Compiled by the good folks at Americans for Tax Reform. Se the link below for details.
President Barack Obama, in a cynical Mothers’ Day “defense” of Obamacare, actually called these taxes the
largest health care tax cut for working families and small businesses in our history.
Here’s an excerpt of the list.
- $123 Billion: 3.8% Surtax on Investment Income (Took effect Jan. 2013). This tax hits capital gains and dividends (think about the impact on your 401(k)s; this doesn’t only hit the evil rich). It also taxes “other” income—things like interest, annuities, and royalties. Think this only hits the rich? Your 401(k) mutual funds also invest in interest-paying instruments—bonds, for instance. Many of our seniors live on annuities. Our farmers are making beneficial use of the royalties oil and gas producers pay them for access to these energy sources that lie below their land.
- $86 Billion: Hike in Medicare Payroll Tax (Took effect Jan. 2013). This isn’t the end of the payroll tax holiday, this is an Obamacare tax increase: a bump from the present employer tax of 1.45% per paycheck (2.9% for the self-employed) to 2.35% for the employer to pay (3.8% for the self employed).
- $65 Billion: Individual Mandate Excise Tax and Employer Mandate Tax (Both take effect Jan. 2014). Employers with 50 or more employees must offer government-approved health insurance if a single employee qualifies for a tax subsidy to buy insurance. If they do not, they must pay a tax of $2000 for all full-time employees [emphasis added]. It gets higher under certain circumstances.
- $60.1 Billion: Tax on Health Insurers (Takes effect Jan. 2014). No particular reason for this one; it’s just an excuse to squeeze the insurance companies for more money.
- $32 Billion: Excise Tax on Comprehensive Health Insurance Plans (Takes effect Jan. 2018). These are the Cadillac plans that unions and evil rich get, and they’re pretty good policies. But since the government doesn’t offer them, you have to pay even more extra to keep them. Pay up, sucker.
- $23.6 Billion: “Black liquor” tax hike (Took effect in 2010) This is a tax increase on a type of biofuel. Because biofuels are unhealthy, so if you’re going to use them, you must pay the resulting health costs. Never mind that the government requires you to use them.
- $22.2 Billion: Tax on Innovator Drug Companies (Took effect in 2010): Because the innovators innovate too successfully. Pay up, sucker.
- $20 Billion: Tax on Medical Device Manufacturers (Takes effect Jan. 2013): A 2.3% excise tax. Because these producers produce too successfully. Pay up, sucker.
- $15.2 Billion: High Medical Bills Tax (Took effect Jan 1. 2013). Because if you can afford to get that sick, you can afford to give Uncle Sugar an extra taste.
And so on. We’re seeing what’s in this…Act…now that it’s been passed, and it’s still incomprehensible. Except the enormous tax increase—that’s clear to everyone but Obama.