This week I am going to delve a little into the political since a major event took place. The Supreme Court voted on Obamacare. This opened up a lot in my mind. What else has he not told the truth about? We should be able to trust the President of the US in what he tells us. Sometimes the opposistion will say he is lying when he didn't as in President Bush in Iraq. But when he deliberatly lies to us that is untolerable.
1.During the time Obamacare was being bandied about to vote on everyone, everyone swore it was not a tax! They forced it down our throats as not a tax! Ironicly the only thing that saved it constitutionaly was that the Chief Justice knew that it was a tax. This was the one of the larget tax increase in US HISTORY!!! Tax cuts huh?
The existing 25% bracket will be replaced by the “new” 28%
bracket; the existing 28% bracket will be replaced by the “new” 31%
bracket; the existing 33% bracket will be replaced by the “new” 36 %
bracket; and the existing 35% bracket will be replaced by the “new”
39.6% bracket.
a 156 percent increase in the federal excise tax on tobacco, a hike of
61 cents per pack. The median income of smokers is just over $36,000
per year.
2. Obamacare Individual Mandate Excise Tax (takes
effect in Jan 2014): Starting in 2014, anyone not buying “qualifying”
health insurance must pay an income surtax according to the higher of
the following
|
1 Adult
|
2 Adults
|
3+ Adults
|
2014
|
1% AGI/$95
|
1% AGI/$190
|
1% AGI/$285
|
2015
|
2% AGI/$325
|
2% AGI/$650
|
2% AGI/$975
|
2016 +
|
2.5% AGI/$695
|
2.5% AGI/$1390
|
2.5% AGI/$2085
|
Exemptions for religious objectors, undocumented immigrants, prisoners,
those earning less than the poverty line, members of Indian tribes, and
hardship cases (determined by HHS).
Bill: PPACA; Page: 317-337
3. Obamacare Employer Mandate Tax (takes effect Jan.
2014): If an employer does not offer health coverage, and at least one
employee qualifies for a health tax credit, the employer must pay an
additional non-deductible tax of $2000 for all full-time employees.
Applies to all employers with 50 or more employees. If any employee
actually receives coverage through the exchange, the penalty on the
employer for that employee rises to $3000. If the employer requires a
waiting period to enroll in coverage of 30-60 days, there is a $400 tax
per employee ($600 if the period is 60 days or longer).
Bill: PPACA; Page: 345-346
Combined score of individual and employer mandate tax penalty: $65 billion/10 years
4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect 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
|
Capital Gains
|
Dividends
|
Other*
|
2011-2012
|
15%
|
15%
|
35%
|
2013+ (current law)
|
23.8%
|
43.4%
|
43.4%
|
2013+ (Obama budget)
|
23.8%
|
23.8%
|
43.4%
|
*Other unearned income includes (for surtax purposes) gross income
from interest, annuities, royalties, net rents, and passive income in
partnerships and Subchapter-S corporations. It does not include
municipal bond interest or life insurance proceeds, since those do not
add to gross income. It does not include active trade or business
income, fair market value sales of ownership in pass-through entities,
or distributions from retirement plans. The 3.8% surtax does not apply
to non-resident aliens.
5. Obamacare Excise Tax on Comprehensive Health Insurance Plans
(Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40
percent excise tax on “Cadillac” health insurance plans ($10,200
single/$27,500 family). Higher threshold ($11,500 single/$29,450
family) for early retirees and high-risk professions. CPI +1 percentage
point indexed.
Bill: PPACA; Page: 1,941-1,956
6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:
|
First $200,000
($250,000 Married)
Employer/Employee
|
All Remaining Wages
Employer/Employee
|
Current Law
|
1.45%/1.45%
2.9% self-employed
|
1.45%/1.45%
2.9% self-employed
|
Obamacare Tax Hike
|
1.45%/1.45%
2.9% self-employed
|
1.45%/2.35%
3.8% self-employed
|
Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93
7. Obamacare Medicine Cabinet Tax (Tax hike of $5
bil/took effect 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. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4
bil/took effect 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
9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax”
(Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of
$2500 (now unlimited). Indexed to inflation after 2013. There is one
group of FSA owners for whom this new cap will be particularly cruel and
onerous: parents of special needs children. There are thousands of
families with special needs children in the United States, and many of
them use FSAs to pay for special needs education. Tuition rates at one
leading school that teaches special needs children in Washington, D.C. (
National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education
. Bill: PPACA; Page: 2,388-2,389
10. Obamacare Tax on Medical Device Manufacturers (Tax
hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers
employ 360,000 people in 6000 plants across the country. This law
imposes a new 2.3% excise tax. Exempts items retailing for <$100.
Bill: PPACA; Page: 1,980-1,986
11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI
(Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing
high medical expenses are allowed a deduction for medical expenses to
the extent that those expenses exceed 7.5 percent of adjusted gross
income (AGI). The new provision imposes a threshold of 10 percent of
AGI. Waived for 65+ taxpayers in 2013-2016 only.
Bill: PPACA; Page: 1,994-1,995
12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons.
Bill: PPACA; Page: 2,397-2,399
13. Obamacare elimination of tax deduction for
employer-provided retirement Rx drug coverage in coordination with
Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013)
Bill: PPACA; Page: 1,994
14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax
hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in
current law for Blue Cross/Blue Shield companies would only be allowed
if 85 percent or more of premium revenues are spent on clinical
services.
Bill: PPACA; Page: 2,004
15. Obamacare Excise Tax on Charitable Hospitals
(Min$/took effect immediately): $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
16. Obamacare Tax on Innovator Drug Companies (Tax
hike of $22.2 bil/took effect Jan. 2011): $2.3 billion annual tax on the
industry imposed relative to share of sales made that year.
Bill: PPACA; Page: 1,971-1,980
17. Obamacare Tax on Health Insurers (Tax hike of
$60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed
relative to health insurance premiums collected that year. Phases in
gradually until 2018. Fully-imposed on firms with $50 million in
profits.
Bill: PPACA; Page: 1,986-1,993
18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013).
Bill: PPACA; Page: 1,995-2,000
19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns.
Bill: PPACA; Page: 1,957
20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately). This is a tax increase on a type of bio-fuel.
Bill: Reconciliation Act; Page: 105
21. Obamacare Codification of the “economic substance doctrine”
(Tax hike of $4.5 billion/took effect immediately). 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
Remember this is MY thoughts on a subject please discuss if you disagree.
God Bless
Jackson Plant
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