Yes, Taxes Are Going Up — Real Health Care Reform Healthshare

Yes, Taxes Are Going Up

Obamacare new taxesThe healthcare law was recently ruled to be constitutional by the Supreme Court, based on Congress’ power to levy taxes.  And boy do they plan to levy…

 

The tax that most people are familiar with is the one that used to be called a penalty – a tax on anyone who does not purchase approved health insurance by 2014.  But in all there are over $500 billion in tax hikes over the next 10 years.  Here’s an overview:

 

Taxes that Began in 2010

  1. Tax on indoor tanning salon users, $2.7 billion.
  2. Tax on drug companies, $2.3 billion
  3. Black liquor biofuel tax, $23.6 billion
  4. IRS power to disallow some completely legal tax deductions, $4.5 billion
  5. Blue Cross Blue Shield tax hike, $0.4 billion
  6. Excise tax on charitable hospitals, $50,000 per hospital

Taxes that Began in 2011

  1. Over-the-counter drug tax on people with HSAs, $5 billion
  2. HSA early withdrawal tax hike from 10 to 20%, $1.4 billion

Taxes that Begin in 2013

  1. New 3.8 percent surtax on investment income, $123 billion  (Note this raises the top tax rate on capital gains from 15% to 23.8%, and on dividends from 15% to 43.4%)
  2. Hike in Medicare payroll tax, $86.8 billion
  3. Medical device manufacturer tax, $20 billion
  4. High medical bill tax (raising allowable deduction exclusion from 7.5% of income to 10%), $15.2 billion
  5. Flexible Spending Account limitation, $13 billion
  6. Elimination of tax deduction on employer-provided Rx retirement coverage, $4.5 billion
  7. Executive compensation limit for health insurance executives, $0.6 billion

Taxes that Begin in 2014

  1. Individual mandate excise tax – penalty for not buying health insurance, rising to $2085 for a family by 2016
  2. Health insurer tax, $60.1 billion

Taxes that Begin in 2018

  1. Excise tax on health insurance plans, $32 billion.

You may recall that Obama promised this bill would not raise taxes.  Well, maybe there’s some confusion about what are taxes…

 

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