While speaking at the Clinton global Initiative Tuesday, President Obama admitted raising taxes on “some things” in Obamacare, Americans for Tax Reform said.
“Some things,” ATR said, “means uninsured families, med devices,flex accounts, small businesses, people with high medical bills and even charitable hospitals.”
Did SCOTUS make the right decision on medical mandates for large businesses?
ATR listed some of Obamacare’s new taxes:
Starting in tax year 2013:
Obamacare Medical Device Tax: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will make everything from pacemakers to artificial hips more expensive.
Obamacare High Medical Bills Tax: Before Obamacare, Americans facing high medical expenses were allowed a deduction to the extent that those expenses exceeded 7.5 percent of adjusted gross income (AGI). Obamacare now imposes a threshold of 10 percent of AGI. Therefore, Obamacare not only makes it more difficult to claim this deduction, it widens the net of taxable income.
According to the IRS, 10 million families took advantage of this tax deduction in 2009, the latest year of available data. Almost all are middle class. The average taxpayer claiming this deduction earned just over $53,000 annually. ATR estimates that the average income tax increase for the average family claiming this tax benefit will be $200 – $400 per year. To learn more about this tax, click here.
Obamacare Flexible Spending Account Tax: The 30 – 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs face a new Obamacare cap of $2,500. This will squeeze $13 billion of tax money from Americans over the next ten years. (Before Obamacare, the accounts were unlimited under federal law, though employers were allowed to set a cap.) Now, a parent looking to sock away extra money to pay for braces will find themselves quickly hitting this new cap, meaning they would have to pony up some or all of the cost with after-tax dollars.
Of course, this is just a partial list. And don’t forget, under Obamacare, the government can come into your home if you’re expecting a child and you happen to fall into an “at risk” category — like being a veteran or a member of the Armed Forces…
- Obama throws tantrum over Obamacare defunding, says military may not get paid
- Obamacare board game shows no one but IRS wins with health care law
- Sebelius: Obamacare to favor gays over straight people
- John Conyers: Obamacare “platform” to socialized health care
- Michele Bachmann: Obamacare ‘crown jewel of socialism’
- ‘Yes We Can’ board game teaches impact of Obama’s economic doctrine
- Report: Obamacare provision will allow ‘forced’ home inspections by gov’t agents
- Architect of Obamacare to release comic book explaining law
- Patty Murray: ‘I helped write’ health care law
- Boeing to cut back on health care thanks to Obamacare
Be sure to check out our Headlines page to see what else our contributors are covering and make sure to listen to “Grit and Grace” every Thursday from 6-8 p.m. Pacific Time on Blog Talk Radio, where you can hear Joe discuss current events.
You can also hear Joe every Wednesday from 6-7 p.m. Pacific Time on Misguided Children radio.