A Gift From The Obamacare People
Dave Carter ·
Jan 14, 2011 at 8:06pm
How fortunate! Just as the debate on the popular initiative to repeal the hugely unpopular healthcare law begins, a batch of new healthcare taxes is set to go into effect. Americans for Tax Reform has compiled a list of these thoughtful initiatives, brought to you by Obamacare, for your viewing pleasure. Below are the highlights:
- Individual Mandate Excise Tax: A surtax of 1% - 2.5% for anyone not purchasing “qualifying” health insurance.
- Employer Mandate Tax: “If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. This provision applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).” [I confess to absolute confusion on what the above means,... it makes my hair hurt.]
- Surtax on Investment Income: Includes a new 3.8% surtax on investment income.
- Excise Tax on Comprehensive Health Insurance Plans
- Hike in Medicare Payroll Tax
- Medicine Cabinet Tax: Health Spending Accounts, Flexible Spending Accounts, and Health Reimbursement Accounts will no longer be allowed as means to purchase non-prescription, over the counter medicines with the exception of insulin. The “change” in this case will be all that’s left in your pocket.
- HSA Withdrawal Tax Hike
- Flexible Spending Account Cap
- Tax on Medical Device Manufacturers: 2.3% excise tax on medical device manufacturers who employ more than 360,000 people in 6,000 plants across the country. That’ll help keep jobs in the US, right?
- Medical Itemized Deduction from 7.5% to 10% of AGI
- Tax on Indoor Tanning Services
- Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
- Blue Cross/Blue Shield Tax Hike
- Excise Tax on Charitable Hospitals
- Tax on Innovator Drug Companies
- Tax on Health Insurers
- $500,000 Annual Executive Compensation Limit for Health Insurance Executives
- Employer Reporting of Insurance on W-2
- Corporate 1099-MISC Information Reporting
- “Black liquor” tax hike: a bio-fuel tax
- Codification of the “economic substance doctrine: This will allow the IRS to disallow various legal tax deductions and other legal tax-minimizing plans if they deem that the action does not have merit and is intended merely to reduce one’s tax burden
So, are we feeling good about this hope and change business yet?
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Comments :
Jun '10
Re: A Gift From The Obamacare People
Is there any chance that Democrats in Congress will vote for repeal now that they know what's in the bill? Just this short list makes my head swim.
Nov '10
Re: A Gift From The Obamacare People
Holy Moly...
You get the torch, I will grab my pitchfork...
Nov '10
Re: A Gift From The Obamacare People
Dave Carter:
I do not claim to understand it, either. But the gist is clear; employers are going to get absolutely hammered by new taxes.
Jun '10
Re: A Gift From The Obamacare People
"For every action there is an equal and opposite reaction." The government passes a mandate and 310 million Americans make personal decisions for maximum personal advantage. You can't stop an amoeba with a probe no matter how many times you stick it. Unless you kill it.
Aug '10
Re: A Gift From The Obamacare People
Gosh... I feel so... cared for.
Jun '10
Re: A Gift From The Obamacare People
Think of it, there are people out there who actually think that this ridiculous combination of actions is going to make healthcare better. I don't agree with anyone who says you can just "tweak" this. Repeal or nothing.
Nov '10
Re: A Gift From The Obamacare People
This makes the Republican plans to “repeal and replace” look stupid. Why would anyone want to replace this? With what? Just repeal it, every word, period and comma.
Nov '10
Re: A Gift From The Obamacare People
Do you know what this reminds me of? One of those old Hollywood swashbucklers, specifically the scene where one of the tyrant's minions skulks up to the village gate and hammers up a list of new, onerous taxes — just before Robin Hood puts an arrow through his head, or just before Zorro rides in, tears down the list and carves a "Z" on the minion's ass.
This is surreal and outrageous. Our leaders and politicians are clueless dolts — dangerously stupid and ignorant, as well as being malicious.
Where the hell did I leave my mask and sword...?
Edited on Jan 14, 2011 at 9:09pmMay '10
Re: A Gift From The Obamacare People
Step one: Pass the bill.
Step Two: Find out what's in it.
Step three involves profit for displaced congresscritters making a fast buck on healthcare lobby fees.
Jul '10
Re: A Gift From The Obamacare People
How many jobs have been prevented by this preposterous hail of taxes? How did ObamaCare reduce costs if it requires all of these billions just to get its bloated, porcine noxiousness launched. Why is it that when the federal government saves me money, it costs me more out of pocket for premiums and taxes and still my insurer is inches from going out of business when the next power play kicks in, and the federal government starts setting everyones premium rates as they have prepared to do.
Torches and pitchforks, Lady? Do not forget the hot tar and chicken feathers. If they were good enough for the Founders they are good enough now.
And yes, Dave, everyone that uses the word "tweak" earns their very own, gift wrapped Tea Party challenge, suitable as a retirement present. And eliminate that $600B federal medical database they passed in Obama's first month for warm ups. Sell it off as surplus to pay off the Chinese debts required to fund his constant vacations.
Edited on Jan 14, 2011 at 8:58pmOct '10
Re: A Gift From The Obamacare People
Thank GOD... I am almost 68 (next month). It is really scary that the America I grew up in wasn't like this. By the time the feral government catches up with me, I will have the pleasure of meeting the US Marshall and the IRS agent at the door, and dropping dead before they can intimidate me.
Nov '10
Re: A Gift From The Obamacare People
Obamacare is like a cancer; if you leave any trace of it in the body politic, it will metastasize and eventually destroy the country.
And it is not necessary to replace it. Our current healthcare system can be reformed with just three tweaks:
(1) Tort reform
(2) Maximum deductions
(3) Maximum portability
It is that simple.
May '10
Re: A Gift From The Obamacare People
For the self-employed, (6) and (7) on this list are a real kick in the shins. Dad's a farmer, and Mom works part-time; Heaven forbid they should be permitted to use an HSA without being penalized. If there was ever a doubt, the mix of penalties on employers and the self-employed makes it plain as day what Obamacare is meant to do.
I agree with Dave Molinari and Lady Kurobara: repeal or nothing. I understand that blocking funding may be the only option in the short term, but that must not mutate into "let's rephrase this exemption" or "let's adjust this fee table."
I hope to God that Pelosi and Obama are wrong in their assertion that voters will like Obamacare once they see what's in it, because what's in it neither protects Americans nor makes health care more affordable.
Oct '10
Re: A Gift From The Obamacare People
Somewhere, C.S. Lewis is smiling.
Nov '10
Re: A Gift From The Obamacare People
For the life of me, I just can't see why this economy isn't recovering.
May '10
Re: A Gift From The Obamacare People
wait, ummm... this cant be right; I thought universal healthcare was going to be FREEEEEEEE! Remember the Vincent Price laugh at the end of thriller?
Jun '10
Re: A Gift From The Obamacare People
I'm just fresh off listening to a podcast suggested by someone in the Member Feed that talks about Friedrich Hayek. Of course, the fantasy of central planning came up, so I'd like to bring up 4 themes that I either heard or concluded about myself:
Re: A Gift From The Obamacare People
Dave, you may be speechless, but your congressman isn't. Congress needs to see this list before the debate starts on repeal. Now, if you'll excuse me, I was just walking across the truck stop parking lot because my truck doesn't have indoor plumbing, and thought to check in on Ricochet. ... heh heh ...nite all... I have an early morning start today and a lot of miles to cover.
Dec '10
Re: A Gift From The Obamacare People
Obviously, the key to making health care affordable is to septuple the taxes assessed against any and every health care transaction.
Everyone knows taxes make things cheaper.
When the next round of taxes kick in and the rates go up an order of magnitude, things will get so cheap that they'll be damned near free!
/sarc
Honestly, it's as if they sat down and made a list of things they could do to make health care more expensive, harder to get, and then cross referenced that list with the list they made about killing as many jobs as possible.
Under this kind of regulatory regime, employees become the biggest liability that a business has, bar none.
You don't grow employment when the rules are written to punish businesses that expand.
Watch for the employment figures to crater as these new rules start to come online.
Every business owner and his accountant are crunching the numbers as I type, deciding if a given employee is worth the extra they are going to cost in the coming months. Many of them will be found wanting, and thus, they will shortly be found unemployed as well.
Re: A Gift From The Obamacare People
The question arises: If you were trying to wreck the current healthcare system, what would you do differently? Answer: Nothing. This is merely a different means to the same ends, namely, a single payer system. Congress must act accordingly and kill it, or am I being too militaristic?