I Wonder How This Will Play In Peoria On Election Day

[beretta304]

Big Income Losses for Those Near Retirement - NYTimes.com

"Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply."
That's a big voting bloc

 

[NYcarbineer]

How will it play when people nearing retirement have it explained to them that the Romney/Ryan Medicare plan will add $6000 out of pocket costs to their healthcare?

You tell us.

 

[beretta304]

How will it play when people nearing retirement have it explained to them that the Romney/Ryan Medicare plan will add $6000 out of pocket costs to their healthcare?

You tell us.

You tell me since I fit that description of being near retirement.

 

[beretta304]

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.

Taxes 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. Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI ($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



Read more on Newsmax.com: 20 Hidden Tax Hikes in Obamacare
Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!

 

[beretta304]

Obamacare's Hidden Taxes
Fri, Jun 29 2012 00:00:00 E A14_ISSUES



Posted 06/28/2012 07:02 PM ET

Email Print License Comment
inShareTaxation: The high bench has confirmed that ObamaCare's individual mandate is a massive tax on the American middle class. But let's not forget the 20 other new taxes that are embedded in the law.

Though President Obama never sold it as a tax hike, the Supreme Court ruled the mandate is exactly that. Unfortunately, the majority argued it's legal under Congress' taxing authority.

Forcing citizens to buy health insurance "is absolutely not a tax increase," Obama insisted in 2009. Earlier, he assured the public that raising taxes on the middle class to support his health care plan was "the last thing we need in an economy like this." "Folks are already having a tough enough time," Obama added.

Indeed they are. But his plan, which subsidizes some 30 million uninsured, amounts to a $1.8 trillion whammy on working families. And that's just for starters.

The court was silent about the 20 other different taxes hidden in ObamaCare, more than half of which affect families earning less than $250,000 a year.

The new taxes, which cost some $675 billion over the next decade, include:

• A 2.3% excise tax on U.S. sales of medical devices that's already devastating the medical supply industry and its workforce. The levy is a $20 billion blow to an industry that employs roughly 400,000.

Several major manufacturers have been roiled, including: Michigan-based Stryker Corp., which blames the tax for 1,000 layoffs; Indiana-based Zimmer Corp., which cites the tax in laying off 450 and taking a $50 million charge against earnings; Indiana-based Cook Medical Inc., which has scrubbed plans to open a U.S. factory; Minnesota-based Medtronic Inc., which expects an annual charge against earnings of $175 million, and Boston Scientific Corp., which has opted to open plants in tax-friendlier Ireland and China to help offset a $100 million charge against earnings.

Subscribe to the IBD Editorials Podcast • A 3.8% 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.

• 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 Dept.

• A $24 billion tax on the paper industry to control a pollutant known as black liquor.

• A $2.3 billion-a-year tax on drug companies.

• A 10% excise tax on indoor tanning salons.

• An $87 billion hike in Medicare payroll taxes for employees, as well as the self-employed.

• A hike in the threshold for writing off medical expenses to 10% of adjusted gross income from 7.5%.

• A new cap on flexible spending accounts of $2,500 a year.

• Elimination of the tax deduction for employer-provided prescription drug coverage for Medicare recipients.

• An income surtax of 1% of adjusted gross income, rising to 2.5% by 2016, on individuals who refuse to go along with ObamaCare by buying a policy not OK'd by the government.

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

• A $60 billion tax on health insurers.

• A 40% excise tax on so-called Cadillac, or higher cost, health insurance plans.

All told, there are 21 new or higher taxes imposed by Obama's health care law — and 21 more reasons to repeal it.

 

[beretta304]

Anything else Carbonara?

 

[Full-Auto]

Big Income Losses for Those Near Retirement - NYTimes.com

"Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply."
That's a big voting bloc

The Obama fed will save the day......By printing money out of thin air.............

30% loss in value on the dollar and dropping......

 

[GoneBezerk]

Oh no, old people are better off under the black messiah, just ask the DNC talking head goons with their talking points.

Also, black people are way better off too.

 

[NYcarbineer]

How will it play when people nearing retirement have it explained to them that the Romney/Ryan Medicare plan will add $6000 out of pocket costs to their healthcare?

You tell us.

You tell me since I fit that description of being near retirement.

 

[beretta304]

Hell, even if were true....I'd pay $6000 just to get this asshole out of the White House.

 

[g5000]

How will it play when people nearing retirement have it explained to them that the Romney/Ryan Medicare plan will add $6000 out of pocket costs to their healthcare?

You tell us.

Two things.

First, the Ryan plan does not affect anyone over the age of 55. So there is no explanation needed for those who are nearing retirement. This is common knowledge, so you are being disingenuous at best.

Second, that "$6000 out of pocket costs" meme is bogus. It is based on the assumption that healthcare costs will continue to climb at the current rate. They will only climb at the current rate, or faster, if we stick with ObamaCare. ObamaCare did nothing to bend the cost curve down. In fact, it accelerated it.


.

 

[beretta304]

The silence is deafening!

 

[beretta304]

Necessary bump. Someone is ignoring this thread on purpose

 

[Katzndogz]

How will it play when people nearing retirement have it explained to them that the Romney/Ryan Medicare plan will add $6000 out of pocket costs to their healthcare?

You tell us.

Two things.

First, the Ryan plan does not affect anyone over the age of 55. So there is no explanation needed for those who are nearing retirement. This is common knowledge, so you are being disingenuous at best.

Second, that "$6000 out of pocket costs" meme is bogus. It is based on the assumption that healthcare costs will continue to climb at the current rate. They will only climb at the current rate, or faster, if we stick with ObamaCare. ObamaCare did nothing to bend the cost curve down. In fact, it accelerated it.


.

The way I understood it, is that people who have a substantial income in their retirement years will be means tested and have to pay a bit more which may be as high as $6,000 depending on the level of care they need. You would think that democrats would be all for the wealthy paying more. Evidently not.

 

[g5000]

How will it play when people nearing retirement have it explained to them that the Romney/Ryan Medicare plan will add $6000 out of pocket costs to their healthcare?

You tell us.

Two things.

First, the Ryan plan does not affect anyone over the age of 55. So there is no explanation needed for those who are nearing retirement. This is common knowledge, so you are being disingenuous at best.

Second, that "$6000 out of pocket costs" meme is bogus. It is based on the assumption that healthcare costs will continue to climb at the current rate. They will only climb at the current rate, or faster, if we stick with ObamaCare. ObamaCare did nothing to bend the cost curve down. In fact, it accelerated it.


.

The way I understood it, is that people who have a substantial income in their retirement years will be means tested and have to pay a bit more which may be as high as $6,000 depending on the level of care they need. You would think that democrats would be all for the wealthy paying more. Evidently not.

This has nothing to do with means testing.

I read the CBO report that meme is based upon. The "extra $6000" figure comes from the amount of extra money a person who got a voucher would allegedly have to pay for their medical care.

For example, if you decide to go with the voucher plan, you would be given, say, $20K a year to buy insurance. But if your actual medical care outlays for the year were $26K, then you paid an "extra $6000" on the voucher plan than you would if you stayed with Medicare.

This figure is based on an assumption that your medical care costs will continue to climb at the current rate.

The voucher would be paid based on GDP +1 percent, or something close to that. The assumption is that health care costs would continue to climb faster than that.

.