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WSJ Chief Economist: 75% of Obamacare Costs Fall On Middle Class
Posted: Jul 1, 2012
The Senior Economics Writer at WSJ discusses the costs of Commiecare in this interview.
He notes that 75% of Obamacare's costs will fall on the backs of those making LESS THAN $120,000 per year. (So much for the political spin about the "rich," eh?)
He also notes the 8%-10% INcrease in insurance premium costs since Obamacare passed despite the lies Obama told us about it DEcreasing insurance premium prices.
So, my options are: 1) Not buy health insurance and pay the fine, which will increase to about $700 by 2014. (2) Purchase health insurance, which is outrageously expensive and becoming more so every day in part DUE TO COMMICARE. (3) Sign up for one of the Commiecare "pools" that will feature the med school flunkies.
If I DON'T do any of the above, I will have sawed-off-shotgun-wielding IRS agents (Google it) showing up at my door.
This is nothing but pure totalitarianism.
;
not dictated yet you wil have the politically clueless - that think they R elite and schooled
[ In Reply To ..]defend this totalitarinism until they draw thiet last breath - which will be hastened with ObamaTax.
Now, you're also going to have the flamer and trolls hit you with "WSJ not a credible source, this is just a conservative rag" and their all time favorite "you're a racist".
There was a whopping 85% of all Americans with insurance coverage. So, the entire system has been up-ended for those 15% without insurance consisting of: those scamming the system to cheat the truly poor, those too lazy to get a job, not to mention coverage for illegal alien all to satisfy the little Communist in Chief 's ego.
What is even more scary is the crack pots that think ObamaTax is "great". Shows you the mental deficiency and lack of any cohesiveness between thought A and thought B of the 30%
Please excuse the typos - -
[ In Reply To ..]-
Why are you misrepresenting WSJ? - Let me guess
[ In Reply To ..]Did anyone notice that FOX reported that the Supreme Court struck down the ACA? How can anyone give them any credibility whatsoever?
So this guy who apparently works for WSJ (Rupert Murdoch owns) goes on Fox (Rupert Murdoch owns) and reports a bunch of junk that has already been debunked and you are passing it around as though it was even PUBLISHED in WSJ? From what I can tell, they are free lancers who go to whoever will pay them to say whatever so they can be paid.
Geesh. Get a grip and post some facts some day.
Not Fox -- CNN was first to say - ACA was struck down.
[ In Reply To ..]fyi
Didn't FOX tell you then? Guess not - No retraction from FOX
[ In Reply To ..]You might want to Google "Fox and Supreme Court Health Care decision". From what I gather Fox did not issue an acknowledgement of their error, nor a retraction.
CNN did issue a retraction. I really don't care who did it first.
Another poster with - Faux Derangement Syndrome
[ In Reply To ..].
Geesh. Get a grip and post some facts some day. - Try your own advice
[ In Reply To ..]Too bad you can't put aside your bias, hatred and insults for anything, anyone not in lock step with you.
I only "hate" purposeful misrepresentation. - If you feel insulted.
[ In Reply To ..]So be it.
I only "hate" purposeful misrepresentation. - If you feel insulted.-so be it - Must "hate" UR own posts
[ In Reply To ..].
IonlyhatepurposefulmisrepresentationIfyoufeelinsultedsobeitMusthateURownposts - this is fun
[ In Reply To ..]
Try actually READING what was written - Not reading into posts what you want
[ In Reply To ..]Post had to do with insurance coverage of 85% of the American populace. No where in that post did it specify that WSJ was being quoted.
Speaking of misrepresentation - your post sure does.
75% middle class, 23% poor, 2% ultra-rich = 100% - So what? Math Whiz
[ In Reply To ..]Guess it adds up so, yes, 75% of the free loaders who pay the penalty will probably be middle class. I am surprised you are not happy that the dirt-bag free loaders will have to pay up.
***
Hmmm. What are you? Not as "math whiz" - for sure!!!
[ In Reply To ..].
I am middle class, do not have health insurance - I pay cash for medical care.
[ In Reply To ..]Why would I be called a freeloader?
Have you had heart attack, cancer or an accident lately? - Rolling dice
[ In Reply To ..]Perhaps it is not a possibility for you.
Health Savings Account - fy
[ In Reply To ..]lets me contribute $10,000 per year to pay for my medical costs, and over the years I now have a nice sum set aside for such emergencies. Under obamacare, that's going to be capped to $2500.
Health Savings Account - The Obama lovers will never believe you
[ In Reply To ..]I'm with you. Stats posted above with all the new taxes, but I bet the Obama lovers never read, don't believe it, or think they are exempt. Good for you!
I don't think that's accurate - sm
[ In Reply To ..]In 2007, the annual maximum contribution for to Health Savings account was $2,850 for the individual and $5,650 for the family.
2012: HSA holders can choose to save up to $3,100 for an individual and $6,250 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,100 for an individual and $7,250 for a family) - and these contributions are 100% tax deductible from gross income.
http://www.afcm.org/hsanews.html
http://www.hsacenter.com/2012limits.html
HSA = take a look at what Obamacare - does to HSA
[ In Reply To ..].
Not your business - if I want to take that risk.
[ In Reply To ..]My question still stands - would that make someone who pays cash for medical care a free rider?
Because the 98% cannot pay for a catastrophic illness - and will be a free rider
[ In Reply To ..]***
And here is Princess Pelosi's mouthpiece - with all the talking points
[ In Reply To ..].
I would call you responsible, which is more than - what can be said for most on this board
[ In Reply To ..]No one's business, including the govt. if you want to pay cash. You are paying your way, unlike the lazy slobs in the 47% gaming the system on all levels. Those that think "only inside the socialist/commie box" cannot wrap that warped thought process around someone like yourself that actually takes responsbility and handles your own healthcare. They should try personal responsibility and choice; they might actually like feeling like an adult.
The thing is, if you are in a serious accident or are... - sm
[ In Reply To ..]diagnosed with a life-threatening illness, the bills can easily mount into the hundreds of thousands or even millions of dollars. If you have self-insured yourself, to what extent? Some of us, when we are young and healthy, take the chance that we will stay healthy and go without insurance. I did pretty well but it was always a gamble. I would have given anything way back when to have had affordable insurance for myself and my children. I have insurance now but know I am paying a higher premium for the uninsured people who use the system and cannot afford to pay when they are faced with a catastrophic illness. Just saying.
Now you're going to pay even higher premiums - under Obamacare
[ In Reply To ..]than you ever did before. Just sayin'
Like the premiums haven't tripled in the last 20 years? - everything goes higher
[ In Reply To ..]
Exactly. I have self-insured for years -catastrophic plan - Obamacare says that is not good enough
[ In Reply To ..]--and now, I will pay much more, when I hardly use my insurance in the first place. Talk about NOT FAIR ! Great, the big Govt takeover begins. This is downright disgusting and scary!
Sing sister! - lost my insurance because of Obama
[ In Reply To ..]Never hated a prez like I do that total loser. Can't wait to see what happens when all the Stepford wives wake up to what this A-hole has done to each. Now, crappier insurance is going to cost twice as much. You can tell those on here that cannot balance a checkbook; they're the ones bowing and scraping in front of Obama. Losers all.
Stepford Wives - MTFISH
[ In Reply To ..]Honey, you conservatives ARE the Stepford Wives.
how did Obama cause you to lose your insurance? - curious
[ In Reply To ..]
WSJ WAS a credible source at one time. - sm
[ In Reply To ..]Then Rupert Murdoch bought it.
And there you have the Naysayers when it's - not "their" liberal commie source
[ In Reply To ..]Guess if it was Media Matters you would be all over it then, touting that as the Bible. Everytime you *(used in the generic sense), discount a source simplly because you (used in the generic sense) don't like it, shows your bias, *** party ideology.
*Explanation posted for those incapable of doing anything other than flame because they don't comprehend the written word.
GET RID OF THE COMMIE - VOTE STRAIGHT REPUBLICAN
[ In Reply To ..]x
And did you know - fedup
[ In Reply To ..]That the IRS will be given even MORE power - in that they will decided what deductions (medically) that you can claim on your taxes, EVEN IF THEY ARE LEGAL DEDUCTIONS! They can look and figure either YOU don't need those OR they need the tax money and just say NOPE, you cannot take those tax deductions (for instance, ins premiums if self-employed). So, whatever deductions we can legally take every year according to tax law- BAM.. they will make changes to your return and YOU will PAY..
is this your impression? - cannot document this
[ In Reply To ..]I cannot substantiate these measures.
is this your impression? - cannot document this - Then you obviously did not read Obamacare
[ In Reply To ..]Clearly states through all of Obamacare, the HHS Secreatry (Sebelius) can makes changes without public approval, knowledge or acceptance, as the HHS Secretary "deems" necessary without congressional involvement. HHS Secretary can make determinations about what is covered, how it is covered, method of payment, amount of payment, the list goes on...all using the IRS to "enforce" compliance. Many on this board claim they read the entire bill, but their posts prove they didn't; otherwise, they would be aware of how far-reaching Obamacare is, with no regard for their health.
Now for those still with their head in the sand, flame and troll all you want...still stuck with the same
*** lack of healthcare under Obamacare. Just because you back the Communist, does not mean you are going to receive the care you are accustomed to, and certainly does not mean that you will be exempt from all the taxes on the middle class.
seeking input from those who care to be enlightening - sm
[ In Reply To ..]Not surprisingly, you have used my question as a springboard to unleash your own personal brand of snark.
Asking a question about the reach of the IRS is likely of interest to both parties. *** react to this by stating that I "back the communist".
Nowhere in my reading of the ACA did I find discussion of any new draconian privileges granted to the IRS; I am seeking input from posters who care to be enlightening.
seeking input from those who care to be enlightening - sm - "***" *** already
[ In Reply To ..]Obama is a communist.
Obama embraces and practices communist beliefs.
Obama has communists in his cabinet.
Obama has attended and partcipated in communist seminars and rallies
Obama furthers communist believes at any cost.
Those supporting Obama support communist agenda.
Get it yet? Probably not....How's that for enlightening. Save your feigned bogus outrage and unleashing of "your own personal brand of snark". I don't give a *** what you think of my posts. I prefer to keep my head above ground.
ok - seeking sanity from those who care to be enlightening - nm
[ In Reply To ..]
I read it once all the way through over a year ago... - sm
[ In Reply To ..]It is a lot to digest with a lot of legal language. I don't remember reading anything spoken of in your post except maybe in the part about small business requirements changing. Since the Supreme Court ruling last week I have begun reading it again and think you must be misinterpreting some of the legal language as I cannot find anything to support your claims. Can you cite where in the bill it says HHS will have strict control over health care delivery?
Communist - MTFISH
[ In Reply To ..]Our President is not a communist and no matter how many times you say he is a communist will not make it true. By saying our President is a communist you appear to be quite ignorant of both the tenets of a democratic republic AND the tenets of communism...and "I ate sour grapes!" is what I am hearing most from your posts.
DOWNSIZE THE CAPITALIST! - ; )
[ In Reply To ..]I hope this is read with the same sense of humor with which it was intended.
GET RID OF COMMIE OBAMMIE - VOTE STRAIGHT REPUBLICAN
[ In Reply To ..].
Break down of Obamacare costs - Conservative
[ In Reply To ..]Below is an article published today of what Obamacare costs per income level. Clearly, not free lunch and taxes subject to change at the will of the HHS Secretary.
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.
By Henry Blodget | Daily Ticker â 2 hours 29 minutes ago
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From The Atlantic: "Wisconsin Governor Scott Walker doesn't like unions, and unions don't like him. But the most remarkable thing about Walker's relationship to labor isn't that he thinks unions are worthless -- most Republicans agree -- but that he thinks about them, at all. Today, unions have been swept into dusty corners of the U.S. workforce, such as Las Vegas casino cleaners and New York City hotel staff. For much of the 20th century, things were different. A ...
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Why is crime falling? Jul 23rd 2013, 23:50 by D.K. IN SEPTEMBER, Rockstar Games, a British video games developer, is launching Grand Theft Auto 5, a game in which gamers play a homicidal car-thieving maniac. Fictional crime remains popular. Real criminality, however, is dying out in much of the rich world. In Britain, figures released on July 18th showed that overall crime rates are now as low as they have been since 1981, when the governme ...