I am an Ultra-Conservative, Alpha-Male, True Authentic Leader, Type "C" Personality, who is very active in my community; whether it is donating time, clothes or money for Project Concern or going to Common Council meetings and voicing my opinions. As a blogger, I intend to provide a different viewpoint "The way I see it!" on various world, national and local issues with a few helpful tips & tidbits sprinkled in.
So, first I have to say my disappointment with the U.S. Supreme Court’s decision to uphold Obamacare. With Chief Roberts changing his vote and changing the wording to saying it is a “TAX” brings in a new era of taxation and activism.
Most of us understand Obamacare isn’t going to make Health Care affordable; they named it that way to get the sheep to go along with it. Some even think it will usher in “FREE” health care! How wrong they are.
CBO: ObamaCare-Like Programs Don’t Save Money or Reduce Costs
Now you have the U.S. Supreme Court stating it is a TAX and those tax lovers on the left quickly claiming it isn’t a tax but a penalty.
Well those people are wrong, some even cleverly add “Penalty Tax” when the talk about it out the left side of their mouth and then out the right side, it isn’t a tax.
These people must thing Road Use TAX, Sales TAX, Income TAX, Gas TAX aren’t TAXES. Then again these same people think FEES aren’t taxes either.
Their logic is the Penalty Tax is only levied if you don’t buy/have Health Insurance. Then again, these self-proclaimed Smart ones, only look at the Individual mandate clause and NOT Obamacare as a package. The PACKAGE included all kinds of new TAXES.
To all the Bumper Sticker mentality Liberals out there - Check your facts and figures and stop believing the hype and rhetoric.
Let’s review a tad bit and then fill in some gaps.
So why is it that liberals believe that Obamacare will only tax, sorry they don’t like their favorite word, tax, being used here and call it a penalty, and say it will only penalize those who don’t buy when that isn’t true. The TAX increase will hit us all even if you have health insurance. The list is below, they just like to cherry pick their points and see the tax penalty. It is still a TAX. I guess they think the gas TAX isn’t a tax since if you don’t buy gas, you don’t pay the tax or sales TAX isn’t a TAX is you don’t buy something. But wait, Obamacare TAXES those that don’t buy something! Hmm…
With the Supreme Court upholding the worst parts of ObamaCare, many are again speculating on the budgetary impacts of the law. We know that the price tag for the law was $1.76 trillion dollars, according to a revised estimate by Congressional Budget Office (CBO) published back in March; up from the original estimate of under $1 trillion when the law was passed in March 2010. Charles Blahous found that the law would add $340 billion to the deficit over the next 10 years.
What ObamaCare Means for Your Taxes
The Obamacare Tax Surprise
That’s right—taxes are going up by 3.8 percentage points on all joint filers with adjusted gross income of more than $250,000 and on single filers with incomes over $200,000.
And it also means a lot more people will be paying more taxes.
(You didn't think Obamacare was free, did you?)
Here are some of the new taxes you're going to have to pay to pay for Obamacare:
•A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income???” Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ)
•A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
•Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
•The itemized-deduction hurdle for medical expenses is going up to $10,000. Right now, any medical expenses over $7,500 per year are deductible. Next year, that hurdle will be $10,000. (ATR.org)
•The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
•A tax of 10% on indoor tanning services. This has been in place for two years, since the summer of 2010. (ATR.org)
•A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)
•A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)
•A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income. (More details here.)
•A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures. (Breitbart.com)
So those are some of the new taxes you'll be paying that will help pay for Obamacare.
But Randy, you need to stop reading those right sites that call Obamacare a TAX!
Oh look the Gospel site of the left calls it a tax.
The controlling opinion, written by Chief Justice John Roberts, upheld the mandate as a tax, although concluded it was not valid as an exercise of Congress' commerce clause power. Justices Ruth Bader Ginsburg, Stephen Breyer, Sonia Sotomayor and Elena Kagan joined in the outcome.
The Supreme Court, in its 5-4 ruling, upheld the mandate that most Americans get health insurance. The majority said Congress has the power to enforce the mandate under its taxing authority. The decision labeled the penalties a tax, noting that they will be collected by the IRS.
Those who don't get qualified health insurance will be required to pay the penalty — or tax — starting for the 2014 tax year, unless they are exempt because of low income, religious beliefs, or because they are members of American Indian tribes.
I have said this before, I source mostly liberal media so I don’t get people in an uproar that I used Fox News. I know, I know we all love it when they throw in the Fox Lies, Fox lies line.