Marcus Aurelius
12-26-2012, 08:04 AM
This is what you get when you 'pass a bill in order to see what's in it'. :mad:
http://www.forbes.com/sites/sallypipes/2012/12/25/in-2013-millions-of-americans-face-obamacare-tax-hikes/
In 2013, a number of Obamacare’s taxes will go into effect. Each will increase the cost of health care, yield job losses, and deprive our struggling economy of investment. These are the true costs of Obamacare.
On January 1, 2013, a 2.3-percent excise tax on the total revenues of medical-device companies — regardless of whether they turn a profit or suffer a loss — will take effect. The tax will hit everything they sell, from x-ray machines and pacemakers to surgical tools and artificial hips.
That money will have to come from somewhere; device firms won’t simply swallow the tab. So they’ll likely raise prices for patients and slash their workforces. In fact, economists at the Manhattan (http://www.forbes.com/places/ks/manhattan/) Institute project that the tax could eliminate as many as 43,000 jobs — and over $3.5 billion in employee compensation.
Individuals with annual incomes higher than $200,000 and couples who make more than $250,000 a year will face two new taxes — a 0.9-percent increase in the 1.45-percent Medicare levy on earnings above those income thresholds and a new 3.8-percent tax on investment income.
The structure of these taxes penalizes married couples in particular. According to the New York (http://www.forbes.com/places/ny/new-york/) Times, two unmarried singles who made $200,000 each would not owe any additional Medicare tax. But if they were married, they’d owe $1,350.
The law raises the floor for the deduction of medical expenses, from 7.5 percent of income to 10 percent. So only expenses beyond 10 percent of a person’s income will be deductible. This change could add hundreds of dollars to the tax bills of those struggling with major medical bills.
Obamacare also halves the maximum contribution to flexible spending accounts (FSAs), from $5,000 to $2,500. Many consumers use FSAs to cover routine medical expenses, like vision care, orthodontia, and prescription drugs. They won’t have nearly as much money to work with in 2013.
These are just the five taxes scheduled to kick in next year. In 2014, another multibillion-dollar round of taxes will go into effect, including an excise tax on high-value insurance plans, a levy on health insurers, and the individual mandate’s “tax” on people who remain uninsured.
The money to pay for Obamacare’s healthcare overhaul, which will be in excess of $1 trillion and probably upwards of $2.5 trillion from 2014 to 2023, has to come from somewhere. In the New Year, Americans will find that “somewhere” is their wallets.
http://www.forbes.com/sites/sallypipes/2012/12/25/in-2013-millions-of-americans-face-obamacare-tax-hikes/
In 2013, a number of Obamacare’s taxes will go into effect. Each will increase the cost of health care, yield job losses, and deprive our struggling economy of investment. These are the true costs of Obamacare.
On January 1, 2013, a 2.3-percent excise tax on the total revenues of medical-device companies — regardless of whether they turn a profit or suffer a loss — will take effect. The tax will hit everything they sell, from x-ray machines and pacemakers to surgical tools and artificial hips.
That money will have to come from somewhere; device firms won’t simply swallow the tab. So they’ll likely raise prices for patients and slash their workforces. In fact, economists at the Manhattan (http://www.forbes.com/places/ks/manhattan/) Institute project that the tax could eliminate as many as 43,000 jobs — and over $3.5 billion in employee compensation.
Individuals with annual incomes higher than $200,000 and couples who make more than $250,000 a year will face two new taxes — a 0.9-percent increase in the 1.45-percent Medicare levy on earnings above those income thresholds and a new 3.8-percent tax on investment income.
The structure of these taxes penalizes married couples in particular. According to the New York (http://www.forbes.com/places/ny/new-york/) Times, two unmarried singles who made $200,000 each would not owe any additional Medicare tax. But if they were married, they’d owe $1,350.
The law raises the floor for the deduction of medical expenses, from 7.5 percent of income to 10 percent. So only expenses beyond 10 percent of a person’s income will be deductible. This change could add hundreds of dollars to the tax bills of those struggling with major medical bills.
Obamacare also halves the maximum contribution to flexible spending accounts (FSAs), from $5,000 to $2,500. Many consumers use FSAs to cover routine medical expenses, like vision care, orthodontia, and prescription drugs. They won’t have nearly as much money to work with in 2013.
These are just the five taxes scheduled to kick in next year. In 2014, another multibillion-dollar round of taxes will go into effect, including an excise tax on high-value insurance plans, a levy on health insurers, and the individual mandate’s “tax” on people who remain uninsured.
The money to pay for Obamacare’s healthcare overhaul, which will be in excess of $1 trillion and probably upwards of $2.5 trillion from 2014 to 2023, has to come from somewhere. In the New Year, Americans will find that “somewhere” is their wallets.