Obamacare Tax Increases - What Are They And What Impact

[Kosh]

What's up with posting an article from 2010?

Are you saying that an article pointing out the taxes in Obamacare from 2010 are not valid today?

You really are a far left drone!

 

[Sun Devil 92]

What's up with posting an article from 2010?

Are you saying that an article pointing out the taxes in Obamacare from 2010 are not valid today?

You really are a far left drone!

It's one of her many deflection techniques.

 

[Sun Devil 92]

this scam hasn't even begun to bite the people in their ass/ wallets. at times I want to say: you voted for it, but unfortunately, we ALL have to get hosed now because of it.

this thing is one of the worst scams ever played on the people. not only is it costing us money, Billions, It grew this Government at a time we could LEAST afford it. and it's costing millions of jobs to be lost because small business can't afford to abide by the rules and regulations stuck on them with it. And it's now made this Federal government tyrants and Fascist in my book.

BUY it or BE FINED. Weren't we supposed to be protected from an Overbearing Federal government?

Details with numbers would be much appreciated.

 

[Kosh]

ObamaCare Taxes That Probably Will Not Directly Affect the Average American

• 2.3% Tax on Medical Device Manufacturers began in 2014

• 10% Tax on Indoor Tanning Services began in 2014

• Blue Cross/Blue Shield Tax Hike

• Excise Tax on Charitable Hospitals that fail to comply with the requirements of ObamaCare

• Tax on Brand Name Drugs

• Tax on Health Insurers

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

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

• Employer Mandate on business with over 50 full-time equivalent employees to provide health insurance to full-time employees. $2,000 per employee – $3,000 if employee uses tax credits to buy insurance on the exchange (AKA the marketplace). (starting 2015 for employers with 100 or more FTE and 2016 for those with 50 or more.)

• Medicare Tax on Investment Income. 3.8% over $200k/$250k

• Medicare Part A Tax increase of .9% over $200k/$250k

• Employer Reporting of Insurance on W-2 (not a tax)

• Corporate 1099-MISC Information Reporting (repealed)

• Codification of the “economic substance doctrine” (not a tax)

ObamaCare Taxes That May Directly Affect the Average American

• 40% Excise Tax “Cadillac” on high-end Premium Health Insurance Plans 2018

• An annual $63 fee levied by ObamaCare on all plans (decreased each year until 2017 when pre-existing conditions are eliminated) to help pay for insurance companies covering the costs of high-risk pools.

• Medicine Cabinet Tax
Over the counter medicines no longer qualified as medical expenses for flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), and Archer Medical Saving accounts (MSAs).

• Additional Tax on HSA/MSA Distributions
Health savings account or an Archer medical savings account, penalties for spending money on non-qualified medical expenses. 10% to 20% in the case of a HSA and from 15% to 20% in the case of a MSA.

• Flexible Spending Account Cap began in 2013
Contributions to FSAs are reduced to $2,500 from $5,000.

• Medical Deduction Threshold tax increase began in 2013
Threshold to deduct medical expenses as an itemized deduction increases to 10% from 7.5%.

• Individual Mandate (the tax for not purchasing insurance if you can afford it). Starting in 2014, anyone not buying “qualifying” health insurance must pay an income tax surtax at a rate of 1% or $95 in 2014, to 2.5% in 2016 on profitable income above the tax threshold. The total penalty amount cannot exceed the national average of the annual premiums of a “bronze level” health insurance plan on ObamaCare exchanges.

• Premium Tax Credits for Small Businesses began in 2014 (not a tax)

• Advanced Premium Tax Credits for Individuals and Families began in 2014 (not a tax)

• Medical Loss Ratio (MLR): Premium rebates (not a tax)

NOTE: Tax amounts above are subject to increase over time.

The link below provides a full list of ObamaCare Taxes by the IRS.

For a full list of taxes provisions from the IRS.

Or see the latest publication by the joint tax committee on the Affordable Care Act.

ObamaCare Tax: Full List of ObamaCare Taxes

 

[Maryland Patriot]

I forgot about the tanning booth tax.

What's up with that ? Was that to pay for skin cancer treatments ?

For sure, it will hit people who make less than 250,000....if they tan.

That tax is racist to begin with, it targets white people only.

Prove it.

prove what?

 

[Sun Devil 92]

ObamaCare Taxes That Probably Will Not Directly Affect the Average American

• 2.3% Tax on Medical Device Manufacturers began in 2014

• 10% Tax on Indoor Tanning Services began in 2014

• Blue Cross/Blue Shield Tax Hike

• Excise Tax on Charitable Hospitals that fail to comply with the requirements of ObamaCare

• Tax on Brand Name Drugs

• Tax on Health Insurers

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

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

• Employer Mandate on business with over 50 full-time equivalent employees to provide health insurance to full-time employees. $2,000 per employee – $3,000 if employee uses tax credits to buy insurance on the exchange (AKA the marketplace). (starting 2015 for employers with 100 or more FTE and 2016 for those with 50 or more.)

• Medicare Tax on Investment Income. 3.8% over $200k/$250k

• Medicare Part A Tax increase of .9% over $200k/$250k

• Employer Reporting of Insurance on W-2 (not a tax)

• Corporate 1099-MISC Information Reporting (repealed)

• Codification of the “economic substance doctrine” (not a tax)

ObamaCare Taxes That May Directly Affect the Average American

• 40% Excise Tax “Cadillac” on high-end Premium Health Insurance Plans 2018

• An annual $63 fee levied by ObamaCare on all plans (decreased each year until 2017 when pre-existing conditions are eliminated) to help pay for insurance companies covering the costs of high-risk pools.

• Medicine Cabinet Tax
Over the counter medicines no longer qualified as medical expenses for flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), and Archer Medical Saving accounts (MSAs).

• Additional Tax on HSA/MSA Distributions
Health savings account or an Archer medical savings account, penalties for spending money on non-qualified medical expenses. 10% to 20% in the case of a HSA and from 15% to 20% in the case of a MSA.

• Flexible Spending Account Cap began in 2013
Contributions to FSAs are reduced to $2,500 from $5,000.

• Medical Deduction Threshold tax increase began in 2013
Threshold to deduct medical expenses as an itemized deduction increases to 10% from 7.5%.

• Individual Mandate (the tax for not purchasing insurance if you can afford it). Starting in 2014, anyone not buying “qualifying” health insurance must pay an income tax surtax at a rate of 1% or $95 in 2014, to 2.5% in 2016 on profitable income above the tax threshold. The total penalty amount cannot exceed the national average of the annual premiums of a “bronze level” health insurance plan on ObamaCare exchanges.

• Premium Tax Credits for Small Businesses began in 2014 (not a tax)

• Advanced Premium Tax Credits for Individuals and Families began in 2014 (not a tax)

• Medical Loss Ratio (MLR): Premium rebates (not a tax)

NOTE: Tax amounts above are subject to increase over time.

The link below provides a full list of ObamaCare Taxes by the IRS.

For a full list of taxes provisions from the IRS.

Or see the latest publication by the joint tax committee on the Affordable Care Act.

ObamaCare Tax: Full List of ObamaCare Taxes

Thank you for this post.

Some of this has been covered...some of it has not.

Appreciate you providing additional insight.

 

[Arianrhod]

Ten Tax Increases of Obamacare, by Avik Roy, National Review

In this article, the author calls out the tax increases of Obamacare.

To which I ask, So What ???

Taxes are necessary at some level to fund things.

Did Obama promise no new taxes as a result of Obamacare ?

The only thing I recall was Obama's statement that he would not tax anyone making less than 250,000 per year.

The following paragraph would indicate that, at least in this area, he kept that promise.

Having said all that, we’ll note that taxes have gone up for some as a result of Obamacare. The law imposes a 3.8 percent tax on net investment income that applies to people who earn more than $200,000 a year for singles, or $250,000 for joint filers. It also levies an additional Medicare tax of 0.9 percent on wages, salaries and self-employment income for people in those income groups. However, these changes also took effect in 2013, not 2014.

False Tax Claims

But what about the tax on Cadillac plans. Won't that tax people below the 250,000 bar ?

Welcome to 2016 and Bigger Obamacare Penalties

This is affordable?

Households that opt to go without health insurance in 2016 are set to get hit with an average Obamacare fine of $969.

That is 47 percent higher than the average $661 penalty per uninsured household for this year, a new analysis by the Kaiser Family Foundation revealed Wednesday.

And households without insurance that earn too much to qualify for financial aid to buy Obamacare plans will pay an even larger fine for 2016 — an average of $1,450, versus the average of $1,177 for 2015.

Uninsured households that would qualify for Obamacare subsidies to help pay for coverage face an average fine of $738 — nearly double the $389 average for this year.

And ACA exchanges are collapsing all across the country. So, where does one go to get insurance?

Read the full story WITH LINKS @ And now, ladies and gentlemen, your new, bigger, 2016 ObamaCare penalties

And if you follow the links instead of hyping the hype, you find this:

The Cost of the Individual Mandate Penalty for the Remaining Uninsured

 

[Kosh]

Ten Tax Increases of Obamacare, by Avik Roy, National Review

In this article, the author calls out the tax increases of Obamacare.

To which I ask, So What ???

Taxes are necessary at some level to fund things.

Did Obama promise no new taxes as a result of Obamacare ?

The only thing I recall was Obama's statement that he would not tax anyone making less than 250,000 per year.

The following paragraph would indicate that, at least in this area, he kept that promise.

Having said all that, we’ll note that taxes have gone up for some as a result of Obamacare. The law imposes a 3.8 percent tax on net investment income that applies to people who earn more than $200,000 a year for singles, or $250,000 for joint filers. It also levies an additional Medicare tax of 0.9 percent on wages, salaries and self-employment income for people in those income groups. However, these changes also took effect in 2013, not 2014.

False Tax Claims

But what about the tax on Cadillac plans. Won't that tax people below the 250,000 bar ?

Welcome to 2016 and Bigger Obamacare Penalties

This is affordable?

Households that opt to go without health insurance in 2016 are set to get hit with an average Obamacare fine of $969.

That is 47 percent higher than the average $661 penalty per uninsured household for this year, a new analysis by the Kaiser Family Foundation revealed Wednesday.

And households without insurance that earn too much to qualify for financial aid to buy Obamacare plans will pay an even larger fine for 2016 — an average of $1,450, versus the average of $1,177 for 2015.

Uninsured households that would qualify for Obamacare subsidies to help pay for coverage face an average fine of $738 — nearly double the $389 average for this year.

And ACA exchanges are collapsing all across the country. So, where does one go to get insurance?

Read the full story WITH LINKS @ And now, ladies and gentlemen, your new, bigger, 2016 ObamaCare penalties

And if you follow the links instead of hyping the hype, you find this:

The Cost of the Individual Mandate Penalty for the Remaining Uninsured

Prices for popular Obamacare health plans rising sharply

Silly far left drone!

 

[Arianrhod]

Ten Tax Increases of Obamacare, by Avik Roy, National Review

In this article, the author calls out the tax increases of Obamacare.

To which I ask, So What ???

Taxes are necessary at some level to fund things.

Did Obama promise no new taxes as a result of Obamacare ?

The only thing I recall was Obama's statement that he would not tax anyone making less than 250,000 per year.

The following paragraph would indicate that, at least in this area, he kept that promise.

Having said all that, we’ll note that taxes have gone up for some as a result of Obamacare. The law imposes a 3.8 percent tax on net investment income that applies to people who earn more than $200,000 a year for singles, or $250,000 for joint filers. It also levies an additional Medicare tax of 0.9 percent on wages, salaries and self-employment income for people in those income groups. However, these changes also took effect in 2013, not 2014.

False Tax Claims

But what about the tax on Cadillac plans. Won't that tax people below the 250,000 bar ?

Welcome to 2016 and Bigger Obamacare Penalties

This is affordable?

Households that opt to go without health insurance in 2016 are set to get hit with an average Obamacare fine of $969.

That is 47 percent higher than the average $661 penalty per uninsured household for this year, a new analysis by the Kaiser Family Foundation revealed Wednesday.

And households without insurance that earn too much to qualify for financial aid to buy Obamacare plans will pay an even larger fine for 2016 — an average of $1,450, versus the average of $1,177 for 2015.

Uninsured households that would qualify for Obamacare subsidies to help pay for coverage face an average fine of $738 — nearly double the $389 average for this year.

And ACA exchanges are collapsing all across the country. So, where does one go to get insurance?

Read the full story WITH LINKS @ And now, ladies and gentlemen, your new, bigger, 2016 ObamaCare penalties

And if you follow the links instead of hyping the hype, you find this:

The Cost of the Individual Mandate Penalty for the Remaining Uninsured

Prices for popular Obamacare health plans rising sharply

Your side (Stephanie in particular) claims that Politico is a liberal conspiracy. Better consult with the mothership before you post anything else from there.

Got anything from original sources, or just hearsay?

 

[Sun Devil 92]

Ten Tax Increases of Obamacare, by Avik Roy, National Review

In this article, the author calls out the tax increases of Obamacare.

To which I ask, So What ???

Taxes are necessary at some level to fund things.

Did Obama promise no new taxes as a result of Obamacare ?

The only thing I recall was Obama's statement that he would not tax anyone making less than 250,000 per year.

The following paragraph would indicate that, at least in this area, he kept that promise.

Having said all that, we’ll note that taxes have gone up for some as a result of Obamacare. The law imposes a 3.8 percent tax on net investment income that applies to people who earn more than $200,000 a year for singles, or $250,000 for joint filers. It also levies an additional Medicare tax of 0.9 percent on wages, salaries and self-employment income for people in those income groups. However, these changes also took effect in 2013, not 2014.

False Tax Claims

But what about the tax on Cadillac plans. Won't that tax people below the 250,000 bar ?

Welcome to 2016 and Bigger Obamacare Penalties

This is affordable?

Households that opt to go without health insurance in 2016 are set to get hit with an average Obamacare fine of $969.

That is 47 percent higher than the average $661 penalty per uninsured household for this year, a new analysis by the Kaiser Family Foundation revealed Wednesday.

And households without insurance that earn too much to qualify for financial aid to buy Obamacare plans will pay an even larger fine for 2016 — an average of $1,450, versus the average of $1,177 for 2015.

Uninsured households that would qualify for Obamacare subsidies to help pay for coverage face an average fine of $738 — nearly double the $389 average for this year.

And ACA exchanges are collapsing all across the country. So, where does one go to get insurance?

Read the full story WITH LINKS @ And now, ladies and gentlemen, your new, bigger, 2016 ObamaCare penalties

And if you follow the links instead of hyping the hype, you find this:

The Cost of the Individual Mandate Penalty for the Remaining Uninsured

Looks like he under-hyped.

From the article:

For those who are uninsured and do not meet one of the exemptions, the penalty for 2016 is calculated as the greater of two amounts:

1. A flat dollar amount equal to $695 per adult plus $347.50 per child, up to a maximum of $2,085 for the family.
2. 2.5% of family income in excess of the 2015 income tax filing thresholds ($10,300 for a single person and $20,600 for a family).

The penalty can be no more than the national average premium for a bronze plan (the minimum coverage available in the individual insurance market under the ACA), which was $2,484 in 2015 for single coverage and $12,420 for a family of three or more children. The penalty is pro-rated for people who are uninsured for a portion of the year and waived for people who have a period without insurance of less than three months.

*********************

If I read this right...could be 2,000 for a family.

I didn't realize this.

 

[Stephanie]

here's a touching article about your Federal Government laying a FINE on you if you DON'T buy their product. From the rag for the Government, Nyslime. ObamaNOcare was SOLD to you as be all to end all. Now it's going to put person in dept because they can't afford to BUY the stinking insurance from it and instead have a hefty fine. you think this Obama gives a crap? you were suckered again

SNIP:
Many See I.R.S. Fines as More Affordable Than Insurance
By ABBY GOODNOUGHJAN. 3, 2016

Inside
Photo

Clint Murphy, an engineer in Sulphur Springs, Tex., estimated that he would owe a fine of $1,800 for going uninsured this year, compared with paying $2,900 or more for health coverage. Credit Cooper Neill for The New York Times

WASHINGTON — Clint Murphy let the deadline for getting health insurance by the new year pass without a second thought.

Affordable Care Act, he will face a fine of $1,800 for going uninsured in 2016. But in his view, paying that penalty is worth it if he can avoid buying an insurance policy that costs $2,900 or more. All he has to do is stay healthy.

“I don’t see the logic behind that, and I’m just not going to do it,” said Mr. Murphy, 45, who became uninsured in April after leaving a job with health benefits to pursue contract work. “The fine is still going to be cheaper.”

Two years after the Affordable Care Act began requiring most Americans to have health insurance, 10.5 million who are eligible to buy coverage through the law’s new insurance exchanges were still uninsured this fall, according to the Obama administration.

all of it here:
http://www.nytimes.com/2016/01/04/us/many-see-irs-fines-as-more-affordable-than-insurance.html

 

[Arianrhod]

here's a touching article about your Federal Government laying a FINE on you if you DON'T buy their product.

What product is that? Obamacare is not an insurance company.

Do you have health insurance?

 

[Sun Devil 92]

here's a touching article about your Federal Government laying a FINE on you if you DON'T buy their product. From the rag for the Government, Nyslime. ObamaNOcare was SOLD to you as be all to end all. Now it's going to put person in dept because they can't afford to BUY the stinking insurance from it and instead have a hefty fine. you think this Obama gives a crap? you were suckered again

SNIP:
Many See I.R.S. Fines as More Affordable Than Insurance
By ABBY GOODNOUGHJAN. 3, 2016

Inside
Photo

Clint Murphy, an engineer in Sulphur Springs, Tex., estimated that he would owe a fine of $1,800 for going uninsured this year, compared with paying $2,900 or more for health coverage. Credit Cooper Neill for The New York Times

WASHINGTON — Clint Murphy let the deadline for getting health insurance by the new year pass without a second thought.

Affordable Care Act, he will face a fine of $1,800 for going uninsured in 2016. But in his view, paying that penalty is worth it if he can avoid buying an insurance policy that costs $2,900 or more. All he has to do is stay healthy.

“I don’t see the logic behind that, and I’m just not going to do it,” said Mr. Murphy, 45, who became uninsured in April after leaving a job with health benefits to pursue contract work. “The fine is still going to be cheaper.”

Two years after the Affordable Care Act began requiring most Americans to have health insurance, 10.5 million who are eligible to buy coverage through the law’s new insurance exchanges were still uninsured this fall, according to the Obama administration.

all of it here:
http://www.nytimes.com/2016/01/04/us/many-see-irs-fines-as-more-affordable-than-insurance.html

Wow....the government fining you for NOT buying something.

And people have to decide which is cheaper ? Which only means they are living paycheck to paycheck.

The democrats....the party out to screw the little guy.

The republicans.....helping the democrats the entire way.

 

[American_Jihad]

Malkin: Obamacare's Tax-Time Torment
"This is what it must be like dealing with a government agency in a third world country."
3.16.2016
Commentary
Michelle Malkin

"Where is my 1095-A? This is what it must be like dealing with a government agency in a third world country."

That was the lament on Twitter of just one poor citizen this week trying to get his tax records in order. Nationwide, hard-working Americans are struggling to meet the April 18 IRS filing deadline. Standing in the way: the bumbling Obamacare bureaucracy.

In Minnesota, an estimated 18,000 people who were on health insurance plans last year offered through MNsure, the state Obamacare health insurance exchange, still haven't received their 1095-A form. It's the "health insurance marketplace statement" required to file accurate tax returns and claim the premium tax credit.

Twin Cities officials blame "technical bugs" and promise they'll be sending more of the documents out next week. But it's small consolation to farmers in Minnesota who were required to file their taxes by March 1.

"This is the second year in a row MNsure has been late sending my 1095-A form and it's cost me extra money when I have to file for an extension on my tax filings," farmer Robert Marg of Winona County, Minnesota, told his local TV station.

In Hawaii, the paper-pushers sent out their 1095-A forms on time -- but the documents are worthless to thousands of taxpayers enrolled in the state's now-defunct Obamacare exchange, the Hawaii Health Connector. According to the Pacific Business News, "approximately 80 percent of the forms sent out to taxpayers" contain errors, including address problems.

...

Malkin: Obamacare's Tax-Time Torment

 

[Sun Devil 92]

In Minnesota, an estimated 18,000 people who were on health insurance plans last year offered through MNsure, the state Obamacare health insurance exchange, still haven't received their 1095-A form. It's the "health insurance marketplace statement" required to file accurate tax returns and claim the premium tax credit.

Twin Cities officials blame "technical bugs" and promise they'll be sending more of the documents out next week. But it's small consolation to farmers in Minnesota who were required to file their taxes by March 1.

"This is the second year in a row MNsure has been late sending my 1095-A form and it's cost me extra money when I have to file for an extension on my tax filings," farmer Robert Marg of Winona County, Minnesota, told his local TV station.

*****************************

Oh, those technical issues.

 

[American_Jihad]

March 30, 2016
GOP committee chairmen subpoenas HHS for Obamacare funding info
By Rick Moran

...

Ways and Means Committee Chairman Kevin Brady and Energy and Commerce Committee Chairman Fred Upton cite the non-cooperation by DHS as the House looks into an Obamacare subsidy program that has never gone through the appropriation process.

Washington Examiner:

"We've been trying to get answers since last June, but HHS simply will not cooperate," Ways and Means Committee Chairman Kevin Brady, R-Texas, said in a joint statement with Energy and Commerce Committee Chairman Fred Upton, R-Mich. "The administration funneled $1.3 billion last year into the Basic Health Program without a congressional appropriation — a clear violation of the law."

HHS Secretary Sylvia Mathews Burwell has testified that the program, which subsidizes healthcare for people whose income level straddles the border between Medicaid coverage and the plans available on the Obamacare exchanges, can be funded through tax credits.

But Republican lawmakers say HHS is spending taxpayer money without congressional approval. "I would argue this is unconstitutional and it's illegal," Rep. Peter Roskam, R-Ill., one of the lead investigators of the program, said last June. "There is a real problem here when administrations spend money that's not appropriated and they're just doing it with impunity."

The subpoenas could signal the return of the healthcare law to a national political debate that has shifted towards immigration and national security over the last year.

HHS gave Congress "heavily redacted" documents in November, according to the lawmakers. Last month, department staff told House investigators that they wouldn't produce any more documents.

"Our good faith attempts to learn basic, and targeted facts have been met with resistance every step of the way," Brady and Upton said. "The American public deserves answers now."

...

Read more: Blog: GOP committee chairmen subpoenas HHS for Obamacare funding info
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