Obamacare Tax Hikes

All told, there are more than 20 new or higher taxes and fees embedded in the Affordable Care Act (ACA) – more than half of which affect families earning less than $250,000 a year.

The new taxes, which cost more than $675 billion over the next decade, include: A 2.3 percent excise tax on U.S. sales of medical devices that’s already devastating the medical supply industry and its work force. 

 

A $50,000 excise tax on charitable hospitals that fail to meet new “community health assessment needs,” “financial assistance” and other rules set by the Health and Human Services Department (took effect in 2010).

A 3.8 percent surtax on investment income from capital gains and dividends that applies to single filers earning more than $200,000 and married couples filing jointly earning more than $250,000 (took effect Jan. 1, 2013).

A $24 billion tax on the paper industry to control a pollutant known as black liquor (took effect in 2010).

A $2.3 billion-a-year tax on innovator drug companies (took effect in 2010).

A 10 percent excise tax on Americans using indoor tanning salons (took effect July 1, 2010).

An $87 billion hike in Medicare payroll taxes for employees, as well as the self-employed (took effect Jan. 1, 2013).

A hike in the threshold for writing off medical expenses to 10 percent of adjusted gross income from 7.5 percent (took effect Jan. 1, 2013.).

A new cap on flexible spending accounts of $2,500 a year (took effect Jan. 1, 2013).

Elimination of the tax deduction for employer-provided prescription drug coverage for Medicare recipients (took effect Jan. 1, 2013).

An income surtax of 1 percent of adjusted gross income, rising to 2.5 percent by 2016, on individuals who refuse to go along with Obamacare by buying a policy not approved by the government (took effect Jan. 1, 2013).

A $2,000 tax charged to employers with 50 or more workers for every full-time worker not offered health coverage (delayed).

A $60 billion tax on health insurers (effective Jan. 1, 2014).

A 40 percent excise tax on so-called Cadillac, or higher cost, health insurance plans (goes into effect Jan. 1, 2018).

Source: Herman Talmadge III posted in New Georgia Republican Leadership for Principles above Politicians

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