Top Five Worst Obamacare Taxes Coming in 2013

[CuteOldGuy]

Odd how these changes were designed to occur AFTER the election.

Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013.

Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013:

The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.

The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.

The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:

2012 Capital Gains Dividends Other*
15% 15% 35%
2013+ (current law)
23.8% 43.4% 43.4%

The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.

The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.

The Obamacare Medicare Payroll Tax Hike -- an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:

First $200,000
Current Law ($250,000 Married) All Remaining Wages
Employer/Employee Employer/Employee

1.45%/1.45% 1.45%/1.45%
2.9% self-employed 2.9% self-employed
Obamacare Tax Hike
1.45%/1.45% 1.45%/2.35%
2.9% self-employed 3.8% self-employed



The tables are more clear at: http://www.atr.org/five-worst-obamac...s-coming-a7217

[joe bloe]

Huge tax increases in the middle of a severe recession, what could go wrong!

[i'va biggen]

If it aint here yet and he isn't elected yet find something else to whine about.chicken little.

[CuteOldGuy]

Just trying to sound the warning to Obamazombies like you, Ekim.

[i'va biggen]

Originally Posted by CuteOldGuy

Just trying to sound the warning to Obamazombies like you, Ekim.

So did chicken little.What was Churchill's saying about fear?

[joe bloe]

Raising taxes in a recession reminds me of how George Washington died. Washington had a severe throat infection and was near death. His doctor bled him repeatedly, which weakened him, and destroyed any chance he had of recovering.

Raising taxes, in order to revive a weakened economy, makes about as much sense as blood letting. At least Washington's doctor had the excuse of not knowing that his treatment was actually killing his patient. Obama knows better.

[Munchmasterman]

Originally Posted by CuteOldGuy

Odd how these changes were designed to occur AFTER the election.

Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013.

Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013:

The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.

The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.

The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:

2012 Capital Gains Dividends Other*
15% 15% 35%
2013+ (current law)
23.8% 43.4% 43.4%

The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.

The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.

The Obamacare Medicare Payroll Tax Hike -- an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:

First $200,000
Current Law ($250,000 Married) All Remaining Wages
Employer/Employee Employer/Employee

1.45%/1.45% 1.45%/1.45%
2.9% self-employed 2.9% self-employed
Obamacare Tax Hike
1.45%/1.45% 1.45%/2.35%
2.9% self-employed 3.8% self-employed
A person who pulls in $300,000 adjusted income has to pay an extra $900.



The tables are more clear at: http://www.atr.org/five-worst-obamac...s-coming-a7217

Just had to look up one to say "waaaaaah"

[Yssup Rider]

and the Wichita Whineman, is still gonna Whiiiiiinnnneeee!

You know ... All I gotta say is

+1 Munchie!

[NiceGuy53]

Originally Posted by ekim008

So did chicken little.What was Churchill's saying about fear?

Churchill did not make the statement about fear that you are referring to. FDR did. Hey... but nice try. LOL.

[i'va biggen]

You get a A hang in there...

[NiceGuy53]

Yeah, and you get a big fat F.

[Yssup Rider]

And you get to live in RGV. Make sure you carry your papers.

[NiceGuy53]

What a stupid ass thing to say. You don't know WTF you are talking about.

[IIFFOFRDB]

Originally Posted by Yssup Rider

and the Wichita Whineman, is still gonna Whiiiiiinnnneeee!

You know ... All I gotta say is

+1 Munchie!

Assup Rider got your song. Just keep your face down. http://www.youtube.com/watch?v=lLs3KXiknBw

[SEE3772]

Originally Posted by CuteOldGuy

Odd how these changes were designed to occur AFTER the election.

The tables are more clear at: http://www.atr.org/five-worst-obamac...s-coming-a7217

For those who can't comprehend reality, "chicken little" ...
An in-depth look at the so-called Fiscal Cliff that is due to arrive in January 2013. Jim Puplava discusses how we got to this point, and what it means to the economy once the various tax increases and spending cuts associated with the Fiscal Cliff take effect.

http://www.netcastdaily.com/broadcas...012-0929-2.mp3

http://m.financialsense.com/node/9340