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The Coming ObamaTax Bomb
Made popular 323 days ago in
By now you know what the Supreme Court verdict is: ObamaCare is a tax. So what does that mean in terms of actual dollar amounts for Americans and businesses who will pay this new tax? The Heritage Foundation and Americans for Tax Reform have released a series of summaries, tables and charts to help families understand what this means for their wallet.
The Patient Protection and Affordable Care Act (PPACA) imposes numerous tax hikes that transfer more than $500 billion over 10 years—and more in the future—from hardworking American families and businesses to Congress for spending on new entitlements and subsidies. In addition, higher tax rates on working and investing will discourage economic growth both now and in the future, further lowering the standard of living.
1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971
2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
3. “Black liquor” tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105
4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980
5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004
6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
Taxes that took effect in 2011
7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
Tax that took effect in 2012
9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
Taxes that take effect in 2013
10. Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93
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Do you think the electorate has any clue to the tax hit that's coming from the democRAT run Senate and the socialist pResident?
No, and they better get informed. The left counts on our faulty memories and the silence of the so called "Fourth estate"!
Yes, but the 50% who are paying for the moocher class may be outnumbered. OMG in 2012.
This is not a scientific survey,
to learn more. Results may not total 100% due to rounding and voting descrepencies.
323 days ago
Lies, Damned Lies and Government Jobs Data
There is lots of talk about the “fiscal cliff” the U.S. faces at year end, as stimulus and tax cuts go away.
So the last thing the government needs now is market distrust in its job numbers. But, as analysts dig into the government job numbers, questions are increasingly being raised about the reliability of the data, from questionable revisions in the weekly jobless numbers to the odd changes in unemployment rates.
For 59 out of the last 60 weeks, the weekly jobless numbers have been revised, after the fact, always in the same direction: higher. That’s unheard of.
Those revisions higher make the present week’s unemployment number look better in comparison, more so since the markets often treat the prior week’s revision as an afterthought.
And there is statistical manipulation in the unemployment rate, too. The government’s reported unemployment number doesn’t include people who stopped looking for work, but who want jobs.
322 days ago
I thought republicans were all about personal responsibilities and no free loader in the system.
Again when Republican Free Loaders go to the hospital and have no means of paying, I have to pay for them in my insurance premium and real estate taxes.
321 days ago
Why do I have such a broblem believing you are not one of the freeloaders? You liberal democRATs are all about spending other people's money!@TopSpin
321 days ago
Repeat after me: THE OBAMACARE ‘MANDATE’ WAS ACTUALLY A TAX.
Posted by Moe Lane (Diary)
Sunday, July 1st at 10:00AM EDT
And that affects profoundly the question of how to get rid of it. Mickey Kaus is correct, and Ryan Lizza & David Frum are wrong on this: the only reason that Obamacare was not cast down was because the US Supreme Court decided 5-4 that the so-called ‘individual mandate’ was constitutional if it was considered to be a tax. The US Supreme Court also decided, 5-4, that the so-called ‘individual mandate’ was not Constitutional if done under the Commerce Clause. So anyone who wants to argue that the Obamacare health tax is not actually a tax must also admit that Obamacare is unconstitutional. Supporters of Obamacare do not get to have it both ways. The Supreme Court has ruled that Obamacare’s centerpiece is a half trillion dollar tax hike on the middle class. This is a thing that has happened. And it means, among other things, that the Democrats’ threat of a filibuster is an empty one when it comes to repealing it next January. We have a Senate majority, we can remove the health tax. Simple as that.
DO NOT LET THE OTHER SIDE GET AWAY WITH PRETENDING OTHERWISE. I understand fully why the Democrats don’t want to campaign on the position that their ‘signature’ accomplishment is a horrific, promise-breaking middle class tax hike; it’s only slightly better than campaigning on a promise to give kittens leprosy. But that’s the Democrats’ problem, not ours. All we have to do is figure out new ways to keep the gloating albatross around their collective neck until the election. And one way to do that is to never, ever, ever let any apologist for the Democrats and/or Barack Obama get away with pretending that Obamacare [can be constitutional without being] a tax. If they get upset about that… good. That means that what you’re doing is working.
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