Obamacare

[DOUG]

Top Dem Sen. Baucus warns of 'train wreck' for Obama health law
http://www.foxnews.com/politics/2013/04/18/top-dem-sen-baucus-warns-train-wreck-for-obama-health-law/#ixzz2QoeGuTKz

Full List of Obamacare Tax Hikes

Obamacare law contains 20 new or higher taxes on American families and small businesses
Taxpayers are reminded that the President’s healthcare law is one of the largest tax increases in American history.
Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:


Taxes that took effect in 2010:

1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971

2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion).  This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

3. “Black liquor” tax hike (Tax hike of $23.6 billion).  This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399


Taxes that took effect in 2011:

7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959


Tax that took effect in 2012:

9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957


Taxes that take effect in 2013:

10. Surtax on Investment Income ($123 billion/Jan. 2013):  Creation of a new, 3.8 percent 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: Bill: Reconciliation Act; Page: 87-93

                    Capital Gains            Dividends            Other*

2012                   15%                      15%               35%

2013+               23.8%                    43.4%             43.4%
 
*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations.  It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.  It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans.  The 3.8% surtax does not apply to non-resident aliens.

11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013): Current law and changes:

                                     First $200,000                  All Remaining Wages
                                    ($250,000 Married)           Employer/Employee
                                    Employer/Employee
   
Current Law                   1.45%/1.45%                  1.45%/1.45%
                                    2.9% self-employed          2.9% self-employed
   
Obamacare Tax Hike      1.45%/1.45%                   1.45%/2.35%
                                    2.9% self-employed          3.8% self-employed

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

12. Tax on Medical Device Manufacturers ($20 bil/Jan 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

13. High Medical Bills Tax ($15.2 bil/Jan 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

14. Flexible Spending Account Cap – aka “Special Needs Kids Tax” ($13 bil/Jan 2013): Imposes cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2013. 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 thousands of 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. Bill: PPACA; Page: 2,388-2,389

15. Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D ($4.5 bil/Jan 2013) Bill: PPACA; Page: 1,994

16. $500,000 Annual Executive Compensation Limit for Health Insurance Executives ($0.6 bil/Jan 2013). Bill: PPACA; Page: 1,995-2,000


Taxes that take effect in 2014:

17. Individual Mandate Excise Tax (Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

                  1 Adult               2 Adults                3+ Adults

2014          1% AGI/$95       1% AGI/$190        1% AGI/$285

2015          2% AGI/$325      2% AGI/$650        2% AGI/$975     

2016 +       2.5% AGI/$695  2.5% AGI/$1390     2.5% AGI/$2085
 
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

18. Employer Mandate Tax (Jan 2014):  If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

19. Tax on Health Insurers ($60.1 bil/Jan 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year.  Phases in gradually until 2018.  Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993


Taxes that take effect in 2018:

20. Excise Tax on Comprehensive Health Insurance Plans ($32 bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family).  Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions.  CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

[kent10sne1]

dont blame me, i did'nt vote for him,

[DOUG]

TOTAL CLUSTER.:

http://www.foxnews.com/politics/2013/10/04/as-obamacare-launches-people-in-all-age-groups-report-problems/

Nancy Jean Beigel, one of those who appeared in the Rose Garden with President Obama recently as an example of someone who would benefit from ObamaCare, immediately encountered problems when she tried to enroll.

Beigel told the Washington Post she tried for two days to sign up before giving up for now. "It's a little confusing," she said.  Others, who have gotten letters from their insurance carriers telling them exactly how much they will pay, are upset for different reasons.

Tom Gialanella of Seattle, who is self-employed, told Fox News, "my premiums would increase approximately 61 percent. I went from $891 a month to $1437 dollars a month. And also my deductibles all doubled."

The letter from his insurer said his current deductible for his family of five would double from $4,000 a year to $8,000.

Even though that's for the Bronze Plan, the least expensive option under ObamaCare,he says his additional payment of$550 a month will give him a plan that is no better than what he already has. What’s more, it also it carries a benefit his family does not need: maternity and newborn care.

"My wife is 58 years old and our youngest child is soon to be 18," says Gialanella. "We'll be having no more children. That is not a benefit that we would ever purchase nor need or be able to use."

Gialanella is almost 60 and makes too much money to get any subsidies.  But those his age aren’t the only ones affected.  Young people, especially, young men, can face huge premium increases.

Chris Holt of the conservative American Action Forum says, "we said let's look at what the lowest cost Bronze Plan is and compare that to the lowest cost plan that I can buy today. And what we found is that it will go up about 260 percent for a 30-year-old male."

[kent10sne1]

And this is what happens when u let idiots vote, when u give the keys to the cookie jar to the fat kids, when people are able to make laws that dont apply to them.

has everyone read.  "Animal Farm"  if not read it.  http://en.wikipedia.org/wiki/Animal_Farm

it will only get worse, and the real issue, is our kids and their kids will suffer more than us.

[BigJerm]

I have always thought there should be a voter requirement. No Jim Crowe here, not talking about reading and writing test or land ownership, but a W-2 would be a good start. Your life completely depends on the Gov paycheck? Then you are not allowed to vote for someone who promises you a pay raise.

More and more of my friends are looking into the affordable health care thing... basically what they are finding is it is only affordable to those who make no, or very little money. Anyone who makes a decent living is going to see much higher prices

[clark123456]

A friend of mine who only carried catastrophic coverage received his 2014 premium notice on October 1.  It stated his premium was going from $115/mo to $239/mo.  He claims there will be no change in coverage.  

I have not seen what is going to happen to my coverage.  I work for a large company that is self insured and uses Aetna to administer the policies.

[tcdawg]

And this is what happens when u let idiots vote, when u give the keys to the cookie jar to the fat kids, when people are able to make laws that dont apply to them.

has everyone read.  "Animal Farm"  if not read it.  http://en.wikipedia.org/wiki/Animal_Farm

it will only get worse, and the real issue, is our kids and their kids will suffer more than us.

All animals are equal, but some animals are more equal than others

[jgerhard]

And this is what happens when u let idiots vote, when u give the keys to the cookie jar to the fat kids, when people are able to make laws that dont apply to them.

has everyone read.  "Animal Farm"  if not read it.  http://en.wikipedia.org/wiki/Animal_Farm

it will only get worse, and the real issue, is our kids and their kids will suffer more than us.

All animals are equal, but some animals are more equal than others

Nice

[grifenhagen]

Well, my dad emailed our insurance guy today and he just replied about our monthly payments.
we pay around 500 a month now for a family of four. If he were to write us a new plan right now that would be the exact same plan as our existing plan, our monthly payments would be 1018.00 a month. That's double what we pay now.
He said we can apply to renew our plan early in December of this year, and we will save a little, but it'll still go up a tremendous amount to keep the same plan we have.
This country is falling apart.
I think Putin was accurate when he said “President Obama and his fellow Democrats are either idiots or deliberately trying to destroy their own economy.”


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[Trailabite]

We just had a meeting with our HR department to explain what will happen to us. Our company uses Cigna. They said that all benefits will stay the same, my cost per month will only go up $17.32 per month that is, if I switch to the 60/40 plan. We have 3 different plans, 90/10, 80/20 and 60/40. the 80/20 that I have now will go away next year. So, if I choose the 90/10 I will have to pay the monthly difference, which is like $150 or more or if I go with the 60/40 the monthly cost goes up slightly but I will pay more money when I use it. Either way, there is more cost to me. The other big hit is, if you have a spouse that works for a different company and they offer an insurance plan, then that spouse cannot be on our company's plan and will be dropped.

[Krawler00]

We had a meeting with our agent Monday. Basically you are not a good candidate if you are young, white, good health, no smoking etc. They offered the subsidy package and my boss said hell no. He will pay as long as he can. People need to understand that this will implode itself once implemented. It is a complete joke. We are paying for scum bags to have health insurance and I bet within a few years, those same people will be using it to their advantage and getting free gold teeth or cosmetic surgery on my dime... mark my words boys.

[BigJerm]

Yep. People keep defending the program saying prices wont go up and you can get subsidy.... but you can only get the subsidy if you don't make money! Again the working class is getting screwed to pay for the non working class