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Top Five Worst Obamacare Taxes Coming in 2013

There are a couple of tables that won't cut and paste...

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:

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:
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Changes to FSA accounts will affect me directly. I have always placed at least $5K in my FSA and have needed every last penny of it. Now, it looks like I'll have to limit that to $2.5K and get taxed on the other $2.5K that I would normally keep in my FSA.
 
Hmm...

At least they are American taxes and not U.N. taxes...

https://www.foxnews.com/world/2012/...session-it-is-already-thinking-up-new-global/

"A 1 percent tax on billionaires around the world. A tax on all currency trading in the U.S. dollar, the euro, the Japanese yen and the British pound sterling. Another “tiny” tax on all financial transactions, including stock and bond trading, and trading in financial derivatives. New taxes on carbon emissions and on airline tickets. A royalty on all undersea mineral resources extracted more than 100 miles offshore of any nation’s territory...."
 
Seems like all we're doing is making it more difficult for people to survive on their net incomes and becoming more dependent on government assistance. At some point, where does the money come from?

EVERY (no hyperbole) ultra successful business owner I know intends to slow down their businesses to a no-growth or even reversal (decrease in size) in the event of an Obama re-election.. which they all assume will happen. They are 'terrified' of the ramifications.

I'm not going to argue the point here (I get more than I want of the conversation in the real world).. just sharing.
 
Scat said:
Changes to FSA accounts will affect me directly. I have always placed at least $5K in my FSA and have needed every last penny of it. Now, it looks like I'll have to limit that to $2.5K and get taxed on the other $2.5K that I would normally keep in my FSA.
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Me too. This is one I don't quite understand any benefit, other than limiting the amount that is pre-tax. This is going to hurt a lot of families who may not be able to plan for the rainy day, and I know about rainy days.
 
seems like we should consider a single-payer system, no?

and, don't say "hell no" and then reference how amazing our medical system has been.
 
Quit your complaining and drink your coolaid!

YesWeCan.gif
 
I agree with numbers 3 and five. It's time we change our regressive tax structure back to a progressive one, ya know, just like The Wealth of Nations, Thomas Jefferson, James Madison, & many other of the now worshiped by the right founding fathers suggested.

The others seem quite relentless on the surface. But hey, who doesn't love all these tax loopholes amiright?
 
PKM said:
Seems like all we're doing is making it more difficult for people to survive on their net incomes and becoming more dependent on government assistance. At some point, where does the money come from?

EVERY (no hyperbole) ultra successful business owner I know intends to slow down their businesses to a no-growth or even reversal (decrease in size) in the event of an Obama re-election.. which they all assume will happen. They are 'terrified' of the ramifications.

I'm not going to argue the point here (I get more than I want of the conversation in the real world).. just sharing.
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I get this general sense too. The funny thing is, I was gonna re-finance tomorrow. But I have a feeling the ****'s gonna get worse once he's re-elected and I should just hold out for a couple months with the hope to get my rate an eighth or, and I'm getting too hopeful here, a quarter point better.
 
Are we ready for a single payer system yet? Are we ready to stop handing out billions to Egypt, Iraq, and Afghanistan yet?

Keep the taxes coming! Maybe then and only then will folks here finally DEMAND that we focus on our own country rather than repub charity of handouts to the ME, Asia, Europe, S. America, and so many bomb and jet makers.

Lets get out of the business of spreading Democracy and playing policeman to everybody and their dog and concentrate on America for a change.

I am convinced that had we actually been forced to fund for Iraq upfront rather than just slide the credit card and pass the costs onto our children and grandchildren we would have actually waited for REAL solid WMD evidence before invading. Once this country actually values money and is concerned over debt (because they feel it via taxes rather than just some cute trillion dollar number that flashes onto the TV screen on the news) then we'll finally adjust our living. All of a sudden our military we become smaller and more efficient, government will become more efficient, foreign policy will become more frugal and efficient, and we'll actually care about what programs we fund and do not fun.

Instead, for decades (with the greatest increases coming under Reagan and then Bush) we've given the Dept of Defense, poor people, rich people, foreign people, ME countries, everyone and their dogs blank checks with "promises" that we'll pay for this crap later. I say, it stops now. If we cannot pay for x, then get rid of it. If we cannot pay to bribe Egypt, then do away with it. If we cannot pay to keep up the Hill, then get rid of it. Let those folks join the "free market" and get jobs at Delta. If they cannot find jobs, then go back to school or start your own businesses. Stop living off the government.
 
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^^^ It's a safe assumption that you don't think Obama will stop the ridiculous pace of spending, right?
 
The Thriller said:
Are we ready for a single payer system yet? Are we ready to stop handing out billions to Egypt, Iraq, and Afghanistan yet?

Keep the taxes coming! Maybe then and only then will folks here finally DEMAND that we focus on our own country rather than repub charity of handouts to the ME, Asia, Europe, S. America, and so many bomb and jet makers.

Lets get out of the business of spreading Democracy and playing policeman to everybody and their dog and concentrate on America for a change.

I am convinced that had we actually been forced to fund for Iraq upfront rather than just slide the credit card and pass the costs onto our children and grandchildren we would have actually waited for REAL solid WMD evidence before invading. Once this country actually values money and is concerned over debt (because they feel it via taxes rather than just some cute trillion dollar number that flashes onto the TV screen on the news) then we'll finally adjust our living. All of a sudden our military we become smaller and more efficient, government will become more efficient, foreign policy will become more frugal and efficient, and we'll actually care about what programs we fund and do not fun.

Instead, for decades (with the greatest increases coming under Reagan and then Bush) we've given the Dept of Defense, poor people, rich people, foreign people, ME countries, everyone and their dogs blank checks with "promises" that we'll pay for this crap later. I say, it stops now. If we cannot pay for x, then get rid of it. If we cannot pay to bribe Egypt, then do away with it. If we cannot pay to keep up the Hill, then get rid of it. Let those folks join the "free market" and get jobs at Delta. If they cannot find jobs, then go back to school or start your own businesses. Stop living off the government.
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Umm, you do realize that Obama has increased the deficit more in 4 years than Bush did in 8, don't you?
 
Don't forget the 10% tax on tanning salons.

Now I gotta pay more to keep my bronze on all winter.

This alone may cost Obama NJ in the general election.
 
Scat said:
Umm, you do realize that Obama has increased the deficit more in 4 years than Bush did in 8, don't you?
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https://freethoughtblogs.com/dispatches/2012/05/25/spending-rate-lower-under-obama-and-democrats/

growth-in-federal-spending.jpg

Rex Nutting of MarketWatch, which is owned by the Wall Street Journal and Rupert Murdoch, shows that growth in federal spending under President Obama has been considerably lower than under Bush. In fact, the growth in federal spending under Obama and Clinton has been far lower than it was under every Republican president since Reagan.

Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.

Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion to $3.58 trillion, an annualized increase of just 0.4%.
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Look at the rate the federal government has grown and increased in spending. It skyrocketed under Bush. By the time Obama took over, the debt was already enormous (largely due to the funding of 2 wars, defense budget, and Medicare Part D. All repub programs/decisions.). The rate of growth under Obama has been far lower than Bush II, Bush I, and St. Reagan. Sorry Scat, hate to rain on your parade by stuffing your earholes with facts.
 
PKM said:
^^^ It's a safe assumption that you don't think Obama will stop the ridiculous pace of spending, right?
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Obama already has. Look at the rate of increase under Obama compared to Previous repub Presidents.

If repubs were really so concerned over the deficit, why were they silent for 8 years? Why did they suddenly become vocal when a black Democrat gained the white house?
 
The Thriller said:
Obama already has. Look at the rate of increase under Obama compared to Previous repub Presidents.

If repubs were really so concerned over the deficit, why were they silent for 8 years? Why did they suddenly become vocal when a black Democrat gained the white house?
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Now let's see a graph that makes allowances for past presidents as well.
I mean, if we're going to look at a graph that conveniently omits dollars related to the stimulus spending, then why not play what-ifsies with the others?

Also, do you believe that had Obama NOT spent the trillions on the stimulus, that he would have hung tough with th other spending? Of course not.

The graph is flawed on its face and worthless.
 
PKM said:
Now let's see a graph that makes allowances for past presidents as well.
I mean, if we're going to look at a graph that conveniently omits dollars related to the stimulus spending, then why not play what-ifsies with the others?

Also, do you believe that had Obama NOT spent the trillions on the stimulus, that he would have hung tough with th other spending? Of course not.

The graph is flawed on its face and worthless.
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Truly you aren't going to blame Obama for Tarp and crappy spending Bush gave us, are you?

All of the yearly changes under Obama are well below the 7 percent average annual increase under Bush prior to fiscal 2009. And in that year — for which we assign most of the increase to Bush — the rise amounted to a staggering 17.9 percent.
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Ohh noooo! It's the repubs garlic and cross! They hate this! Factchecker.org!

https://www.factcheck.org/2012/06/obamas-spending-inferno-or-not/

So if current spending is an “inferno,” it’s one that Bush (and Congress) is mostly responsible for starting
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A fact that repubs ignore.

Ordinarily, an incoming president has little or no influence over spending that was approved under his predecessor. So in normal circumstances, all spending for fiscal year 2009 would have been rightly tied to Bush
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Again, another fact repubs ignore.

But note also that receipts are running at levels that are well below historical averages. It is the combination of historically high spending and low revenues that is producing the current string of trillion-dollar annual deficits, and piling up debt. Those who blame deficits solely on spending ignore the other side of the ledger.
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Please stop ignoring the other side of the ledger. I know it's hard for repubs to be honest when referring to a black Democrat, but please, try. For the sake of America.

So I ask again, why were you folks so quiet for 8 years and all of a sudden so vocal the last 4?
 
Where were your cries about our children and grandchildren when your President decided to invade not 1 but 2 countries at the same time?

Where was the concern over growing and expanding and intrusive government when you patted your President on the *** when he passed the Patriot Act?

Where were your complaints over the deficit when Bush crashed and burned the Clinton surplus?

Why do you folks complain about buying off votes with promises of "handouts" to poor people while at the same time promising lower taxes (aka handouts) for the rich?

Why do you make fun of Clinton (still) for his ah-hem fun in the white house while ignore the crimes that Bush and Cheney committed? Not only war crimes but crimes where they leaked out names of CIA agents, cooked up evidence to go to war, and unconstitutional programs?
 
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