Below are 20 of the taxes that are currently in the ObamaCare (TAX) that will hit American citizens. Beside each one is the mandated Bill and page # if you so choose to check it out. Some taxes were imposed in 2010, other taxes progressively imposed as noted below.
HOW MANY OF THESE TAXES WILL AFFECT YOU ??
Obama Sees Middle Class Tax Increase as a Victory
Posted 06/29/2012 | In The News
The Largest Tax Hike in US History has just been upheld by the Supreme Court of the United States and President Obama sees this assault on the middle class as a victory. The already unpopular 2010 health care reform law has been converted by the court into a $1.76 trillion tax increase funded by escalating taxes to be paid the vast majority of taxpayers. The high courts ruling leaves in place 20 tax increases in the health-care law, of those, 12 tax hikes would affect families earning less than $250,000 per year, including a Cadillac tax on high-cost insurance plans, a tax on insurance providers, and an excise tax on medical device manufacturers. By formally converting Obamacare into Obamatax, the court allows Obama to raise taxes on the middle-class.
The decision is a distressing blow to taxpayers and represents the single largest tax increase on young people in the nation's history. When it takes full effect, the Internal Revenue Service will have immense new power and authority to persecute and prosecute a whole new group of taxpayers.
If the law takes full effect, it will devastate small businesses and destroy any chance for a sustainable economic recovery. It will add trillions of dollars to the national debt and push the country toward bankruptcy even faster than current projections. Any individual who believes that this decision must be overturned must do everything possible to undo the damage that has been done, especially at the ballot box on November 6.
“Obamacare law contains 20 new or higher taxes on American families and small businesses"
WASHINGTON, DC Obamacare contains 20 new or higher taxes on American families and small businesses. Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:
1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new â€œcommunity 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 provisionallows 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 liquorâ 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
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 ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax- advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
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
*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.
12. Tax on Medical Device Manufacturers ($20 bil/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
13. Raise Haircut for Medical Itemized Deduction from 7.5% to 10% of AGI ($15.2 bil/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 provisionimposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995
14. Flexible Spending Account Cap Special Needs Kids Tax ($13 bil/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
15. Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D ($4.5 bil/Jan 2013) Bill: PPACA; Page: 1,994
16. $500,000 Annual Executive Compensation Limit for Health Insurance Executives ($0.6 bil/Jan 2013). Bill: PPACA; Page: 1,995-2,000
17. Individual Mandate Excise Tax (Jan 2014): Starting in 2014, anyone not buying â€œqualifyingâ€� health
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
18. Employer Mandate Tax (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
19. Tax on Health Insurers ($60.1 bil/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
20. Excise Tax on Comprehensive Health Insurance Plans ($32 bil/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