Justice Roberts: It's A Tax

Discussion in 'Economy' started by PoliticalChic, Jun 28, 2012.

  1. PoliticalChic
    Offline

    PoliticalChic Diamond Member

    Joined:
    Oct 6, 2008
    Messages:
    55,686
    Thanks Received:
    15,593
    Trophy Points:
    2,190
    Location:
    Brooklyn, NY
    Ratings:
    +24,825
    Comprehensive List of Obama Tax Hikes

    Which one of these tax hikes will destroy the most jobs?


    Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:

    1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.

    2. Obamacare Individual Mandate Excise Tax (takes effect in 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

    3. Obamacare Employer Mandate Tax (takes effect 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

    4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect 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*
    2011-2012 15% 15% 35%
    2013+ (current law) 23.8% 43.4% 43.4%
    2013+ (Obama budget) 23.8% 23.8% 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.

    5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect 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

    6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect 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

    7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect 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. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect 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

    9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect 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

    10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect 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

    11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect 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

    12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

    13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

    14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 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

    15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $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

    16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2011): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

    17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect 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

    18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

    19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

    20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

    21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately). 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
    Americans for Tax Reform : Comprehensive List of Obama Tax Hikes


    You can make your own ruling on ObamaCare in November.
     
    • Thank You! Thank You! x 3
  2. Ariux
    Offline

    Ariux BANNED

    Joined:
    Mar 16, 2012
    Messages:
    2,727
    Thanks Received:
    184
    Trophy Points:
    0
    Ratings:
    +184
    Wasn't one of Obama's campaign promises that he wouldn't raise taxes on people making below $200,000?

    If this is a tax, it's the first federal tax collected by private companies in exchange for their product.
     
  3. Mad Scientist
    Offline

    Mad Scientist Deplorable Gold Supporting Member Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    23,938
    Thanks Received:
    5,211
    Trophy Points:
    270
    Ratings:
    +7,678
    Obama said it wasn't a tax.
     
  4. Zander
    Offline

    Zander Platinum Member

    Joined:
    Sep 10, 2009
    Messages:
    17,437
    Thanks Received:
    6,573
    Trophy Points:
    390
    Location:
    Los Angeles CA
    Ratings:
    +12,866
    Well, that settles it!!

    :clap2:
     
  5. expat_panama
    Offline

    expat_panama Silver Member

    Joined:
    Apr 12, 2011
    Messages:
    2,461
    Thanks Received:
    252
    Trophy Points:
    98
    Ratings:
    +253
    Yes that's what Roberts said:
    --but he has to have known that Obamacare came from the Senate...
    so that means it can't be a tax---
    .
     
    • Thank You! Thank You! x 2
  6. Zander
    Offline

    Zander Platinum Member

    Joined:
    Sep 10, 2009
    Messages:
    17,437
    Thanks Received:
    6,573
    Trophy Points:
    390
    Location:
    Los Angeles CA
    Ratings:
    +12,866
    It's a tax. end of story. the people vote in 131 days. They'll decide.
     
  7. Trajan
    Offline

    Trajan conscientia mille testes

    Joined:
    Jun 17, 2010
    Messages:
    29,048
    Thanks Received:
    4,751
    Trophy Points:
    48
    Location:
    The Bay Area Soviet
    Ratings:
    +4,756
    interesting...and hard to refute...Huuummmmm...:eusa_eh:looking at that, it is clearly a 'penalty' or 'required' fee.....driven by or in conjunction with- commerce.
     
  8. PoliticalChic
    Offline

    PoliticalChic Diamond Member

    Joined:
    Oct 6, 2008
    Messages:
    55,686
    Thanks Received:
    15,593
    Trophy Points:
    2,190
    Location:
    Brooklyn, NY
    Ratings:
    +24,825

    "...but he has to have known that Obamacare came from the Senate..."


    I read that, and also thought it was a great point....

    ...but did the plaintiff's argue that point before the court?

    If they didn't....it's the reason we lost.
     
  9. Trajan
    Offline

    Trajan conscientia mille testes

    Joined:
    Jun 17, 2010
    Messages:
    29,048
    Thanks Received:
    4,751
    Trophy Points:
    48
    Location:
    The Bay Area Soviet
    Ratings:
    +4,756
    I believe there was some talk of that, if you google roberts questions comments he discus's it as a tax....
     
  10. Amelia
    Offline

    Amelia BANNED

    Joined:
    Feb 14, 2011
    Messages:
    21,830
    Thanks Received:
    5,105
    Trophy Points:
    0
    Location:
    Packerland!
    Ratings:
    +5,119


    Read further down in the Wikipedia article.

    The bill originated in the House - in an utterly deceptive way but in the House. The Senate took a House bill and completely altered it, but they still had one which officially started in the House.
     
    • Thank You! Thank You! x 1

Share This Page