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 If Obamacare is not repealed, it will rake in $20 billion over the next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.
# 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
