Alan Caruba: Americans will Curse Obama for Obamacare

Warning Signs

...."As the realities and costs of the Affordable Healthcare Act—Obamacare—kick in, when he leaves office, he will be remembered for inflicting pain and suffering on Americans.

"As the various aspects of Obamacare become active, the impact on everyone will reduce their income and increase their costs. ....

"The House passed the bill with a vote of 219 to 212 on March 21, 2010, with 34 Democrats and all 178 Republicans voting against it. At 2,000-plus pages, it has now been joined by thousands of pages more to implement it. It is a regulatory nightmare."

 

As Americans address paying their 2012 income taxes, here are some of the new taxes that will afflict some or all of them at some point.
# A tax on medical devices. This will cover “everything from surgical instruments and bedpans to wheelchairs and crutches. Even pacemakers and artificial hips and knees are taxes.” If Obamacare is not repealed, it will rake in $20 billion over the next decade.

# A tax on health insurance. Beginning in 2014, there will be a $60 billion tax on health insurance that will be felt in higher premiums. A typical family of four will have to spend nearly $1,000 a year.

# A tax on drugs. If you think prescription drugs are expensive now, some drug makers have already begun to raise prices. 

# A tax on medical savings accounts. You will no longer be able to use these tax-free accounts to purchase over-the-counter drugs, forcing people to purchase drugs such as Claritin, aspirin or Advil at a cost that is 30% higher for a middle-class family. Contributions to such accounts will be capped at $2,500.

# A tax on becoming ill. Today’s tax law allows you to deduct medical expenses up to 7.5% of your adjusted gross income. Obamacare increases this to 10%, making your future deductions smaller. It became effective this year for people under 65 years of age and goes into effect in 2017 for those 65 and older. Obama will be out of office by then. He won’t care even if you do.

mypetjawa

# Additional taxes. The Medicare payroll tax will increase by almost one-third for some people, rising from 2.9% today to 3.8& on wages over $200,000 for an individual and $250,000 for a couple. An additional 3.8% Medical payroll tax will be levied on investment income (capital gains, interest, and dividend income) at some income levels. The “rich” will pay more, but in effect this impacts most of the middle class. 

Stooge pictures and emphases added. TW