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Warning: ObamaCare Tax Hikes Strike in 2013

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My opposition to the Affordable Care Act (ObamaCare)  was based on the fact that it used the state to seize property from citizens and use that property to abort babies and encourage old people to die already all while lessening an individuals choices in their own healthcare. Because of its attack on life, liberty, and property rights, I opposed it, in addition to believing that it was unconstitutional and unaffordable. It remains all of these and more, and in addition billions of very real tax hikes hit a range of Americans starting in 2013, which are going to cost my family several thousand dollars.

From Forbes article In 2013, Millions Of Americans Face Obamacare Tax Hikes:

…On January 1, 2013, a 2.3-percent excise tax on the total revenues of medical-device companies — regardless of whether they turn a profit or suffer a loss — will take effect. The tax will hit everything they sell, from x-ray machines and pacemakers to surgical tools and artificial hips. The levy could extract as much as $29 billion over the next 10 years.

That money will have to come from somewhere; device firms won’t simply swallow the tab. So they’ll likely raise prices for patients and slash their workforces. In fact, economists at the Manhattan Institute project that the tax could eliminate as many as 43,000 jobs — and over $3.5 billion in employee compensation….

…Because of the tax, medical-device firms will also have less money to invest in research and development. My colleague Benjamin Zycher estimates that the industry will scale back investment in new products by 10 percent through 2020. That translates to a $2-billion decrease per year…

…Individuals with annual incomes higher than $200,000 and couples who make more than $250,000 a year will face two new taxes — a 0.9-percent increase in the 1.45-percent Medicare levy on earnings above those income thresholds and a new 3.8-percent tax on investment income. Together, these two taxes are expected to raise about $318 billion over the next decade — roughly half of the law’s new tax revenue.

The structure of these taxes penalizes married couples in particular. According to the New York Times, two unmarried singles who made $200,000 each would not owe any additional Medicare tax. But if they were married, they’d owe $1,350.

Meanwhile, the 3.8-percent tax on unearned income, like capital gains, dividends, and interest, will discourage saving and investment

…The law raises the floor for the deduction of medical expenses, from 7.5 percent of income to 10 percent. So only expenses beyond 10 percent of a person’s income will be deductible. This change could add hundreds of dollars to the tax bills of those struggling with major medical bills.

Obamacare also halves the maximum contribution to flexible spending accounts (FSAs), from $5,000 to $2,500. Many consumers use FSAs to cover routine medical expenses, like vision care, orthodontia, and prescription drugs….

…By neutering FSAs, Obamacare deprives patients of control over their own health care — and puts insurers and government in the driver’s seat. Instead of paying for routine care with pre-tax dollars, individuals will have to purchase expensive insurance that covers routine care. In the end, patients may end up paying more

My family uses our FSA to cover costs of sending our children to school so that we can go to work. We won’t have nearly as much money to work with in 2013- personally this will cost my family between $500-$1000 that will be cut from investments or savings for college for our children- thank you Obarfo.

Although it is possible that Obamacare may result in some good for our nation, we know for a fact that it will result in our nation going farther in debt, will result in jobs being lost, will result in less saving and investment, will result in increased fees and taxes on rich and poor alike, and will result in health care being more expensive for everyone in America.

Possibility of small gain for America, certainty of massive losses for America = Obamacare.

Original Post:  A Conservative Teacher

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  • https://plus.google.com/110369630110743475243/posts Anita Davis

    Sorry to go a bit off topic, but do you really want to see the height of hypocrisy? So you want to know just how Obama thinks and wants to stick it in the face of every hard working and struggling American? Obama has decided that Vice President Biden, and all the members of Congress, and most federal workers should get raises for the hard work they did in 2012. As id the U.S. government isn’t in deep enough water and is losing its luster on the bond market and as the fiscal cliff hangs over our heads, our dear President Obama issued an executive order to give everyone raises. Obama has generously bestowed a $6,379 per year raise to Grinning Uncle Joe. Hows them chickens? I think it’s freakin unbelievable! All I can say to you is, America it´s what you voted for, now you got it.!

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