In addition to the following 1.1. trillion dollar tax
increase due to Obama Care, the Democrats
in their first budget proposal in four years,
are proposing an additional 1 trillion in new taxes, all of which will go to finance new
government spending. Paul Krugman, the Democrat’s macro-economist from
Hell, tells those who still think he is
relevant, that the US has an infinite
source of money, and the Socialist
Democrats are proposing spending increases as if that were true.
In addition to the recent budget proposal, mentioned above, here is an incomplete listing of new taxes
due to Obama Care, bringing the new tax
burden to the American people by the Democrat Majority to a disturbing 2.1
trillion dollars with no appreciable spending cuts at all.
The tax burden of ObamaCare is now estimated
at $1.058 trillion and rising, an increase from the initial $569 billion
estimate produced at the time of the passing of the law, two years ago. Owners of small businesses will be hit the
hardest, facing both a tax increase on self-employment income and the employer
mandate. The tax increase may force some small businesses to shut down or fire
workers and raise prices. Certainly, the
rush to transition from full-time to part-time is well under way, reducing personal income and making life
increasingly more difficult for the poor and working middle class.
You should understand this rate of tax increase could count
for more than 5 trillion in additional taxes for the coming decade
In addition to the actual tax burden some experts estimate a loss of in
productivity, as well, costing the economy some 120 million hours of
productivity; increased costs in labor,
over-time, and benefits because of ObamaCare mandates are responsible
for this circumstance.
Taxes related to ObamaCare and included in the [above] 1
trillion dollar tax increase include:
1.0 percent payroll tax on wages and self-employment A
"Cadillac tax" on high-cost plans ($111 billion in new taxes ).
The employer mandate will cost an estimated $106 billion and
the individual mandate will cost an estimated $55 billion. These are taxes on those who do not buy into
ObamaCare.
A new 3.8 percent tax on dividends, capital gains and other
investment income will cost an estimated $317.7 billion, increasing the dividend tax for the current
15% to 28% in a single annual transaction.
There is a new annual tax on health insurance providers will
cost an estimated $101.7 billion
ObamaCare assesses an annual tax on drug manufacturers and
importers that will cost an estimated
$34.2 billion.
A 2.3 percent excise tax on medical device manufacturers and
importers will cost an estimated $29.1 billion.
This comes out the bottom line of these manufacturers, who often carry a bottom line profit margin
of as little as 6%.
ObamaCare limits flexible spending accounts in cafeteria
plans costing businesses an estimated $24 billion.
Raising the adjusted gross income floor on medical expenses
from 7.5 percent to 10 percent will cost an estimated $18.7 billion.
Increasing the penalty for nonqualified health savings
accounts (HSA) distributions will cost an estimated $4.5 billion.
Limiting HSAs from purchasing over-the-counter medicines
will cost an estimated $4 billion.
Sources: Midknight Review and Andrew Lundeen, "Obama
Tax Increases Will Impact Us All," Tax Foundation, March 5, 2013.
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