Author Topic: New taxes under ObanaCare  (Read 221 times)

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Offline pjohns

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New taxes under ObanaCare
« on: April 15, 2014, 09:55:19 PM »
There are some new taxes attendant to ObamaCare that are about set to kick in; some, for upper-middle-class earners, but others more broadly.

Here is a brief rundown from a report on

- A Medicare Tax Increase of .9 percent for individuals earning over $200,000 or married couples earning $250,000

-A net investment income tax of 3.8 percent tax on individuals, estates, and trusts worth more $200,000 or $250,000 for joint filers.

- And an increase in the threshold for itemized deductions for medical expenses from 7.5 percent  to 10 percent of gross income.

There are also new taxes on insurance companies, drug makers, and medical device manufacturers. Architects of the Affordable Care Act say those businesses can afford it, given the millions of new customers they'll be serving. "More people will have health insurance and be able to use their product more effectively," said Fontenot.

But one skeptic said the projected 10-year tax increases from ObamaCare are more than twice what the Joint Committee on Taxation forecasts. "It raises the costs of these things," said Grover Norquist of Americans for Tax Reform. "One of the promises of ObamaCare is that it will reduce costs.  These more than a trillion dollars in tax increases on health care raise the cost of health care and that's why you're seeing the price of health care, the cost of insurance, going up, not down,"  he said.

One study  by AdvaMed, a trade association, finds the medical device tax alone may put 45,000 jobs at risk. The National Federation of Independent Businesses  projects that new taxes on insurance companies may jeopardize another 125,000 to 249,000 jobs.

Here is the link, with the full article:  How much will ObamaCare cost you in taxes? | Fox News

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