MORE THAN TWENTY NEW OBAMACARE TAXES TO KICK OFF IN JANUARY
Call me picky, but as happy as I am about the fact that Romney kicked O’s ass in the first debate, imagine the impact Mitt could have had with this inclusion in his closing statement – especially because he got “the last word”:
“Folks, beginning less than three months from now, Americans – including those in the middle class - will begin to realize the real financial impact to their checkbooks of ObamaCare, as more than 20 new taxes - as determined by the Supreme Court of the United States - begin to kick in. The president’s plan will hit your wallets with everything from limiting the tax deduction you’ll be allowed to take for medical expenses - to increasing the cost of medical devices - making everything from pacemakers to prosthetics more expensive.
If this sounds like healthcare reform to you, the president is your candidate. If not, then I am your candidate – because I will do everything I can do as your president to not only repeal ObamaCare, but to replace it with a plan is affordable for all Americans.”
Perhaps Team Romney should hire Rat as a strategist and speechwriter, but I digress. It’s true: in less than three months, the ever-increasing cost to taxpayers of ObamaCare will begin to sink in to all Americans – square in their pocketbooks. Here’s a look at the five worst TAXES – coming on January 01, 2013 – courtesy of Barack Hussein Obama. From Americans for Tax Reform:
The ObamaCare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. ObamaCare imposes a new 2.3% excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your healthcare – making everything from pacemakers to prosthetics more expensive.
The ObamaCare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use Flexible Spending Accounts(FSA) through their employers to pay for their families’ basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
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 several million 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 existing tax rules, FSA dollars can be used to pay for this type of special needs education. This ObamaCare tax provision will limit the options available to these families.
The ObamaCare Surtax on Investment Income – a $123 billion tax increase: This is a new 3.8% surtax on investment income earned in households making at least $250,000 ($200,000 single). This tax increase would result in the following top tax rates on investment income:
The table above also incorporates the scheduled hike in the capital gains rate from 15% to 20%, and the scheduled hike in dividend tax rate from 15% to 39.6%.
The ObamaCare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 % of their adjusted gross income (AGI). This tax increase imposes a threshold of 10% of AGI. By limiting this deduction, ObamaCare widens the net of taxable income for the sickest Americans. This tax provision will most harm near-retirees and those with modest incomes – and high medical bills.
The ObamaCare Medicare Payroll Tax Hike – an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9% on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8% rate instead. This is a direct marginal income tax hike on small business owners, who pay self-employment tax in most cases. The table below compares current law vs. the ObamaCare Medicare Payroll Tax Hike:
As I said at the top, America: Bend over. Again – call me picky – but why Team Romney and the conservative Super PACS aren’t running nonstop ads on the reality of what’s about to come – courtesy of O and ObamaCare – is a frustrating puzzle to me.
But, hey – so is the fact that so many lemmings continue to follow this pretender to the throne in the first place.