Tuesday, March 29, 2011

OBAMACARE - THE GIFT THAT KEEPS ON.... TAKING




The Patient Protection and Affordable Care Act is like an onion left in the ground too long.  You start to peel back the layers and you keep finding uglier and uglier things, and when you get to the core of it, it just plain stinks!

1. Did you know that . . . since Jan. 1 of this year (2011), you cannot use your flex-account at work (FSA) or health savings account (HSA) to purchase over-the-counter medicines?

2. Did you know that . . . since July 1 of last year (2010), Americans have been paying a 10 percent excise tax on all indoor tanning services?

3. Did you know that . . . starting in 2018, if your health insurance is “too good” or considered a “Cadillac” plan, then you will incur a new 40 percent tax on your health plan?

4. Did you know that . . . Obamacare has 21 new or higher taxes in it, totaling over $500 billion in increased taxes going to the government over 10 years?

5. Did you know that . . . beginning in 2014, individuals and families that do not purchase “qualifying”  -- as defined by federal bureaucrats -- health insurance will be forced to pay a yearly tax penalty?

6. Did you know that . . . 7 tax hikes in Obamacare directly break President Obama’s “firm pledge” not to raise any form of taxes on individuals making less than $200,000 per year and families making less than $250,000 per year?

7. Did you know that . . . the capital gains tax rate under Obamacare will rise to 23.8 percent starting in 2012? That is a 59 percent increase from its current rate.

8. Did you know that . . . in 2013, those Americans facing the highest medical bills and the least ability to pay for them will find their ability to deduct medical expenses is further limited (medical expenses must be reduced by 10 percent of income under Obamacare, rather than current law’s 7.5 percent)

9. Did you know that . . . beginning in 2014, businesses with over 50 employees will be forced to offer health coverage for everyone, or pay a hefty tax for each employee?

10. Did you know that . . . in 2013, Obamacare caps the amount individuals and families can put in their flexible savings accounts at $2500? Currently there is no cap and these accounts are used for a myriad of health expenses including paying upwards of $14,000 in tuition to special needs schools for some parents?

A word search of the 2,409-page Patient Protection and Affordable Care Act (H.R. 3590) and the 150-page Health Care and Education Reconciliation Act of 2010 (H.R. 4872) reveals that the term “tax” is used 255 times, “taxable” is used 208 times, and “excise tax” is used 17 times.

Other terms of interest are as follows:

Term            Number of uses

“Tax”           255 times

“Taxable”     208 times

“Excise tax” 17 times

“Taxes”        28 times

“Fee”           183 times

“Penalty”     132 times

“Require”     208 times

“Must”         51 times

“Shall”         4,384 times

From Americans for Tax Reform, March 23, 2011



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