Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™

IRS to Enforce HUGE Healtcare Tax Increase

Although only high-income households will pay the new Medicare levies, billions of dollars in other new taxes will be paid by individuals earning less than $200,000 per year and married couples earning less than $250,000. This violate a campaign pledge by President Obama, which he has repeated over and over this year in town hall meetings across the country.

Portions of a multitude of new taxes totaling nearly $250 billion over 10 years would be paid, either directly or indirectly, by workers with incomes below those levels.

The reconciliation bill, which will be passed by the House later today and signed by the President, will raise money by taxing generous health-insurance policies.

The bill, which taxes so called "Cadillac plans" is expected to raise $32 billion during the 2018-19 period. This new tax heavily penalizes health-insurance plans costing more than $10,200 for individuals and $27,500 for families — imposing a 40% excise tax on the value above those amounts.

Many of these "Cadillac plans" are held by both union workers in the private sector and by federal, state and local government workers. Most families of both groups earn well below $250,000.

The excise tax will be directly paid by the insurance company, but economists of all persuasions say the costs will passed along to policyholders.

Middle- and working-class Americans can expect to pay most of the numerous fees that the health care bill will impose on the pharmaceutical industry ($27 billion from 2011 through 2019), on medical-device manufacturers ($20 billion from 2013 through 2019) and on health insurance providers ($60.1 billion from 2014 through 2019), and on indoor tanning services (a 10 percent excise tax).

The new law also limits deductions for medical care, requiring people, including middle-income households and seniors, to have spent more of their own money on health care expenses before they become tax-deductible. Currently, expenses above 7.5% of adjusted gross income can be deducted for tax purposes; the bill Mr. Obama will sign raises that threshold to 10% of income.

The legislation imposes mandates on employers with more than 50 workers to provide health insurance to their workers and on individuals and families to carry health insurance. The bill will impose penalties on those employers ($52 billion from 2014 through 2019) and households ($17 billion from 2014 through 2019) who do not comply with the mandates.

Because these penalties will be administered and enforced by the Internal Revenue Service, and the Administration will argue before the Supreme Court that this is a "true tax", not a government imposed insurance program, Mr. Obama's promise of new new taxes for those making under $250,000 was just another of the Liar in Chief's intentional false statements, which he uses to impose his will on the moron masses who are too stupid too know what is in their best interest (in the opinion of the Progressives).

Tags: economy, healthcare, libertarian, obamanation, recession, usa

  • Post a new comment


    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

  • 1 comment