Largest tax increase in history?

Republican hyperbole is already in overdrive. "Largest tax increase in history" "$500 billion tax increase"

Here is what Justice Roberts said..

[IThe Federal Government does not have the power to order people to buy health insurance. Section 5000A would therefore be unconstitutional if read as a command. The Federal Government does have the power to impose a tax on those without health insurance. Section 5000A is therefore constitutional, because it can reasonably be read as a tax.] [/I]

What is considered a tax is the penalty for those who do not have health insurance..........How do Republicans spin that into the largest tax increase in history?

Because it *IS* the largest tax increase in US history.

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More "conservative"......



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You leftwingers sure are stupid sometimes. The fact that the individual mandate can exist as a tax means the law can continue until repealed. The law itself calls for over 500 billion dollars in new taxes. It's not just the individual mandate penalty "tax"

2010 Tax on Innovator Drug Companies: $2.3 billion annual tax on the industry imposed relative to share of sales made that year.

2010 Excise Tax on Charitable Hospitals: $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS.

2010 Blue Cross/Blue Shield Tax Hike: 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.

2010 Tax on Indoor Tanning Services: New 10 percent excise tax on Americans using indoor tanning salons.

2010 “Black liquor” tax Credit. This is a tax increase on a type of bio-fuel. This substance, a wood-pulping byproduct, is utilized as a biofuel to generate electricity for paper-making companies throughout the U.S

2010 Codification of the “economic substance doctrine”. 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.

2011 Medicine Cabinet Tax: 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).

2011 Employer Reporting of Insurance on W-2: Preamble to taxing health benefits on individual tax returns.

2011 Increase penalty for nonqualified HSA distributions.

2011 Annual tax on drug manufacturers / importers.

2012 Corporate 1099-MISC Information Reporting: Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers.

2013 Increase In Medicare Payroll Tax (For single employees making over $200,000/year and married employees making over $250,000/year): Payroll Tax currently at 1.45% increases to 2.9%. Self-employed tax is increased to 3.8%.

2013 Surtax on Other Investment Income: A new, 3.8 percent surtax on "Other" investment income earned in households making at least $250,000 ($200,000 single). Taxes are increased from 39.6% to 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. It DOES however, include the sale of your home.

2013 Flexible Spending Account Cap – aka “Special Needs Kids Tax”: Imposes cap of $2500 (Indexed to inflation after 2013) on FSAs (now unlimited). . 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.

2013 Tax on Medical Device Manufacturers: Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exemptions include items retailing for less than $100.

2013 Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI: 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; it is waived for 65+ taxpayers in 2013-2016 only.

2013 Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D.

2013 $500,000 Annual Executive Compensation Limit for Health Insurance Executives.

2013 Limit deduction for remuneration to officers, employees, directors, and service providers of certain health insurance providers.

2013 Impose fee on insured and self-insured health plans; patient-centered outcomes research trust fund.

2014 Individual Health Insurance Mandate:
Starting in 2014, you will be required to obtain qualified health insurance for yourself and any dependants or pay a penalty for every month you are not covered. You are allowed a coverage gap of less than 90 days every year.

The penalty begins in 2014 and phases up to its maximum amount in 2016. You will either have to pay a set dollar amount of $695 per year (adjusted for inflation) or 2.5% of your base household income, whichever is higher. Your base income is defined as any amount over the filing threshold for the applicable tax year.

The penalty is assessed for every person in your house who does not have insurance up to a cap of 300 percent of the set dollar amount. In 2016, this cap would be $2,085. If you are a dependent under 18, your set dollar amount is cut in half.
If you are required to pay a penalty but fail to do so, you will receive a notice from Internal Revenue Service (IRS). If you still fail to pay, the IRS can reduce the amount of your future tax refunds by the amount owed. However, if you fail to pay you will not be subject to criminal penalties and the Secretary cannot file notice of a lien or levy against your property.



2014 Employer Mandate Tax: 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 every full-time employee. This provision 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).

(Combined individual and employer mandate tax penalty.)

2014 Tax on Health Insurers: Annual tax on the industry imposed relative to health insurance premiums collected that year. The stipulation phases in gradually until 2018, and is fully-imposed on firms with $50 million in profits.

2018 Excise Tax on Comprehensive Health Insurance Plans: New 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). For early retirees and high-risk professions a higher threshold exists: ($11,500 single/$29,450 family). CPI +1 percentage point indexed.



New Taxes In The Healthcare Bill - Business Insider


Not to mention that unless something changes taxes will go up in 2013

The two "marriage penalty elimination" provisions will expire, so that:
The standard deduction for married couples will fall, no longer double what it is for single filers; and
The ceiling of the 15% bracket for married couples will fall, no longer double what it is for single filers
The 10% tax bracket will expire, reverting to 15%
The child tax credit will fall from $1,000 to $500
The tax rate on long-term capital gains earned by middle- and upper-income people would rise from 15% to 20%
The tax rate on qualified dividends earned by middle- and upper-income people would rise from 15% to ordinary wage tax rates
The 25% tax rate would rise to 28%
The 28% rate would rise to 31%
The 33% rate would rise to 36%
The 35% rate would rise to 39.6%
The PEP and Pease provisions would be restored, rescinding from high-income people the value of some exemptions and deductions

Fate of Bush Tax Cuts Uncertain As Expiration Approaches | Tax Foundation

I picked this one out:

2013 Tax on Medical Device Manufacturers: Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exemptions include items retailing for less than $100.

How many plants will get shut down or xut back when their products cost more than, let's say products made in China. A real job killer.
 
Good gosh it doesn't take a crystal ball to figure it out. Yes, this is going to be a huge tax on all the american citizens. This obamacare will be the ruinnation of jobs, and finances for people. You will be owned by the gov't and anything you make will go to them. Big gov't wants your money.....duh.

How can it be a big tax increase for all american citizens when it only applies to those who would choose not to be insured?

The rest of your post is equally unsubstantiated nonsense

HaHa. And you really believe its only going to effect the ones who don't choose not to be insured. Well dude you are going to sure as heck find out fast how it effects all American citizens. Theres more than just one tax on the books that pertain to Obamatax. I suggest you do some reading before you have a heart attack.

That's what......


......huh????


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How do Republicans spin that into the largest tax increase in history?

ObamaCare raises the medical itemized deduction from 7.5 percent to 10 percent. In other words, you have to have spent 10 percent of your income on medical purposes before you can claim the deduction on your taxes.

That's a big tax increase.

ObamaCare created a $2500 flexible spending account cap that used to be unlimited.

ObamaCare increases the Health Savings Account taxfrom 10 percent to 20 percent.

Obama personally put in a tax exemption floor for the Cadillac health plans which are for his labor union pals.

Don't liberals like you and Obama say a tax break for the rich costs the rest of us money?

Yeah. So Democrats are giant hypocritical douchebags.

The Senate bill was financed in part by a 40% excise tax on high-cost insurance coverage. The White House backs this "Cadillac tax" as one of the few remaining cost-control tokens. But Big Labor abhors the tax because union benefits tend to be far more generous than average, and labor leaders and House Democrats have been throwing a political tantrum for weeks.

So emerging from their backrooms, Democrats have agreed to extend a special exemption from the Cadillac tax to any health plan that is part of a collective-bargaining agreement, plus state and local workers, many of whom are unionized. Everyone else with a higher-end plan will start to be taxed in 2013, but union members will get a free pass until 2018.

Unions Get Exempt from Cadillac Tax - WSJ.com
 
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