Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/1/2013 (1 year ago)

Catholic Online (www.catholic.org)

Supporters may not have realized they will be forced to pay too.

Here's the list of new tax hikes that Americans will be expected to pay as they struggle to fund the Obamacare debacle. According to President Obama, the majority of Obamacare is already in place. What isn't mentioned is that the tax increases won't hit until next year's tax season. Those taxes will hit very hard.

Oh...you didn't think you'd actually have to pay for it, did you?

Oh...you didn't think you'd actually have to pay for it, did you?

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/1/2013 (1 year ago)

Published in Politics & Policy

Keywords: Obamacare, costs, expenses, taxes, list, rates, increases, impacts


LOS ANGELES, CA (Catholic Online) - Although some of the largest taxes are imposed on people earning more than $200,000 per year, or large firms such as insurance companies and manufacturers, it should be understood that this was simply a way to convince ordinary citizens, whose earnings are much less, to support the package. However, it will soon be much easier for those thresholds to drop.

In fact, they will have to as insurers hike rates to pass along punishing Obamacare taxes to their clients. That means you.

Here is a list of the new taxes most people and businesses will have to pay. Eventually, these costs will trickle down to the individual consumer. They may not manifest themselves in direct form for some time, but they will be evident across the board.  Fewer jobs in healthcare, slashed wages and hours, and higher costs are predicted. All these will occur because private companies don't like to lose revenue year-over year. Instead, they find ways to recoup costs from individual consumers.

The government isn't in the habit of lowering costs or taxes either. Eventually, you will be the one who pays these rates.

Surtax on investment income:
Capital Gains 23.8%
Dividends 43.4%
Other 43.4%

Medicare payroll tax increase:
Workers 1.45%
Self-employed workers 2.9%

After the first $200,000 in income, you will pay:
Workers 2.35%
Self-employed 3.8%

The Obamacare Medical Device Tax will impose a 2.3 percent tax on gross sales. You will pay this every time someone needs a medical device, either yourself directly, or indirectly via higher premiums.

The Obamacare High Medical Bills Tax takes away your deduction for having high medical bills in a given year. If your medical expenses exceeded 7.5 percent of your AGI, you could claim the credit. Now that threshold is raised to 10 percent.

The Obamacare Flexible Spending Account Tax is specially designed for the 10 percent or so of Americans who use a pre-tax spending account to pay for medical needs will be capped at $2,500. This will mean more out-of-pocket expenses for ordinary consumers like yourself. Parents of special needs children commonly use these plans to provide for their kids. Those parents will be especially hard hit by the changes. However, it will bring Obama $13 billion to spend.

In 2014, just eight months from now, you will be required to purchase a qualifying insurance plan from Obama's list. If you do not pay to play, you will be taxed from 1 percent of your AGI to a high of 2.5 percent.

This tax will hit middle to lower-class people who for whatever reason cannot afford insurance. Typically, individuals will opt to pay the tax because it will be less than buying insurance. This will become increasingly problematic as insurance rates continue to skyrocket, growing the ranks of the uninsured and increasing tax revenues for Obama.

The Obamacare Employer Mandate Tax corrects employers who do not meet their sacred Constitutional obligation to provide health care for employees. The tax is $2,000 per full-time employee if the employer has more than 50 on their payroll. If the employee later buys insurance through an exchange, the penalty rises to $3,000, just to punish the employer for refusing to play along. If the employer has a reasonable waiting period, such as 30-60 days, there is an additional penalty of $400 per employee. After 60 days, it becomes $600.

The easy fix is to cut hours or to lay off staff, something many employers have already done or are preparing to do.

Did you find it in the Constitution yet?

The Obamacare Tax on Health Insurers will impose a whopping 40 percent tax on union member or Early retiree health insurance plans. It's Obama's way of thanking the unions.

High-cost plans, often referred to as "Cadillac" plans will be heavily taxes. Look for these to impact your premiums as the costs get spread out, as late as 2018.

The costs for everyone will go up. As everything becomes increasingly expensive, firms will raise their rates, forcing the government to raise further taxes. Eventually there will need to be a government cap on the private earnings of insurers and providers (definitely not in the Constitution) or the system will collapse under its own weight, taking the economy with it.

In trying to save everybody, Obama has managed to bring everyone down. No, not all at once, it will take time, but it will happen.

If you want to make something expensive, you regulate it. Good work, pushing that agenda, Obama! What a great victory for you.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Politics & Policy

In President Obama's war on religious freedom the people suffer another loss Watch

Image of A July 21 executive order has dealt a huge blow to the cause of freedom of religion in the United States.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama's July 21 executive order prohibiting discrimination based on sexual-self-identification has lead to strong criticism from several prominent U.S. bishops, calling the executive order "unprecedented and extreme." LOS ANGELES, CA (Catholic ... continue reading


Efforts against female genital mutilation could be thwarted by population growth Watch

Image of Due partly to community activism and legislation, the prevalence of FGM, which involves the cutting away of the external female genitalia, and the marriage of girls under the age of 18 has decreased slightly over the last 30 years, UNICEF said.

By Lisa Anderson, Thomson Reuters Foundation

Advances in fighting female genital mutilation, or FGM and child marriage could be offset by population growth unless the rate of progress increases, according to new data released Tuesday by the United Nations Children's Fund (UNICEF). (Thomson Reuters ... continue reading


FREE SPEECH VIOLATED: Tea party groups' lawsuit against IRS proceeds Watch

Image of Among the individuals named in the lawsuit is Lois Lerner, who headed the division that processes applications for tax-exempt status at that time.

By Catholic Online (NEWS CONSORTIUM)

They're not going to take it - and they're taking their claims to court. A federal judge has allowed a lawsuit by 10 tea party groups to move forward against the Internal Revenue Service. The judge rejected a request by the federal government to dismiss all the ... continue reading


'Suing the president is the right path to go down here,' Boehner declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The House of Representatives has no plans to use its own constitutional authority to withhold funding from actions by President Obama. House Speaker John Boehner (R-Ohio) indicated that if the president takes actions that exceed his constitutional authority, ... continue reading


Federal government says state death penalties are 'unconstitutional' Watch

Image of A federal judge has called California's death penalty unconstitutional. Surprisingly though, this judge is a conservative republican, a party that has long opposed federal overreach into state rights.

By Catholic Online (NEWS CONSORTIUM)

A federal judge ruled that California's death penalty is unconstitutional on July 16, claiming that the state's system is arbitrary, unfair, and cruel and unusual because of a lengthy process that leaves prisoners in the dark about their actual death row status. ... continue reading


'American people have a right to know,' Issa proclaims Watch

Image of Darrel Issa says that Simas' testimony was

By Catholic Online (NEWS CONSORTIUM)

Oversight Committee Chairman Darrell Issa of California said administration claims that White House political director David Simas was immune from testimony were "absurd" and "deeply disturbing." Defying a subpoena, Issa has now set up a new high-profile fight ... continue reading


Cheat on your taxes? It just got a lot easier Watch

Image of If you still fear a knock at your door anytime soon, it must be noted that one's chances of getting audited vary greatly and are based on income.

By Catholic Online (NEWS CONSORTIUM)

If you cheat on your taxes - or senselessly worry that some indiscretion in your recent past will have the Internal Revenue Service shortly breathing down your neck - things just got a little bit brighter. The GOP-controlled House has voted to slash the budget ... continue reading


While federal tax revenues are at an all-time high - federal government still running a deficit Watch

Image of What's the old saying?

By Catholic Online (NEWS CONSORTIUM)

While federal tax revenues continue to run at a record pace in fiscal 2014, their still no way out of the forest yet. The federal government's total receipts for the fiscal year closed last month at an unprecedented $2,258,565,000,000, according to the Monthly ... continue reading


President Obama accused of being insufficiently engaged in border crisis Watch

Image of President Obama wishes to make clear to parents and adults in Central America that there is no payoff for sending their children on the dangerous journey northward.

By Catholic Online (NEWS CONSORTIUM)

With hundreds, if not thousands of unaccompanied children streaming across the United States' southwest border with Texas - and more on the way - America's border security and policies may be in transition. Republicans and some Democrats have since accused U.S. ... continue reading


Put the spotlight - ON ME: Obama uses first person singular 99 TIMES in speech Watch

Image of In President Obama's recent speech, he used a first person singular, on average, every 12 seconds.

By Catholic Online (NEWS CONSORTIUM)

"I," "Me," sand "My" were words used by U.S. President Barack Obama in a speech vowing unilateral action. In fact, Obama used the first person singular a whopping 199 times. This figure did not account for instances when he quoted a letter from a citizen or ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Second Corinthians 4:7-15
7 But we hold this treasure in pots of earthenware, ... Read More

Psalm, Psalms 126:1-2, 2-3, 4-5, 6
1 [Song of Ascents] When Yahweh brought back Zion's ... Read More

Gospel, Matthew 20:20-28
20 Then the mother of Zebedee's sons came with her ... Read More

Saint of the Day

Saint of the Day for July 25th, 2014 Image

St. James the Greater
July 25: For James there was no indication that this was the day that his ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter