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Get ready, folks.

Posted: Jul 26, 2012

President Obama’s health care law raises taxes by $1 trillion, according to a new report from the Congressional Budget Office... http://washingtonexaminer.com/cbo-obamacare-levies-1-trillion-in-new-taxes/article/2503248?custom_click=rss;

Okie dokie - anon

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Doesn't matter.

It only "doesn't matter" - to those who pay no income taxes.

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The 47 percent.

"Doesn't matter?" It should. - It's going to hit us all,

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even the people not used to paying taxes at all.

It does matter, but most can't get past the party ideology - and crawl into the land of reality

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Reprint below of just 1 area of massive tax increases udner Obama for middle class.

Well, Obamacare is now official, which means that a lot more people in the United States will have health insurance. And it also means a lot more people will be paying more taxes. ( You didn't think Obamacare was free, did you?) Here are some of the new taxes you're going to have to pay to pay for Obamacare:
• A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ)
• A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
• Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
• The itemized-deduction hurdle for medical expenses is going up to $10,000. Right now, any medical expenses over $7,500 per year are deductible. Next year, that hurdle will be $10,000. (ATR.org)
• The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
• A tax of 10% on indoor tanning services. This has been in place for two years, since the summer of 2010. (ATR.org)
• A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)
• A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)
• A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income. (More details here.)
• A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures. (Breitbart.com)
So those are some of the new taxes you'll be paying that will help pay for Obamacare. Any big ones I've missed? Note that these taxes are both "progressive" (aimed at rich people) and "regressive" (aimed at the middle class and poor people). The big ones--the 3.8% investment income hike and the Medicare tax increase--only hit you if you're making more than $200,000 a year. The rest hit you no matter how much you're making.
Here's How Much The Obamacare Penalty Tax Will Cost You
Many Americans are furious that Obamacare will require them to buy health insurance.
Most of these folks seem to hate the idea that Obama is forcing them to do something more than they hate the idea of shelling out money.
But for those who also care about the money, here are the details.
The good news is that, for most people, the "penalty tax" for those who choose not to buy health insurance will cost a lot less than health insurance.
As with everything tax-related, there's no simple answer to "How much is the Obamacare penalty tax?" But here are some key points, from FactCheck.org:
• The penalty/tax will be phased in from 2014 to 2016.
• The minimum penalty/tax in 2016 will be $695 per person and up to 3-times that per family. After 2016, these amounts will increase at the rate of inflation.
• The minimum penalty/tax per person will start at $95 in 2014 (and then increase through 2016)
• No family will ever pay more than 3X the per-person penalty, regardless of how many people are in the family.
• The $695 per-person penalty is only for those who make between $9,500 and ~$37,000 per year. If you make less than ~$9.500, you're exempt. If you make more than ~$37,000, your penalty is calculated by the following formula...
• The penalty is 2.5% of any household income above the level at which you are required to file a tax return. That level is currently $9,500 per person and $19,000 per couple. The penalty on any income above that is 2.5%. So the penalty can get expensive quickly if you make a lot of money.
• However, the penalty can never be more than the cost of a "Bronze" heath insurance plan purchased through one of the state "exchanges" that will be created as part of Obamacare. The CBO estimates that these policies will cost $4,500-$5,000 per person and $12,000-$12,500 per family in 2016, with the costs rising thereafter.

So, basically, you're looking at penalties of approximately the following at the following income levels:
• Less than $9,500 income = $0
• $9,500 - $37,000 income = $695
• $50,000 income = $1,000
• $75,000 income = $1,600
• $100,000 income = $2,250
• $125,000 income = $2,900
• $150,000 income = $3,500
• $175,000 income = $4,100
• $200,000 income = $4,700
• Over $200,000 = The cost of a "bronze" health-insurance plan
The IRS will collect the penalty-tax, a fact that will no doubt further enrage those who hate Obamacare.
But here's some more good news for those folks:
The IRS will not have the power to charge you criminally or seize your assets if you refuse to pay. The IRS will only have the ability to sue you. And the most the IRS can collect from you if it wins the suit is 2X the amount you owe. So if you want to thumb your nose at the penalty-tax, the IRS won't be able to do as much to you as they could if you refused to pay, say, income tax.
By the way, the following folks will be exempt from the penalty-tax:
• Those who make less than $9,500
• Employees whose employers only offer plans that cost more than 8% of the employee's income
• Those with "hardships"
• Members of Indian tribes
• Members of certain religions that don't pay Social Security tax, such as Amish, Hutterites or Mennonites.

Not to worry. - President Romney will repeal it.

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:-D

Girl, your lips to God's ears - VOTE STRAIGHT REPUBLICAN 2012

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.

No thanks. Straight Democrat 2012 - mt

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nm

Repeal what? - nm

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s

Again, Romney cannot repeal anything, only Congress can change laws. - Just another canard. NM

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s

From what I can decipher. - Re tax increases.

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It seems like a no-brainer. Obama wants to raise taxes up to 4% on people and businesses making over $250,000 per year, and only on income above that amount. These people are the most fortunate members of our society, and can well afford that more than the rest of us. These are the same rates that were in effect during the Clinton years and during the Eisenhower years, periods of prosperity in this country.

Only less than 2% of businesses fall into this category. The other 98% that create all those jobs will not be affected. Why conservatives want us to think otherwise is so their billionaires can continue not to be taxed, leaving the rest of us with deteriorating infrastructure and services (health care being one of them).

What always amazes me, in particular... - JTBB

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on this board, is that the very people the republican party hits hardest are right here cheering them on. How many people on this board do you think make more than $250,000? How many here (in this industry--MTs) have jobs that are threatened by offshoring? How many on their tour of MTStars go over to the forums for M-Modal or Nuance and gripe about how they are getting shafted on pay and availability of work? How many are struggling to keep their mortgage paid as well as keep insurance? By all means...Go Mitt Romney...lol

I doubt most of those cheerleaders are MTs. - nm

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.

Yeah...and there is a question as to your job - You question everybody else all the time

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Are you an MT? Doubt it.

Prove it, provide a link, post your information. By the *** way darlin' - You are noboby to constantly harass or question someone else's eligibility to post on this board, especially since YOU can't prove you have a right to be here.

No, just the simple facts. It would be very unusual - sm

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for someone with the brains that are required to be an MT, with their wages steadily going down because of outsourcing and offshoring, would be thinking Romney would be a better choice than Obama.

Considering "lack of brains" is a chronic liberal illness - along with Obama the great outsourcer

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and Obama clueless in economics, no experience, dumber than a stump when it comes to Eco 101, Romney is the only choice. But heh, Obama keeps his caddy in a job. That makes a net job loss of 843,999 since Obama took office.

How can you tell by a simple 1-line post.... - ABCDEFG

[ In Reply To ..]
that they "constantly harass," etc.? You have no way of knowing who they are or what they've posted, so your rant directed at them is uncalled for (actually your tone is uncalled for anywhere on this site). You do realize that "nm" stands for "no message," right? And that many people use it, right? Why the moderator allows this over-the-top hostility to continue on this board is beyond me.

PS: "sm" means "see message" so you don't blow a gasket at someone else

like - agree x5 sentences and a P.S. - nm

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I agree. This is supposed to be a politics board - VTMT

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for MTs but it is so obvious that many of the posters are not MTs.

I agree, but too hard to follow this thread. Too many personal attacks - Re taxes and jobs though

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Back to the issue at hand. I agree with Obama's tax strategy more so than Rom's. As far as jobs though, there is a job bill sitting in Congress collecting dust right now. What are they doing (not doing)? It seems to me the country is being run right now with the same mentality that is used on this board. Political tactics are being used to stunt progress and no one gets anywhere. These people, D or R, work for us!! As long as they continue to do this, ALL of the American people suffer.

what about all the taxes we already pay for... - sm

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welfare, state paid medical care, state paid child care, etc. What makes paying taxes for this so different. If anything, we probably will pay LESS taxes with this because we will be able to get rid of the "excess." Just something to think about, as now healthcare will not only be available for all but "affordable" for all. I for one am thankful this was passed.

Another comedy piece and no facts whatsoever - But you keep up with "hype and change"

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.

did you read it...facts paying taxes already on welfare, state medical,etc - nm

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