Obamacare tax increases

adoptedbyhoundsApril 10, 2012

Democrats promised Obamacare is going to SAVE us money. The link below shows us what those "savings" look like.

"4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013): Creation of a new, 3.8 percent 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: Bill: Reconciliation Act; Page: 87-93"

"9. Obamacare Flexible Spending Account Cap" aka âÂÂSpecial Needs Kids Taxâ (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (currently unlimited). Indexed to inflation after 2013. 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 thousands of 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. Bill: PPACA; Page: 2,388-2,389"

  1. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

  2. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971"

More of those fantastic "tax savings" from Obamacare can be examined in the link below.

Here is a link that might be useful: Comprehensive Obama tax increases

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marshallz10(z9-10 CA)

Let me out of here but first I'll leave a big HOOOOT! for nika.

    Bookmark   April 10, 2012 at 7:29PM
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elvis

Nik, tax hikes will be a good thing. The $$$$$$$$$$$$$$$$ our government is spending apparently doesn't "feel real". If we (well, those of us who actually pay taxes) get hit in the pocket some more, just maybe the people will pay attention to this crazy, scary, downright dangerous spending.

It must be paid for.

    Bookmark   April 10, 2012 at 7:33PM
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demifloyd(8)

Great work, Nic.

Let's see, what did medicare and medicare end up costing?
What about ANY government program, did it come in as promised, or under budget?

"Barack Hussein Obama," as the school children chanted gleefully,

Ummmm Ummm Ummmmmm.

    Bookmark   April 10, 2012 at 7:34PM
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ohiomom

Not to worry Romney(care) will soon be prez, yes I really sincerely think he has a good chance of being the next prez and the last few years will be wiped out and all will be well again. Course me, myself and I cannot tell the difference between the two parties, but what the heck do I know :)

Peace

    Bookmark   April 10, 2012 at 7:40PM
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david52 Zone 6

Yes, i very much urge everyone to go to Nik's link, and see what these tax increases are, and who they effect.

    Bookmark   April 10, 2012 at 7:41PM
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jmc01

nikoleta, How much do you figure the tanning bed tax is going to set you back?

    Bookmark   April 10, 2012 at 8:35PM
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adoptedbyhounds

"nikoleta, How much do you figure the tanning bed tax is going to set you back?"

Tax increase #12? I'm not into tanning beds...but thank you for your concern! :)

I'm more interested in finding out where #13 will leave the retirees Democrats have scheduled to "sacrifice" their benefits at the altar of Obamacare.

"13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994"

Every person responsible is a Democrat.

    Bookmark   April 11, 2012 at 1:10PM
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esh_ga

Glad you finally got around to reading it. The rest of us have known about these for ages now.

    Bookmark   April 11, 2012 at 1:20PM
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david52 Zone 6

Can we talk about the 15% carried interest tax rate that hedge fund managers get again?

That tax break that made Romney so wealthy?

    Bookmark   April 11, 2012 at 1:52PM
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Circus Peanut

Nik, why don't you ask seniors, who have already saved over $2 billion in 2011 alone (an average of $604 per person) after the AHA closed the donut hole in prescription drug coverage, how much of a "sacrifice" this Act has been to them?

Here is a link that might be useful: ASPE Issue Brief, Feb 2012

    Bookmark   April 11, 2012 at 2:11PM
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elvis

Here in Wisconsin, Wisconsin Senior Care takes care of the low income seniors. $5 co-pay on generics, $25 on brand name. My post heart bypass Mom gets all her drugs for around $35/month.

She doesn't want any change. If I personally know of this one example, there surely must be others :)

    Bookmark   April 11, 2012 at 2:58PM
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david52 Zone 6

And who pays for Wisconsin Senior Care, that your Mom gets $5/25 copays?

    Bookmark   April 11, 2012 at 3:37PM
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elvis

Membership fees, Wisconsin state budget, and matching federal funds via Medicaid.

    Bookmark   April 11, 2012 at 4:22PM
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david52 Zone 6

Thats a good thing. Here, its just Medicaid.

    Bookmark   April 11, 2012 at 4:54PM
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elvis

Yes, it's cool here for prescription drugs and low income seniors--and I think they like it that way :)

    Bookmark   April 11, 2012 at 6:49PM
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chase_gw

Is there any reason to believe it will change under Obamacare.....any factual reason ?

    Bookmark   April 11, 2012 at 6:50PM
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Circus Peanut

Elvis -- I hope she is participating in the ongoing efforts to keep your Republican governor from cutting it entirely, then. He chopped $15mil off Senior Care in his last budget, alongside requiring all seniors using it to register for Medicare as well, and the cut was only struck out of the proposal by massive popular protest. Your mom can thank Hot Topics forum member Lenam for being a vocal part of that protest.

    Bookmark   April 11, 2012 at 7:10PM
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elvis

Participating? probably not. She's 90, and not too interested in extracurricular activities; I do drive her to the polls, though :) She did sign one of the recall petitions I circulated~~

Yes, we are a very vocal bunch. I don't know if Lenam is a member of our union or not, but any support is sure welcome!

    Bookmark   April 11, 2012 at 8:16PM
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chase_gw

I am so confused. I thought you and your husband owned a small business that employed several people. Healthcare costs were a concern.

Now you say you are in a union.......which means you have healthcare insurance.

We are a very smart bunch here, political persuasions aside. The truth of who we are always shines through.......even if we think otherwise.

    Bookmark   April 11, 2012 at 10:10PM
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elvis

Simple answer. First of all, I said WE have a business, didn't say anything about a husband. I'm both a business owner and a union employee; they aren't mutually exclusive. Probably why I'm neither a Republican nor a Democrat.

If I was going to be tricky, I would well...be good at it ;)

    Bookmark   April 11, 2012 at 10:25PM
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maggie2094

So elvis, your a AFSCME member which means your a public employee whos benies come from taxes, who voted for Walker but had buyers remorse when he went for your pension...and are a business owner that doesn't offer health insurance and doesnt want your employees to have the same benefit (through bigger insurance pools offered to smaller businesses, employees, etc.)

That doesn't jive.

    Bookmark   April 12, 2012 at 12:15AM
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chase_gw

Apologies on the "husband" not a good assumption on my part.

    Bookmark   April 12, 2012 at 8:05AM
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jlhug

I always found it funny that as soon as everyone is required to have health insurance, the threshold for claiming medical expenses will rise from 7.5% of AGI to 10% of AGI. So more people will be required to buy health insurance but fewer will see any tax benefit from it.

That particular tax increase is not limited to the 1%. The only people who are excluded from it are age 65 or older and that exclusion only lasts until 2016.

    Bookmark   April 12, 2012 at 8:28AM
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kingturtle(Zone 7 GA)

Oh good grief - you can't just look at the taxes without understanding how they affect the costs of care. Under the Affordable Care Act, the prescription donut hole was closed saving seniors money. Most of these taxes are devised to lower the rising costs of Medicare - something the GOP does by sticking seniors with the difference - $6000. How does that senior lynching work for you Elvis?

    Bookmark   April 12, 2012 at 9:16AM
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demifloyd(8)

Thanks jlhug, for pointing that out.

Now some can join the ranks of the rest of us who don't get to deduct any health care expenses.

Oh, for a flat tax for every person over the age of 18.

    Bookmark   April 12, 2012 at 9:17AM
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