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

'The whole Bible is incredible': Donald trump ridiculed for not naming favorite Bible verse Watch

Image of Donald Trump claims the Bible is his favorite book.

By Kenya Sinclair (NEWS CONSORTIUM)

During an interview with Bloomberg's Mark Halerin and John Heilemann, presidential candidate, Donald Trump was asked to name his favorite Bible verse but refused to name one. LOS ANGELES, CA (Catholic Online) - Seven minutes into the interview, Halerin told Trump, "You ... continue reading


EVERY 93 SECONDS: Foreign children born on U.S. soil Watch

Image of Children of immigrants born on United States soil appear to be wearing out their welcome, according to recent polls.

By Catholic Online (NEWS CONSORTIUM)

Children of immigrants born on United States soil appear to be wearing out their welcome, according to recent polls. It is estimated that a child of illegal immigrants is born every 93 seconds in the U.S. According to a 2011 Rasmussen Poll, only 28 percent of likely ... continue reading


Univision anchor Jorge Ramos EJECTED from Donald Trump press conference Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

"Go back to Univision," GOP presidential nominee Donald Trump told Univision news anchor Jorge Ramos at an Iowa press conference. Well regarded by his peers, there was no gravitas afforded Ramos at the event, as a security guard escorted him away. The occasion ... continue reading


The do-nothing Boehner is not only stupid, he's pro-Planned Parenthood - revealed by his incestuous political relationship with an abortion-affiliated adviser Watch

Image of Boehner makes a lot of money off Obamacare and other investments in the medical industry, thanks to his privileged position in Congress.

By Catholic Online (NEWS CONSORTIUM)

Charlotte Ivancic, Health Policy Advisor to Speaker John Boehner (R-Ohio), is leaving his office to work for a lobbying firm. Ivancic is the older sister of Cate Dyer, the CEO of StemExpress. Dyer was caught discussing the sale of aborted children on video by the ... continue reading


When it comes to illegal immigration, EVERYBODY WINS! Except you, of course you lose Watch

Image of Attitude is everything.

By David Drudge, Catholic Online (NEWS CONSORTIUM)

Americans tend to agree we need some kind of immigration reform, but they can't agree on how bad the problem is, or even what that reform should look like. Here is a story that will shock you into thinking harder about the problem. LOS ANGELES, CA (Catholic Online) - ... continue reading


It has happened before: President Bill Clinton PARDONED former CIA Director for home computer Classified Document mess Watch

Image of In truth, Hillary Clinton's current controversy over keeping sensitive, classified information on home computers had its basis in which her husband, former president Bill Clinton pardoned former CIA director John Deutch . who likewise kept classified material on unsecured, private computers.

By Catholic Online (NEWS CONSORTIUM)

In truth, Hillary Clinton's current controversy over keeping sensitive, classified information on home computers had its basis in which her husband, former president Bill Clinton pardoned former CIA director John Deutch who likewise kept classified material on ... continue reading


Federal judge states Hillary Clinton's private emails violated policy Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

"We wouldn't be here today if this employee had followed government policy," U.S. District Judge Emmet Sullivan, in reference to Hillary Clinton's recent email fracas, said. Controversy continues to swell over Clinton's email. Some argue that she violated government ... continue reading


POLL: Majority of Republican voters think Donald Trump is a likely presidential candidate Watch

Image of According to a recent Rasmussen Reports poll, 57 percent of all registered Republican voters say Donald Trump will likely be on the presidential ticket next year.

By Catholic Online (NEWS CONSORTIUM)

Republican presidential candidate Donald Trump has said many outrageous things that have deftly expressed the American public's dissatisfaction with domestic policy. There are still many people who think it is all grandstanding on Trump's part, but according to a ... continue reading


'I'd say 'ISIS wants to get you'': Presidential candidate Donald Trump says he will warn Pope Francis that ISIS is out to get him Watch

Image of Donald Trump says

By Catholic Online (NEWS CONSORTIUM)

Republican presidential candidate Donald Trump in his typical style made quite a few jaws drop in an interview on CNN this week. Reporter Chris Cuomo asked the billionaire what he would say to Pope Francis come his visit to the U.S. in September. In a roundabout way, ... continue reading


NEW EMAIL SCANDAL: Thousands of emails State Department said didn't exist 'magically' appear Watch

Image of The State Department has turned up a massive cache of Reines' emails. Philippe Reines rose to the rank of Deputy Assistant Secretary of State while Clinton was at the helm.

By Catholic Online (NEWS CONSORTIUM)

Democratic presidential candidate Hillary Clinton has yet another email scandal in the wings. Gossip Web site Gawker requested emails from Clinton's previous media handler Philippe Reines under the Freedom of Information Act in 2013. The State Department said that they ... 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, Jeremiah 1:17-19
17 'As for you, prepare yourself for action. Stand up ... Read More

Psalm, Psalms 71:1-2, 3-4, 5-6, 15, 17
1 In you, Yahweh, I take refuge, I shall never be put ... Read More

Saint of the Day

Saint of the Day for August 29th, 2015 Image

St. Sabina
August 29: St. Sabina's feast day is August 29th. We know St. Sabina only ... 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