Posted on 01/02/2014 10:34:46 AM PST by Kaslin
When the Supreme Court ruled in June 2012 that Obamacare is a tax, they weren't kidding. Obamacare taxes and fees set to kick in this year are sure to put a dent in your wallet and in the economy.
The folks over at the Heritage Foundation have put together a list of what's to come in 2014 to show you how you'll be directly paying for President Obama's signature legislation.
1. Individual Mandate Tax. The individual mandate is designed to strong-arm individuals into purchasing government-approved health insurance or facing a tax penalty. In 2014, the penalty for not purchasing insurance will be either $95 or 1 percent of annual income (whichever is greater). Very few, if any, people will end up paying just $95, because individuals with an annual income of only $9,500 or less would likely qualify for Medicaid or a hardship exemption from the mandate. The mandate increases drastically in coming years, rising to $325 or 2 percent of income in 2015, and $695 or 2.5 percent of income in 2016—whichever is greater.
2. Health Insurer Tax. One of the largest tax increases in the law is an annual fee imposed on health insurers based on their share of the market. It is estimated to raise $8 billion in 2014 alone. The tax will more than likely be passed on to consumers through premium increases. An actuarial analysis by the consulting firm Oliver Wyman projects that in 2014, this tax will increase premiums by 1.9 percent to 2.3 percent. And the impact will be greater in later years as the tax increases.
3. Reinsurance Fee. This fee isn’t included in the list of 18 tax hikes, but it’s another one that will impact the cost of insurance. Health insurers will have to pay the temporary fee on group health plans to help spread the cost of the covering those in the individual market, inside and outside Obamacare’s exchanges. The fee begins in 2014, costing $63 per covered person and decreasing in 2015 and 2016. Like most taxes and fees, the result will likely be higher insurance premiums.
Sneak Peek at 2015: Employer Mandate. By law, the employer mandate was supposed to begin in 2014, but the Obama Administration delayed enforcing it until 2015. The employer mandate forces employers with 50 or more full-time employees (defined as those working 30 hours per week) to offer government-approved health coverage or pay a penalty. The penalty varies—either $2,000 per employee after the first 30 workers, or $3,000 per employee receiving subsidized coverage in the exchange, whichever is less.
He promised to reshape America... and there you have it. Only he isn’t done yet.
Taxes ONLY for the non-EXEMPT.
What could POSSIBLY be fairer?
Taxes without ANY Representation.
Friends of Obama are EXEMPT
Is that how Baraq and Michelle got their hundreds of thousands of ‘friends’?
They’re creating a nation of tax slaves for the ruling class government..
No joke..
Once amnesty is done, game over. We’ll see a flood of illegals into the U.S. like never before, and the Dems will have a permanently entrenched voter base impossible for the Republicans to overcome.
That was the plan all along and it will be done by Nov..The clinton crime family will once again occupy the WH..game, set, match.
Depends on how you look at it
indeed
I think they envy India’s cast system with one cast being the lowly “untouchables”.
that’s what we call the 14th amendment- equal protection under the law!
oh, wait.....
The list fails to mention the 3.8% real estate sales tax Obamacare imposes on “high-earners.” If a real estate gain pushes a family over the $250,000 annual income threshold ($200,000 for an individual), you get whacked big-time in an amount that would likely dwarf the other tax penalties in the law.
Goes hand in hand with Representation without ANY taxation.
Real estate should have nothing to do with healthcare
I’ve completely opted out of the health insurance market. All done as long as obamacare exists. If we need medical treatment, it comes out of our pocket and we pay the price we can best negotiate.
Last time I did this it was my daughter’s broken arm. Cost ~$275, total.
When the SHTF, I would bet the farm that most if not all cops abandon their jobs and head home to protect their families. If I’m not mistaken, lots of cops did so in New Orleans during the Katrina chaos. This would be 10 times worse than hurricane chaos.
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