Obama promised not to raise taxes on those making less than $250,000. But that was necessary to get elected and no one should have believed he meant it. We all know Democrats just can't help themselves when it comes to raising taxes. And the health care bill is chock full of new taxes - estimates range from between $500 billion to $1 trillion in fact. Some of the taxes affect those making higher incomes, but at least seven affect everybody no matter how low their income. You thought your taxes were high already? Get ready for the steamroller.
Here's the rundown on some of the new taxes in the health care bill Obama signed this week:
1) Health insurance mandate. Beginning in 2014 (note - after the next presidential election), all legal citizens (what about illegals?) MUST purchase government-approved health insurance or pay 2.5% of their income (or $695) as a penalty. (Section 1501) Ka-ching!
2) Increase in Medicare Payroll tax from 1.45 percent to 2.35 for individuals making $200,000 or married couples making $250,000. Ka-ching!
3) 10% excise tax for indoor tanning services (N.B. Safe tanning beds are the best way to get Vitamin D3 during the winter months to boost the immune system. This will not have just a vanity impact.) Ka-ching!
4) A 40% excise tax on "Cadillac" health care plans on value of the plan over a certain amount. Most of these plans cover union workers and government employees who earn considerably less than $250,000. Increased costs levied on the plans will impact wages and benefits of employees. Ka-ching!
5) The law limits taxpayer deductions for medical expenses raising the threshhold from 7.5% of adjusted gross income to 10%. This will have a big impact on those with high medical expenses. Ka-ching!
6) Businesses with more than 50 employees are mandated to provide health insurance for their employees or pay hefty fines. The cost will be passed on to employees or businesses will reduce numbers to avoid the taxes meaning more job losses. Ka-ching!
7) From 10 percent to 20 percent increased penalty for those under 65 who make early withdrawals from health savings accounts for non-medical reasons. (Section 9004, takes effect next year. So if you have a big non-medical expense that requires borrowing from your medical account, be prepared to pay more.) Ka-ching!
8, 9, 10) New taxes on insurance companies, drug manufacturers, and medical device manufacturers. These expenses will be passed on to consumers in higher costs of everything from drugs to wheel chairs, walkers, prosthetics, and hospital beds. Ka-ching!
Is it any surprise, in view of the increased tax burden levied by the "health care" bill, that it is being "enforced" by the IRS? Estimates are that 17,000 new agents will be required at a cost of $10 billion over ten years.
Those who supported this monstrosity will no doubt continue to tell us how cheap the new bill is and how we are all going to get better care at a lower price. No wonder the government has worked so hard to dumb down the schools. Selling this snake oil requires a gullible and stupid population. But, of course, they didn't sell it. Most Americans weren't dumb enough to buy the lie. So they had to shove it down our throats.
America hasn't even begun to realize the impact of this bill. It gives Uncle Sam unprecedented power to interfere in our lives from cradle to grave. No wonder Joe Biden called it an "effing big deal."
See below for articles documenting tax increases:
Twelve Taxes in Health Care Law Violate Obama's Promises
Healthy tax increases, not only on wealthy
Deere, Caterpillar: Health-Care Law to Raise Expenses
US House Republicans Say Health Bill Expands IRS Power
Health Bill Extends Wage Tax to Investments
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