Top Five Worst Obamacare Taxes Coming in 2013

Discussion in 'Politics' started by Stephanie, Sep 30, 2012.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    that will show you Freeloaders

    Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013.

    Read more: Americans for Tax Reform : Top Five Worst Obamacare Taxes Coming in 2013

    SNIP:


    The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.

    The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).

    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 several million 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. This Obamacare tax provision will limit the options available to these families.

    The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point 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:







    Capital Gains


    Dividends


    Other*




    2012


    15%


    15%


    35%




    2013+ (current law)


    23.8%


    43.4%


    43.4%


    all of it here
    Read more: Americans for Tax Reform : Top Five Worst Obamacare Taxes Coming in 2013
     
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    Stephanie Diamond Member Supporting Member

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    BY EVAN BAYH
    The Supreme Court decision in June upholding the Affordable Care Act leaves in place a tax on medical devices that threatens thousands of American jobs and our global competitiveness. It will also stifle critical medical innovation in the industry that gave us defibrillators, pacemakers, artificial joints, stents, chemotherapy delivery systems and almost every device we depend on to save lives.

    The 2.3% tax will be charged to manufacturers on each sale and takes effect in January. Many U.S. device companies, in response, have already announced layoffs, canceled plans for domestic expansion and slashed research-and-development budgets.
    This month, Welch Allyn—a maker of stethoscopes and blood-pressure cuffs—announced that it will lay off 10% of its global workforce over the next three years, but all of the jobs being cut are in the U.S.

    Given the fragile state of the U.S. economy, Congress must move quickly to redress the harm from this tax before it becomes irreversible.

    The medical-device industry has been a great American success story. More than 400,000 U.S. workers are employed in this sector directly, and another two million, including those involved in supply and distribution, benefit indirectly. At a time when the economy struggles to produce good jobs, medical-device positions pay well. Average compensation is $58,188 annually compared with a national average of $41,673 annually for all employment, a 2010 Pew Foundation report found.

    While the U.S. overall imports far more products than it exports, America is a global leader in medical-device production and sales. Last year the U.S. device industry earned $5.4 billion more in exports than we spent on imports of such devices.

    from
    Evan Bayh: ObamaCare's Tax Raid on Medical Devices - WSJ.com
     

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