Non-Compliance Tax: Starting in 2014, anyone not buying qualifying health insurance as defined by President Obamas Department of Health and Human Services -- must pay an income surtax to the IRS.
Obamacare Employer Mandate Tax: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2,000 for all full-time employees. This provision applies to all employers with 50 or more employees
(Excerpt) Read more at atr.org ...
In the coming years, it’ll be interesting to see how much effort the government puts into trying to make Obamacare look like it was actually meant to benefit the average American.
They sure are not making much effort right now. The old pay for it for four years till it is implemented kicked in about three years ago. I am curious, what did the prepayment buy? Houses in the Bahamas’s? Gold plated toilets for congressmen retirement homes?
And not even a train wreck in slow motion. When it comes, it will be like the collapse of the Twin Towers, taking out the infrastructure right along with the superstructure, and spreading its pall over the entire landscape.
The spectacle of the huge cloud of dust rolling down the streets in the vicinity of the collapse was hard to imagine until it actually happened. But it has, and we can well expect vast collateral damage as the waves spread outward, not as a ripple but as a tsunami.
Nobody actually surfed the collapse of the Twin Towers to the bottom. Anybody caught in the towers became instant deathloam.
Had to pass the bill to find out what’s in it...that’s what happens when YOU DON”T READ THE BILLS.
This alone tells you that the only purpose of anything Ubamugabe does is to "overwhelm the system."
I'd always said that Liberals don't understand that without profit there are no taxes.
Now I see that I am the one who is delusional.
I think the logicians behind the ObamaKKKare scheme are like the crowd around Romney ~ they actually believe people can be easily bribed. However, 100% of the voting age population is not simultaneously benefited by any of this nonsense. They get the benefits only infrequently! They get the taxes every day!
See, here's the problem with Leftwingtards ~ whether it's from too much dope, being dropped on the abortionists floor to many times, or just smoke and beer, they are unable to think ahead and see the big picture. The accounting sheet in front of them says $2.1 trillion in, and $2.1 trillion out, so those people will be happy and vote Democrat ~ not realizing that for the poor citizen, it's actually $100,000 in, and $2.37 out ~ and that doesn't cut it.
The real train wreck crescendos on April 15, 2015. That is the first time the full impact of Obamacare appears on millions upon millions of tax returns. It will be the double whammy of penalties for not carrying coverage and the true-up of exchange subsidies based on 2012 AGI with 2014 actuals. The latter will be a real killer.
The Democrats are also facing the stupid party.
The stupid party will bend over forwards to make it easier for the Democrats to win!
Gee... that sounds just like the Texas Franchise Tax... another train wreck that generates MASSIVE amounts of tax income to the regime... That’s right, Texas has its own regime.
Taxes on someone who has no profit... a sure way to destroy business.
You are correct, they don’t think ahead because they don’t care about the consequences. They only live in the present and this is why they are able to move so fast with their destruction.
Like demolition, it takes a long time to build a structure but only hours to destroy it. There is no need for care in destruction.
This mess of obastard care taxes will generate MASSIVE amounts of tax revenue. It will be staggering. 3 to 4% of the economy is not a 3 to 4% increase in tax revenue... it is probably more than 10%. Any way you slice that it is a massive chunk out of money that could be employed productively and will instead be pissed away to illegals and terrorists.
I pray, yes pray that obastard and all his little fiends rot in hell in eternal agony and curse they day they were born.