Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/1/2013 (2 years ago)

Catholic Online (www.catholic.org)

Supporters may not have realized they will be forced to pay too.

Here's the list of new tax hikes that Americans will be expected to pay as they struggle to fund the Obamacare debacle. According to President Obama, the majority of Obamacare is already in place. What isn't mentioned is that the tax increases won't hit until next year's tax season. Those taxes will hit very hard.

Oh...you didn't think you'd actually have to pay for it, did you?

Oh...you didn't think you'd actually have to pay for it, did you?

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/1/2013 (2 years ago)

Published in Politics & Policy

Keywords: Obamacare, costs, expenses, taxes, list, rates, increases, impacts


LOS ANGELES, CA (Catholic Online) - Although some of the largest taxes are imposed on people earning more than $200,000 per year, or large firms such as insurance companies and manufacturers, it should be understood that this was simply a way to convince ordinary citizens, whose earnings are much less, to support the package. However, it will soon be much easier for those thresholds to drop.

In fact, they will have to as insurers hike rates to pass along punishing Obamacare taxes to their clients. That means you.

Here is a list of the new taxes most people and businesses will have to pay. Eventually, these costs will trickle down to the individual consumer. They may not manifest themselves in direct form for some time, but they will be evident across the board.  Fewer jobs in healthcare, slashed wages and hours, and higher costs are predicted. All these will occur because private companies don't like to lose revenue year-over year. Instead, they find ways to recoup costs from individual consumers.

The government isn't in the habit of lowering costs or taxes either. Eventually, you will be the one who pays these rates.

Surtax on investment income:
Capital Gains 23.8%
Dividends 43.4%
Other 43.4%

Medicare payroll tax increase:
Workers 1.45%
Self-employed workers 2.9%

After the first $200,000 in income, you will pay:
Workers 2.35%
Self-employed 3.8%

The Obamacare Medical Device Tax will impose a 2.3 percent tax on gross sales. You will pay this every time someone needs a medical device, either yourself directly, or indirectly via higher premiums.

The Obamacare High Medical Bills Tax takes away your deduction for having high medical bills in a given year. If your medical expenses exceeded 7.5 percent of your AGI, you could claim the credit. Now that threshold is raised to 10 percent.

The Obamacare Flexible Spending Account Tax is specially designed for the 10 percent or so of Americans who use a pre-tax spending account to pay for medical needs will be capped at $2,500. This will mean more out-of-pocket expenses for ordinary consumers like yourself. Parents of special needs children commonly use these plans to provide for their kids. Those parents will be especially hard hit by the changes. However, it will bring Obama $13 billion to spend.

In 2014, just eight months from now, you will be required to purchase a qualifying insurance plan from Obama's list. If you do not pay to play, you will be taxed from 1 percent of your AGI to a high of 2.5 percent.

This tax will hit middle to lower-class people who for whatever reason cannot afford insurance. Typically, individuals will opt to pay the tax because it will be less than buying insurance. This will become increasingly problematic as insurance rates continue to skyrocket, growing the ranks of the uninsured and increasing tax revenues for Obama.

The Obamacare Employer Mandate Tax corrects employers who do not meet their sacred Constitutional obligation to provide health care for employees. The tax is $2,000 per full-time employee if the employer has more than 50 on their payroll. If the employee later buys insurance through an exchange, the penalty rises to $3,000, just to punish the employer for refusing to play along. If the employer has a reasonable waiting period, such as 30-60 days, there is an additional penalty of $400 per employee. After 60 days, it becomes $600.

The easy fix is to cut hours or to lay off staff, something many employers have already done or are preparing to do.

Did you find it in the Constitution yet?

The Obamacare Tax on Health Insurers will impose a whopping 40 percent tax on union member or Early retiree health insurance plans. It's Obama's way of thanking the unions.

High-cost plans, often referred to as "Cadillac" plans will be heavily taxes. Look for these to impact your premiums as the costs get spread out, as late as 2018.

The costs for everyone will go up. As everything becomes increasingly expensive, firms will raise their rates, forcing the government to raise further taxes. Eventually there will need to be a government cap on the private earnings of insurers and providers (definitely not in the Constitution) or the system will collapse under its own weight, taking the economy with it.

In trying to save everybody, Obama has managed to bring everyone down. No, not all at once, it will take time, but it will happen.

If you want to make something expensive, you regulate it. Good work, pushing that agenda, Obama! What a great victory for you.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

SCOTUS PROTECTS - Religious institutions in Pennsylvania protected from HHS mandate Watch

Image of The Pennsylvania-based religious groups are among hundreds of plaintiffs challenging the federal HHS mandate, which requires employers to offer coverage of sterilization, contraception, and some drugs that can cause early abortions.

By Matt Hadro, CNA/EWTN News

The U.S. Supreme Court has issued an order protecting a group of Pennsylvania religious institutions from being required by the federal contraception mandate to violate their faith. Washington D.C. (CNA/EWTN News) - "Doesn't our government have something better to do ... continue reading


DUMP TRUMP? NO WAY. Some brave Hispanic leaders call billionaire 'terrific' and 'brash' Watch

Image of Other presidential contenders have disregarded Trump's comments. It's seen as a setback for many Republicans, who wish to court the widely growing Hispanic population.

By Catholic Online (NEWS CONSORTIUM)

Multi-billionaire, Republican candidate for President has always been known for his outspokenness. In a speech to announce that he was throwing his hat into the ring, Trump said Mexican immigrants are "bringing drugs. They're bringing crime. They're rapists. ... continue reading


Obama declared 'amateur' and 'Marxist' by Center for Disease Control (CDC) official Watch

Image of Countless Central Americans, piling through the U.S. southern Border States along the border with Mexico has brought an influx of unvaccinated people with diseases that have since been eradicated in the U.S.

By Catholic Online (NEWS CONSORTIUM)

United States President Barack Obama's unchecked influx of unvaccinated child immigrants across the U.S. - Mexico border has an official with the centers for Disease Control denouncing him as a "Marxist" and "amateur." An email from the official called him the ... continue reading


Presidential candidate Mike Huckabee speaks out on Obama's gay pride light show and the legalization of gay marriage Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

In celebration of the Supreme Court's gay marriage ruling, President Obama lit up the White House with rainbow colors, which garnered a response from Republican, former Arkansas governor and now presidential candidate Mike Huckabee. Huckabee was noted as saying that ... continue reading


Supreme Court 'unwrote laws of nature' GOP presidential candidate Mike Huckabee declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Saying that the Supreme Court tried to "unwrite the laws of nature and the laws of nature's God" when it legalized gay marriage across the nation last week, GOP presidential candidate Mike Huckabee also pointed out the fact that President Barack Obama himself ... continue reading


'They will stand behind lying Brian Williams, but won't stand behind people that tell it like it is': Donald Trump fired from NBC for controversial immigrant statements Watch

Image of Donald Trump retired from The Apprentice after announcing his presidential bid.

By Abigail James (NEWS CONSORTIUM)

NBC has made the decision to cut ties with Donald Trump, over his political view and controversial statements regarding immigration made during his presidential announcement. Donald Trump and NBC have had a relationship, including Trump's produced Miss USA and Miss ... continue reading


When is the best time to take out Social Security? Watch

Image of 100-year-old woman.

By Talia Ramos (NEWS CONSORTIUM)

Financial advisers usually advice their clients to take Social Security benefits at the age of 70 for maximum growth. However, it is found that most people don't take that advice, as they are likely to withdraw what they have saved up as soon as they hit retirement. A ... continue reading


IT'S NOT OVER: Freedom of Religion may trump same-sex marriage victories Watch

Image of

By Matt Hadro and Adelaide Mena, CNA/ETWN News

Friday's Supreme Court ruling against the traditional understanding of marriage may pose huge obstacles to the free exercise of religion and conscience across the U.S., the nation's bishops have said in response to the decision. Washington D.C.(CNA/EWTN News) - ... continue reading


Decisions on same-sex marriage, power-plant emissions now in the hands of Supreme Court Watch

Image of Six major cases, all of them affecting the American Way of Life are in front of the Supreme Court.

By Catholic Online (NEWS CONSORTIUM)

Six major cases, all of them affecting the American Way of Life are in front of the Supreme Court. Decisions regarding same-sex marriages, power plant emissions and execution methods will all be rendered by either Friday or early next week. LOS ANGELES, CA ... continue reading


Obama adviser Valerie Jarrett's family has strong communist roots, files prove Watch

Image of Valerie Jarrett's father, pathologist and geneticist Dr. James Bowman, has been found to have had extensive ties to Communist associations and individuals.

By Catholic Online (NEWS CONSORTIUM)

Does the apple truly fall far from the tree? Recently uncovered files show that Valerie Jarrett, a senior adviser to U.S. President Barack Obama and trusted confidant has family ties with those with communist leanings. These uncovered files prove that Jarrett's ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 27:1-5, 15-29
1 When Isaac had grown old, and his eyes were so weak ... Read More

Psalm, Psalms 135:1-2, 3-4, 5-6
1 Alleluia! Praise the name of Yahweh, you who serve ... Read More

Gospel, Matthew 9:14-17
14 Then John's disciples came to him and said, 'Why ... Read More

Saint of the Day

Saint of the Day for July 4th, 2015 Image

St. Elizabeth of Portugal
July 4: Elizabeth was a Spanish princess who was given in marriage to ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter