Jump to content




Welcome to Unexplained Mysteries! Please sign in or create an account to start posting and to access a host of extra features.


- - - - -

Full list of Obamacare tax hikes


  • Please log in to reply
60 replies to this topic

#1    OverSword

OverSword

    Forum Divinity

  • Member
  • 14,300 posts
  • Joined:16 Oct 2007
  • Gender:Male
  • Location:Seattle WA USA

  • I love chocolate

Posted 12 December 2012 - 05:58 PM

Full List of Obamacare Tax Hikes
Obamacare law contains 20 new or higher taxes on American families and small businesses
Taxpayers are reminded that the President’s healthcare law is one of the largest tax increases in American history.
Obamacare contains 20 new or higher taxes on American families and small businesses.
Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:
Taxes that took effect in 2010:
1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971
2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
3. “Black liquor” tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105
4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980
5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004
6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
Taxes that took effect in 2011:
7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
Tax that took effect in 2012:
9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
Taxes that take effect in 2013:
10. Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93

Capital Gains
Dividends
Other*
2012
15%
15%
35%
2013+
23.8%
43.4%
43.4%

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.
11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013): Current law and changes:

First $200,000
($250,000 Married)
Employer/Employee
All Remaining Wages
Employer/Employee
Current Law
1.45%/1.45%
2.9% self-employed
1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike
1.45%/1.45%
2.9% self-employed
1.45%/2.35%
3.8% self-employed

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93
12. Tax on Medical Device Manufacturers ($20 bil/Jan 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986
13. High Medical Bills Tax ($15.2 bil/Jan 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995
14. Flexible Spending Account Cap – aka “Special Needs Kids Tax” ($13 bil/Jan 2013): Imposes cap on FSAs of $2500 (now unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389
15. Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D ($4.5 bil/Jan 2013) Bill: PPACA; Page: 1,994
16. $500,000 Annual Executive Compensation Limit for Health Insurance Executives ($0.6 bil/Jan 2013). Bill: PPACA; Page: 1,995-2,000
Taxes that take effect in 2014:
17. Individual Mandate Excise Tax (Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

1 Adult
2 Adults
3+ Adults
2014
1% AGI/$95
1% AGI/$190
1% AGI/$285
2015
2% AGI/$325
2% AGI/$650
2% AGI/$975
2016 +
2.5% AGI/$695
2.5% AGI/$1390
2.5% AGI/$2085

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).Bill: PPACA; Page: 317-337

18. Employer Mandate Tax (Jan 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).Bill: PPACA; Page: 345-346
Combined score of individual and employer mandate tax penalty: $65 billion/10 years
19. Tax on Health Insurers ($60.1 bil/Jan 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993
Taxes that take effect in 2018:
20. Excise Tax on Comprehensive Health Insurance Plans ($32 bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956
Printable PDF Version of this Document

Sign Up For Our Email List to Learn about All the Tax Hikes in Obamacare!

Posted by Ryan Ellis and John Kartch (Twitter: @Taxplaya and @JohnKartch) on Thursday, June 28, 2012 3:00 PM EDT


Read more: http://atr.org/full-...6#ixzz2ErLVZBsL
Follow us: @taxreformer on Twitter


#2    Simbi Laveau

Simbi Laveau

    Overlord A. Snuffleupagus

  • Member
  • 8,266 posts
  • Joined:26 Feb 2012
  • Location:Rim of hell

  • ~So what's all this then ?!

Posted 12 December 2012 - 06:01 PM

Please explain the indoor tanning tax ,as that one is just a complete WTF

Miss me?

#3    Hasina

Hasina

    Maximillion Hotpocket Puckershuttle

  • Member
  • 3,050 posts
  • Joined:28 Aug 2012
  • Gender:Female

  • JINKIES

Posted 12 December 2012 - 06:04 PM

Jegus Tapdancing Christo~! Makes me glad I'm not a tax accountant...

Posted Image

~MEH~


#4    OverSword

OverSword

    Forum Divinity

  • Member
  • 14,300 posts
  • Joined:16 Oct 2007
  • Gender:Male
  • Location:Seattle WA USA

  • I love chocolate

Posted 12 December 2012 - 06:06 PM

View PostSimbi Laveau, on 12 December 2012 - 06:01 PM, said:

Please explain the indoor tanning tax ,as that one is just a complete WTF
My guess would be that things which are potentially health hazards, like tanning booths are going to be taxed higher, just like cigarettes.

View PostHasina, on 12 December 2012 - 06:04 PM, said:

Jegus Tapdancing Christo~! Makes me glad I'm not a tax accountant...

LOL!  I'm looking for a tapdancing tax thinking 'I don't remember no tapdancing tax' :clap:

Edited by OverSword, 12 December 2012 - 06:07 PM.


#5    and then

and then

    Abyssus Abyssum Invocat

  • Member
  • 15,007 posts
  • Joined:15 Dec 2011
  • Gender:Male
  • Location:Land's End

  • Because what came before never seems enough...

Posted 12 December 2012 - 06:20 PM

It makes one want to give the unofficial "Roseanne Barr" salute when walking past an IRS office.  (Grab crotch and spit)

  We've cast the world, we've set the stage,
  for what could be, the darkest age...
“This is like playing poker with a guy who cheated you twice before. You know who does that, a moron.

#6    RavenHawk

RavenHawk

    Government Agent

  • Member
  • 3,448 posts
  • Joined:09 Aug 2011
  • Gender:Not Selected

Posted 12 December 2012 - 06:26 PM

For all those that stated that Obamacare would not raise taxes, please step forward and receive your reward.  Of course, when you do, you'll first blame Bush, then you'll try blaming the GOP in Congress for letting us go over the cliff.  What more is it going to take to open your eyes?  Oh but now the excuse is that we all need to sacrifice a little.  We could have sacrificed a lot less if we just helped the 30 million that didn't have healthcare.

*Signature removed* Forum Rules

#7    BiffSplitkins

BiffSplitkins

    Vertically Challenged

  • Member
  • 7,312 posts
  • Joined:09 Aug 2007
  • Gender:Male
  • Location:Home of 'The Orange'

  • We all have a song inside us, it tells us who we are.

    'John Doeber' fellow musician

Posted 12 December 2012 - 06:40 PM

Quote

5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

So, I'm guessing that Blue Cross will drop it's percentage on medical hardware coverage to fix that issue .

"The problem with internet quotes is that you cant always depend on their accuracy" -Abraham Lincoln, 1864

Posted Image


#8    OverSword

OverSword

    Forum Divinity

  • Member
  • 14,300 posts
  • Joined:16 Oct 2007
  • Gender:Male
  • Location:Seattle WA USA

  • I love chocolate

Posted 12 December 2012 - 06:43 PM

View PostBiffSplitkins, on 12 December 2012 - 06:40 PM, said:

So, I'm guessing that Blue Cross will drop it's percentage on medical hardware coverage to fix that issue .
I believe that has more to do with the minimum reserves they are required to have for paying out claims.  Most of the blues have wwwwaaaayyyyyyy more in reserve than they're required to which begs the question why do rates keep getting raised so much every year?

Edited by OverSword, 12 December 2012 - 06:43 PM.


#9    BiffSplitkins

BiffSplitkins

    Vertically Challenged

  • Member
  • 7,312 posts
  • Joined:09 Aug 2007
  • Gender:Male
  • Location:Home of 'The Orange'

  • We all have a song inside us, it tells us who we are.

    'John Doeber' fellow musician

Posted 12 December 2012 - 06:49 PM

View PostOverSword, on 12 December 2012 - 06:43 PM, said:

I believe that has more to do with the minimum reserves they are required to have for paying out claims.  Most of the blues have wwwwaaaayyyyyyy more in reserve than they're required to which begs the question why do rates keep getting raised so much every year?
The medical hardware coverage they give me right now is definitely not as good as the clinical coverage. That is the only reason I went with that train of thought.

"The problem with internet quotes is that you cant always depend on their accuracy" -Abraham Lincoln, 1864

Posted Image


#10    OverSword

OverSword

    Forum Divinity

  • Member
  • 14,300 posts
  • Joined:16 Oct 2007
  • Gender:Male
  • Location:Seattle WA USA

  • I love chocolate

Posted 12 December 2012 - 07:08 PM

View PostBiffSplitkins, on 12 December 2012 - 06:49 PM, said:

The medical hardware coverage they give me right now is definitely not as good as the clinical coverage. That is the only reason I went with that train of thought.
You may have been right, I'm just guessing (and me in the industry :innocent: )


#11    wolfknight

wolfknight

    Psychic Spy

  • Member
  • PipPipPipPipPipPipPipPip
  • 1,658 posts
  • Joined:26 Jun 2007
  • Gender:Male
  • Location:USA Kentucky

  • There is nothing to Fear, but fear itself

Posted 12 December 2012 - 07:10 PM

Wow low paid and taxed to dead


#12    questionmark

questionmark

    Cinicus Magnus

  • Member
  • 36,264 posts
  • Joined:26 Jun 2007
  • Gender:Male
  • Location:Greece and Des Moines, IA

  • In a flat world there is an explanation to everything.

Posted 12 December 2012 - 08:10 PM

hmmm... lets see excise on charitable hospitals:

Quote

Buried in Patient Protection and Affordable Care Act is a section entitled simply, "Additional Requirements For Charitable Hospitals." This section revokes a charitable hospital's tax-exempt status under section 501©(3) of the Internal Revenue Code of 1986 if the hospital fails to meet any of the following four specific requirements.
Source

Sounds clear

Quote

\1. Community health needs assessment. First, a charitable hospital must conduct a community health needs assessment once every three years (in the taxable year or in either of the two years preceding the taxable year) and must adopt an "implementation strategy to meet the community health needs identified" by the assessment.
Source

So, "charitable" hospitals offering boob jobs are going to have to pay the tax? sounds good to me.


Quote

2. Financial assistance policy. Second, the hospital must have a financial assistance policy that includes: (i) eligibility criteria for financial assistance, and whether the assistance includes free or discounted care; (ii) the basis for calculating amounts charged to patients; (iii) the method for applying for financial assistance; (iv) if the hospital does not have a separate billing and collections policy, the actions the hospital may take in the event of non-payment, including collections actions and reporting to credit agencies; and (v) measures to widely publicize the policy within the community to be served by the hospital

Source as above

So, Hospitals working for gain are not charitable anymore? I am shocked.

Quote

3. Limitations on charges. Third, the hospital must implement limitations on charges.  The amounts charged by hospitals for emergency or other medically necessary care to patients eligible for assistance under the financial assistance policy must be limited to amounts that are not more than those charged to patients who have insurance, and hospitals are prohibited from "the use of gross charges."

Source as above

And hospitals who offer sweetheart deals to insurances but charge the full price to uninsured are loosing their charitable status? Whatever happened to our beloved socialism for the rich? This is really shocking.

I picked this point out of the list because it is something I researched lately, and given the result I am afraid that the rest of the list is similar BS.

A skeptic is a well informed believer and a pessimist a well informed optimist
The most dangerous views of the world are from those who have never seen it. ~ Alexander v. Humboldt
If you want to bulls**t me please do it so that it takes me more than a minute to find out

about me

#13    OverSword

OverSword

    Forum Divinity

  • Member
  • 14,300 posts
  • Joined:16 Oct 2007
  • Gender:Male
  • Location:Seattle WA USA

  • I love chocolate

Posted 12 December 2012 - 08:19 PM

View Postquestionmark, on 12 December 2012 - 08:10 PM, said:

hmmm... lets see excise on charitable hospitals:



Sounds clear



So, "charitable" hospitals offering boob jobs are going to have to pay the tax? sounds good to me.




So, Hospitals working for gain are not charitable anymore? I am shocked.



And hospitals who offer sweetheart deals to insurances but charge the full price to uninsured are loosing their charitable status? Whatever happened to our beloved socialism for the rich? This is really shocking.

I picked this point out of the list because it is something I researched lately, and given the result I am afraid that the rest of the list is similar BS.
So you took the phrase excise tax on charitable hospitals, somehow decided that your internet search is more valid than and industry document, paraphrased the results you found into your own interpretation of those search results and decided the rest of the document must be BS.

OK :innocent: (smart)


#14    questionmark

questionmark

    Cinicus Magnus

  • Member
  • 36,264 posts
  • Joined:26 Jun 2007
  • Gender:Male
  • Location:Greece and Des Moines, IA

  • In a flat world there is an explanation to everything.

Posted 12 December 2012 - 08:21 PM

View PostOverSword, on 12 December 2012 - 08:19 PM, said:

So you took the phrase excise tax on charitable hospitals, somehow decided that your internet search is more valid than and industry document, paraphrased the results you found into your own interpretation of those search results and decided the rest of the document must be BS.

OK :innocent: (smart)

Did you see on what website that article was published?

Very smart.

A skeptic is a well informed believer and a pessimist a well informed optimist
The most dangerous views of the world are from those who have never seen it. ~ Alexander v. Humboldt
If you want to bulls**t me please do it so that it takes me more than a minute to find out

about me

#15    ninjadude

ninjadude

    Seeker of truths

  • Member
  • 11,069 posts
  • Joined:11 Sep 2006
  • Gender:Male
  • Location:Illinois

  • "dirt collects at the interfaces"

Posted 13 December 2012 - 01:30 AM

how many of those taxes affect the average person in any measurable way? dang few. This is a lot of whining about nothing.

"Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now!""
- Friedrich Nietzsche




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users