Sunday, July 01, 2012

Graph: the 10 grooviest new Obamacare taxes

It's a tax! It's a penalty! It's a mandate! Thanks, Chief Justice Roberts!

...Obamacare will impose higher taxes totaling $4 trillion between now and 2035, with substantial hits on working Americans. That works out to more than $1.7 trillion over a decade—more than triple the original 10-year score.


...Below is a list of 10 of Obamacare’s most costly taxes and fees, drawn from research by Heritage tax policy expert Curtis Dubay:

1. Hospital Insurance Tax. Beginning in 2013, Obamacare increases the Hospital Insurance (HI) portion of the payroll tax from 2.9 percent to 3.8 percent for families earning more than $250,000 a year and for single filers earning more than $200,000 annually...
2. Mandate Penalties. In 2014, Obamacare’s individual and employer mandates go into effect, forcing individuals to purchase coverage and employers to offer coverage to their workers. The penalties paid in association with these mandates are an estimated $65 billion between 2014 and 2019...
3. Health Insurance Provider Fee. Starting in 2014, Obamacare imposes an annual fee on health insurance providers...
4. “Cadillac” Tax. In 2018, Obamacare puts a new 40 percent excise tax on “Cadillac” health plans...
5. Prescription Drug Fees. Since 2011, Obamacare has put an annual fee on manufacturers and importers of branded drugs...
6. Ethanol Tax. ...This will hike taxes $24 billion from 2010–2019...
7. Medical Device Tax. Beginning in 2013, Obamacare imposes a 2.3 percent excise tax on medical device manufacturers...
8. Business Regulation Costs. Beginning in 2012, ...businesses will be required to report more information on their business activities. This will raise taxes $17 billion from 2012 to 2019.
9. Reducing Medical Deductions. In 2013, Obamacare raises the floor on itemized medical deductions...
10. FSA Limits. Starting in 2014, Obamacare limits the amount of pre-tax dollars that taxpayers can deposit in flexible savings accounts (FSAs) to $2,500 a year. This results in an extra $13 billion in taxes from 2014 to 2019...

These are just the top ten. There are 18 Obamatax hikes in all.

And I'm sure all of them will work out... perfectly.


2 comments:

Anonymous said...

We must call Obama what he is: Resident Evil for anything that seeks to dominate, manipulate and control can be nothing less.

"That which thy Fathers have bequeathed to thee, earn it anew if thou wouldst possess it".

Goeth: Faust

Anonymous said...

Fyi - number 8 was repealed. http://www.irs.gov/govt/fslg/article/0,,id=238635,00.html