Skip to comments.How much will ObamaCare cost you in taxes?
Posted on 04/15/2014 6:04:43 PM PDT by Jim Robinson
On this April 15, filers and accountants alike are finding a new array of taxes resulting from the presidents health care legislation. These include at least 20 ObamaCare-related tax increases totaling $409 billion over the next ten years, according to the Joint Committee on Taxation.
The new taxes are especially irksome to ObamaCare opponents, because they are imposed by a law that passed on a straight party-line vote and are being enforced by an agency that some accuse of party favoritism.
"I think it's rather unfortunate that the IRS has this huge role in the Affordable Care Act because it's always controversial," said Mark Everson, a former IRS Commissioner. "Then, to tie it up with this very controversial domestic law, it just makes the job tougher," he said.
Among the new taxes:
- A Medicare Tax Increase of .9 percent for individuals earning over $200,000 or married couples earning $250,000
-A net investment income tax of 3.8 percent tax on individuals, estates, and trusts worth more $200,000 or $250,000 for joint filers.
- And an increase in the threshold for itemized deductions for medical expenses from 7.5 percent to 10 percent of gross income.
There are also new taxes on insurance companies, drug makers, and medical device manufacturers. Architects of the Affordable Care Act say those businesses can afford it, given the millions of new customers they'll be serving. "More people will have health insurance and be able to use their product more effectively," said Fontenot.
But one skeptic said the projected 10-year tax increases from ObamaCare are more than twice what the Joint Committee on Taxation forecasts. "It raises the costs of these things,"...
(Excerpt) Read more at foxnews.com ...
The Fox News Taxpayer Calculator breaks down the tax burden over the next 10 years by income level. If you make under $15,000: it's just over $59.00. If you make between $50,000 and $100,000, it's $6,069.90. And if you make between $200,000 and $250,000, it's $38,200.66
Hey? What happened to my family’s promised $2,500.00 savings?
It’s not the taxes. How much will your standard of living decline because of it.
How much freedom are you willing to sacrifice for some pills or an operation.
Learned long ago that there’s no such thing as “free lunch.”
Wait until the idiot Obama voters find out that their healthcare won’t be free.
At least the EXEMPT and their families,
and their EXEMPT Staff and their families
and all Moslems are free of these taxes
and their complications and DeathPANELS.
And of course, felons.
> Hey? What happened to my familys promised $2,500.00 savings?
Moochie used it for dessert today....
The answer has been in front of our noses for years. Look at the taxation levels in all Old European countries, and then consider their income tax rates AND a 20% VAT rate in addition.
Aside from the taxes on the insurance company that are passed on to my monthly premium that I pay with AFTER-TAX dollars,
My HSA ia now worthless as a tax write-off because Nancy changed the Minimum Deductible for a Single from $1200 (which Congress previously set) to $1250.
And the percentage of AGI before you begin to write off Medical Expenses just went from 7.5% to 10%.
I’m constantly amazed by everyday people who have no idea why gas is so high in Europe compared to here.
Or a vacation!
Powerful stuff. Sounds like something that ought to go in a national political ad.
Called to get Obamacare today. Based on my current income of zero, I can sign up for Obamacare for the low price of $9,100/year. Since I can’t afford that right now, I’ll get taxed by the IRS for not having healthcare. I haven’t had healthcare for the last 5 years - so much for covering the uninsured...
I thought it was too late to sign up for this year.
You didn’t qualify for Medicaid with zero income?
You'll have to cheat. Trust me, I don't feel guilty one bit!
That 3.8 percent investment tax is why I have started spending money. I’d rather spend it than pay 3.8 to the Feds.
Have started spending on stuff I wanted but didn’t really need.....new carpet and furniture, granite in the kitchen, and am looking at using a chunk to pay cash for another boat. My car is getting kind of old so have looked at the new Mercedes CLA. They can kiss it. I’ll give it away before I send anymore money than I absolutely have to.
It's been a 5 year odyssey/nightmare that I wouldn't wish on my worst enemy (I've mentioned some of the issues in posts when the topic arises). It's multifaceted and very poorly understood.
Anyhow, there may be some "event" that could qualify me, but it wasn't offered during the call with the Healthcare.gov "navigator". It was depressing to simply make the call, then more so getting rejected, then rubbing salt in my wounds by assessed a "tax" for not having something that I haven't had for the last 5 years.
"I thought it was too late to sign up for this year."
I tried to sign up before one of the original deadlines - creating an account. But technical difficulties (the initial login) prevented me from going further. I called the 800# and left a message. They called and emailed me that I had until April 15th to apply. Otherwise, I think the original extended deadline was March 31st. Even the navigator was confused.
So much for "covering the uninsured". I knew it was NEVER about that - it's what Reagan said in a radio address in '68 I believe - the last plank of socialist control over the population.
I emailed my story to my TX state senators and congressmen. I'm transitioning between Austin and Round Rock so I also contacted John Conner (R) Round Rock and Loyd Doggett (Rat) Austin. I made sure Doggett understood he was part of the lie-scam and economic malaise (hello "Jimma Cata").
I've been saying for years that the one and only thing we have control over is how much we "feed the beast". Taking away their power is directly tied to putting a kink in the money spigot. There are many ways to accomplish this - some may rub against our core values of responsibility, self sufficiency, pride, etc., but we have over $150 trillion in federal unfunded liabilities and debt, plus trillions more in state debt/liabilities.
It matters little who we vote for - we keep getting more of the same.
Defund the beast!
The scary part about that chart is that a very small percentage of the population pays almost half of the income tax. We truly have reached a tipping point where a large chunk of the population simply votes itself more and more benefits at the expense of the “rich.” Our tax system is incredibly progressive. Rates aren’t at 70% or 80% but a large chunk of the population pays little or nothing in income tax, and the top 5% pays almost half of all income taxes. That is scary no matter what income bracket you are in. Unless, of course, you are a moocher who wants to live the good life off of someone else’s dime.
It’s “Democracy” vs Republic. Democracy will doom America.
From what I’ve read, the Insurance Marketplace considers total household income and family size. Maybe that’s why they said you weren’t eligible for Medicaid.
Also to qualify for the tax credits to get a low monthly premium for any Marketplace insurance plan, they also consider total household income and family size.
Must be why you couldn’t receive any help, because of the total household income?? The Call Center Rep should have told you why and explained things more clearly to you.
Makes sense. I told the rep my family size is 1 as of last year, but maybe the IRS thinks differently...??? THX
Ha! Well, the number one with no income should certainly put you in their “approved” category.
They still should have given you a clear explanation of why you would not qualify for tax credits or even Medicaid. Seems strange.
There is always that process of appeal the Marketplace allows...if you have the energy for it.
But obviously, you have a case for coverage. Maybe the Rep you spoke with was not..uh, trained properly, or something like that. If you really want to pursue it, sounds like there is no reason why you shouldn’t get their discount premiums, according to what you’ve stated here.
There are many online articles which give the basics of the requirements for ACA insurance. It’s easy to google and find out. From what you’ve said so far, I think you would definitely qualify for the tax credits or at least Medicaid.