Now that Obama’s “won” another 4 years in the White House — thanks to the 62,615,406 Americans, including dead people and noncitizens who had voted for him (what a great country!) — Obamacare is a reality, notwithstanding John Boehner’s continuing bluster about repealing the law.
If you don’t already know the taxes coming our way — whether you are “the rich,” the middle class, or the poor — here’s a reminder.
In other words the new taxes imposed by Obamacare will be equal opportunity hitting every level of American income in one form or another!
That’s right! For all of Barack Obama’s bluster about being the savior and protector of the middle class and the poor in the United States, he’s not!
Remember when Obamacare was passed and rammed down our collective throats?
This occurred so that, according to Nancy Pelosi, the Congress and the American public could find out what was actually in it.
What was subsequently discovered was not what was promised by the President.
Could it really be possible that the President deceived the American people?
I hope that everyone who voted for 4 more years are happy because there is little doubt that we’ve only seen the beginning of the attack on our American way of life.
Courtesy of Business Insider, some of those new Obamacare taxes!
- 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% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%. (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) (Source)