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 July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Politics & Policy

Mitch McConnell says he will wipe out Obamacare with simple 51-vote majority Watch

Image of In the waning days of President Barack Obama's presidency, Senate Majority Leader Mitch McConnell (R-Ky.) is vowing to overthrow his signature legislation.

By Catholic Online (NEWS CONSORTIUM)

In the waning days of President Barack Obama's presidency, Senate Majority Leader Mitch McConnell (R-Ky.) is vowing to overthrow his signature legislation. Health care reform, better known as "Obamacare" has been a cause of disagreement with conservatives and ... continue reading


Moves made to oust John Boehner from Speaker of the House position Watch

Image of Rep. Mark Meadows [not pictured] declared his intention a day before the House was set to leave town for its five-week summer recess. Described as a rare procedural move, it's by far the most serious expression of opposition to Boehner's [pictured] speakership.

By Catholic Online (NEWS CONSORTIUM)

Many of his fellow conservatives and Republicans were taken by surprise when North Carolina Rep. Mark Meadows said he was trying to oust Speaker John Boehner. Many say it's a bad idea, coming just before August recess. Others say such a move could plunge the House of ... continue reading


Ivana Trump hotly denies that ex-husband Donald Trump ever raped her Watch

Image of Ivana Trump, the former wife of GOP presidential candidate Donald Trump has denied claims that he ever raped her.

By Catholic Online (NEWS CONSORTIUM)

Ivana Trump, the former wife of GOP presidential candidate Donald Trump has denied claims that he ever raped her. "I have recently read some comments attributed to me from nearly 30 years ago at a time of very high tension during my divorce from Donald. The story is ... continue reading


HILLARY LIED! Inspector General says personal emails contained classified information Watch

Image of Only allowed to review a sample of 40 out of the total of 30,000 emails from Hillary Clinton's private email server, four of those emails contained classified information.

By Catholic Online (NEWS CONSORTIUM)

Hillary Clinton's personal email account "contained classified information when they were generated," "remain classified today" and "should never have been transmitted via an unclassified personal system." Those are the findings of the U.S. Intelligence ... continue reading


GLOVES ARE OFF: Donald Trump denounces Bush, Walker and Clinton as being beholden to donors Watch

Image of Speaking east of Des Moines, Donald Trump was most concise in his attack upon Walker. Criticizing the Wisconsin governor's handling of his state's economy, Trump accused him of

By Catholic Online (NEWS CONSORTIUM)

At a "free-wheeling" press conference, GOP Presidential candidate Donald Trump says he is putting no cap into the money he is going to pour into his campaign. A self-made billionaire in real estate, Trump denounced Republican candidates Jeb Bush and Scott ... continue reading


Nuns vs. Obama: Obama Administration refuses to exempt Little Sisters of the Poor from regulation forcing them to distribute birth control Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

The national debate over the Affordable Care Act is heating up. A Romantic Catholic group of nuns, who manage a nursing home around the world called the Little Sisters of the Poor, continue their fight against the law's debatable contraceptive mandate. MUNTINLUPA, ... continue reading


Millions upon Millions of United Kingdom aid money funneled to the Clintons Watch

Image of The Clinton Health Access Initiative spends its funds on improving the treatment of HIV/AIDS, malaria and tuberculosis in the developing world, such as in Africa and Southeast Asia.

By Catholic Online (NEWS CONSORTIUM)

Influential people, falling sway to a former United States president - and his wife, with eyes on the White House, it was learned that tens of millions of pounds of United Kingdom aid money has been siphoned through charities linked to Hillary Clinton. LOS ... continue reading


Displeased with 'attack' editorial, Donald Trump bars Iowa newspaper from campaign event Watch

Image of It was yet another gutsy move from the billionaire real estate tycoon, which may alienate some - as well as win new friends.

By Catholic Online (NEWS CONSORTIUM)

It was yet another gutsy move from the billionaire real estate tycoon, which may alienate some - as well as win new friends. Displeased with an editorial published in the Des Moines Register, asking him to withdraw from the 2016 presidential race, Donald Trump ... continue reading


FLAT-OUT LIE: Ted Cruz says fellow Republican Mitch McConnell lied about Export-Import Bank Watch

Image of The denouncement was a highly unusual one, even if Ted Cruz has made no effort to disguise the fact that he has called out his fellow Republicans for wrongdoing.

By Catholic Online (NEWS CONSORTIUM)

Well-known for his reputation fieriness, Ted Cruz took to the Senate floor last week and said that Mitch McConnell told a "lie." The Texan lawmaker accused the Senate majority leader of deceiving him and the rest of the GOP conference over McConnell's plans for ... continue reading


Destroying the Competition: Will Donald Trump launch a third-party candidacy? Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Donald Trump has made numerous headlines during his campaign, so far. He has received criticsm from both the Republicans and the Democrats; it can even be said that the Republican party is "shooing" Trump away, making him an outsider. Is this the smartest move for ... 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, Exodus 40:16-21, 34-38
16 Moses did this; he did exactly as Yahweh had ... Read More

Psalm, Psalms 84:3, 4, 5-6, 8, 11
3 Even the sparrow has found a home, the swallow a ... Read More

Gospel, Matthew 13:47-53
47 'Again, the kingdom of Heaven is like a dragnet ... Read More

Saint of the Day

Saint of the Day for July 30th, 2015 Image

St. Peter Chrysologus
July 30: St. Peter Chrysologus, Bishop and Doctor of the Church ... 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