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Obamacare taxing apparatus
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Topic Started: Dec 31 2013, 10:32 PM (759 Views)
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Neutral
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Jan 1 2014, 03:44 AM
Post #11
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Fire & Ice Senior Diplomat
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No I am talking about the taxes associated with Obicare. Libs said there were none, now they are finally realizing they should have listened.
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tomdrobin
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Jan 1 2014, 04:00 AM
Post #12
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Fire & Ice Senior Diplomat
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- Jan 1 2014, 03:44 AM
No I am talking about the taxes associated with Obicare. Libs said there were none, now they are finally realizing they should have listened. You make up statements from libs, then call them liars. That is nuts.
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Neutral
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Jan 1 2014, 04:01 AM
Post #13
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Fire & Ice Senior Diplomat
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You make no sense. If you want to search, start around the summer of '12.
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tomdrobin
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Jan 1 2014, 04:36 AM
Post #14
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Fire & Ice Senior Diplomat
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Full List of All Taxes in ObamaCare / All Taxes in the Affordable Care Act
The following list of new ObamaCare taxes collectively raise over $800 billion by 2022. Here is a complete list of new fees and taxes contained within ObamaCare:
ObamaCare Taxes That Most Likely Won't Directly Affect the Average American
• 2.3% Tax on Medical Device Manufacturers 2014
• 10% Tax on Indoor Tanning Services 2014
• Blue Cross/Blue Shield Tax Hike
• Excise Tax on Charitable Hospitals which fail to comply with the requirements of ObamaCare
• Tax on Brand Name Drugs
• Tax on Health Insurers
• $500,000 Annual Executive Compensation Limit for Health Insurance Executives
• Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
• Employer Mandate on business with over 50 full-time equivalent employees to provide health insurance to full-time employees. $2000 per employee $3000 if employee uses tax credits to buy insurance on the exchange (marketplace). (pushed back to 2015)
• Medicare Tax on Investment Income 3.8% over $200k/$250k
• Medicare Part A Tax increase of .9% over $200k/$250k
• Employer Reporting of Insurance on W-2 (not a tax)
• Corporate 1099-MISC Information Reporting (repealed)
• Codification of the "economic substance doctrine" (not a tax)
ObamaCare Taxes That (may) Directly Affect the Average American
• 40% Excise Tax "Cadillac" on high-end Premium Health Insurance Plans 2018
• An annual $63 fee levied by ObamaCare on all plans (decreased each year until 2017 when pre-existing conditions are eliminated) to help pay for insurance companies covering the costs of high-risk pools.
• Medicine Cabinet Tax Over the counter medicines no longer qualified as medical expenses for flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), and Archer Medical Saving accounts (MSAs).
• Additional Tax on HSA/MSA Distributions Health savings account or an Archer medical savings account, penalties for spending money on non-qualified medical expenses. 10% to 20% in the case of a HSA and from 15% to 20% in the case of a MSA.
• Flexible Spending Account Cap 2013 Contributions to FSAs are reduced to $2,500 from $5,000.
• Medical Deduction Threshold tax increase 2013 Threshold to deduct medical expenses as an itemized deduction increases to 10% from 7.5%.
• Individual Mandate (the tax for not purchasing insurance if you can afford it) 2014 Starting in 2014, anyone not buying "qualifying" health insurance must pay an income tax surtax at a rate of 1% or $95 in 2014 to 2.5% in 2016 on profitable income above the tax threshold. The total penalty amount cannot exceed the national average of the annual premiums of a "bronze level" health insurance plan on ObamaCare exchanges.
• Premium Tax Credits for Small Businesses 2014 (not a tax)
• Advanced Premium Tax Credits for Individuals and Families 2014 (not a tax)
• Medical Loss Ratio (MRL): Premium rebates (not a tax)
The link below provides a full list of ObamaCare Taxes by the IRS.
For a full list of taxes provisions from the IRS
Or see the latest publication by the joint tax committee on the Affordable Care Act.
Who Does ObamaCare Tax?
Let's take a look at how ObamaCare's taxes affect certain income groups.
ObamaCare Taxes for High Earners and Large Businesses
Most of the new taxes are on high-earners (individuals making over $200,000 and families making over $250,000), large businesses (over 50 full-time equivalent employees making over $250,000), and industries that profit from healthcare. Essentially those who will see gains under ObamaCare are required to put money back in the program via taxes.
FACT: Tax increases generally affect single filers with an adjusted gross income (AGI) above $200,000 and married couples filing jointly above $250,000. Some of the tax increases don't kick in until single AGI hits $400,000 and married filing jointly AGI hits $450,000.
ObamaCare Taxes for the Average American With Health insurance
For most of the 85% of Americans with health insurance, making less than $250,000, most of the new taxes won't mean much of anything although certain taxes below will affect specific individuals and families.
ObamaCare Taxes for the Average American Without Health insurance
The 15% of Americans without health insurance will be required to obtain health insurance (Individual Mandate) or will face a "tax penalty".
The good news is that many uninsured will be exempt from the Individual mandate due to income, offered cost assistance through the marketplace including Tax Credits (also available to small businesses), qualify for Medicaid, or will get insurance through work (the Employer Mandate requires large employers to insure full-time employees by 2015). Adults who are under 26 will be able to stay on their parents plan as well, this will help to limit the number of young people who will pay the fee. Both the employer and individual mandates are part of our "shared responsibility" to expand the quality and affordability of health insurance in the United States as a trade for our new benefits, rights and protections.
ObamaCare Taxes for Small Businesses
Small businesses with less than 25 full-time equivalent employees will have access to tax credits to reduce premium costs of group plans.
ObamaCare Taxes for Specific Groups With Health Insurance
Here are a few changes that my affect specific groups of Americans with health insurance:
• Other tax provisions such as changes medical deduction thresholds, HSAs, MSAs, and FSAs may impact some Americans by limiting tax deductions.
• The Medical Loss Ratio (MLR or 80/20 rule) will mean that some Americans may get rebates if health insurance companies spend on non-healthcare related expenses.
• Tax provisions like the 10% tanning bed tax, taxes on drug companies, taxes on medical devices and taxes on health insurance companies selling insurance on and off the exchange may affect the amount of money we pay for some health care related goods and services, but will not have a significant impact on our daily lives.
• The employer mandate has caused some companies to cut down full-time workers to part-time to avoid providing benefits, however major employers like Disney and Walmart have actually increased their full-time workforce in response to the looming 2015 deadline.
• Overall the benefits tend to outweigh the costs for the average American as even those who pay a little more, get a lot more in return due to the increased quality of their health insurance.
http://obamacarefacts.com/obamacare-taxes.php
Here is the list from the Obamacare website. Nothing said about no new taxes. Does give a pretty good explanation of how and why though.
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Neutral
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Jan 1 2014, 04:46 AM
Post #15
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Fire & Ice Senior Diplomat
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Christ, too bad you can't follow a conversation. LIBS on this board said there were not any taxes associated with Obicare.
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tomdrobin
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Jan 1 2014, 04:56 AM
Post #16
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Fire & Ice Senior Diplomat
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- Jan 1 2014, 04:46 AM
Christ, too bad you can't follow a conversation. LIBS on this board said there were not any taxes associated with Obicare. Most libs aren't that stupid. I think you imagined it. Or the Fox told you that.
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Brewster
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Jan 1 2014, 05:30 AM
Post #17
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Fire & Ice Senior Diplomat
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It's Neut's magical memory again.
I've mentioned my awe of it before - no one else I've ever met can remember in such detail events that never happened.
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Mike
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Jan 1 2014, 06:42 AM
Post #18
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I don't recall anybody claiming that there would not be more taxes as Obamacare went forward. What I recall is that healthcare costs would go down as more efficiency is found.
Should we be worrying about paying the added expenses if in fact there are some temporary tax and premium expenses? Could we use some of the oil revenue money that the former president promised would be forthcoming from Iraq oil fields? Since that Iraqi oil revenue money would pay the multi trillion dollar cost of the war, why not divert some of it to help fund implementation of the healthcare program?
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colo_crawdad
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Jan 1 2014, 06:44 AM
Post #19
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Fire & Ice Senior Diplomat
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- tomdrobin
- Jan 1 2014, 04:00 AM
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- Jan 1 2014, 03:44 AM
No I am talking about the taxes associated with Obicare. Libs said there were none, now they are finally realizing they should have listened.
You make up statements from libs, then call them liars. That is nuts. And, he has been doing it for years and years on different forums under different screen names. Nothing has changed. NOTHING!
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Neutral
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Jan 1 2014, 06:46 AM
Post #20
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Fire & Ice Senior Diplomat
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Why don't one of you lying libs go back and look?
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