Health care law’s tax hikes are coming: Who pays? Oh Every One!

Comment By Bob L.
08-10-2012

The bearer of bad news, IF this is more of Obama’s Classified Health Care that we would not know what was in it until it was passed, is now starting to show it’s true Colors and Obama’s to.

One thing I would like to know, is why is some thing that is suppose to be so good for Americans but not Government Employees so Classified,with that we are not going to see all of it until each year come along, could it be that if it was known what was in it, Obama would not get Reelected for his second term of the Sale, or Destruction of America, maybe that is the object of every thing being Classified to all Americans. 

I don’t know about you the American people, I would like to see it drawn up in front of the people and not behind CLOSED DOORS like Obamacare was, sure there a lot of good things in there, but why are they side stepping it every time some one mentions taxes that are in it, and boy they swear that there is not a tax in it, but some of the things that I have come across on the computer on Government web sites, I see a lot of taxes coming our way.

Lets scrape it and make the Republicans set up a Health Plan and put back in the Important parts of Obamacare and this time get some input from the American people with out the steep taxes, if you get your head out of your Mirror and stop thinking about your self and think about America as a whole and not just your corner of the world, remember that is all Obama has been trying  to do is raise taxes on every thing that we do since he was Elected, and if he gets his way, a lot of rich will make a lot of money off it Like Gore for instance with Carbon Tax from you Driving your Car, using your Electrical power, heating your home, or any thing that leaves a Carbon Foot Print, and if you remember that also goes for your food you buy, because the Farmer will be charged for the gas from farm animals, so keep wanting some thing that you can’t see until it is to late, then you will not be able to stop it, because it is Classified if you have not noticed.

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Health care law’s tax hikes are coming: Who pays?

Taxes To you All

By CONNIE CASS | Associated Press
Aug.09-2012

WASHINGTON (AP) — Who gets thumped by higher taxes in President Barack Obama’s health care law? The wealthiest 2 percent of Americans will take the biggest hit, starting next year. And the pain will be shared by some who aren’t so well off — people swept up in a hodgepodge of smaller tax changes that will help finance health coverage for millions in need.

For the vast majority of people, however, the health care law won’t mean sending more money to the IRS.

And roughly 20 million people eventually will benefit from tax credits that start in 2014 to help them pay insurance premiums.

The tax increases — plus a mandate that nearly everyone have health coverage — are helping make the law an election-year scorcher. Obama is campaigning on the benefits for the uninsured, women and young adults. His rival, Mitt Romney, and Republican lawmakers are vowing to repeal “Obamacare,” saying some health care reforms are needed but not at this cost.

Lots of the noise is about the financial consequences for people who decline to get coverage and businesses that don’t offer their workers an adequate health plan. Some 4 million individuals without insurance are expected to pay about $55 billion over eight years, according to the Congressional Budget Office’s estimates. Employers could be dinged an estimated $106 billion for failing to meet the mandate, which starts in 2014.

But that mandate money, whether it’s called taxes or penalties, is overwhelmed by other taxes, fees and shrunken tax breaks in the law. These other levies could top $675 billion over the next 10 years, under the CBO’s projections of how much revenue the government would lose if the law were repealed.

The biggest chunk is in new taxes on the nation’s top 2 percent of earners — some $318 billion over a decade.

Other major taxes are aimed at the health care industry, and some of that cost is sure to be passed along to consumers as higher prices.

A rundown of the most significant tax changes — and who pays:

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THE 2 PERCENT

Who pays: About 2.5 million households — individuals making more than $200,000 per year, couples $250,000.

How much: A 0.9 percent Medicare tax on wages above those threshold amounts; an additional 3.8 percent tax on investment income. Should raise $318 billion over 10 years.

The lowdown: Together these are the biggest tax increase in the health care law.

For those wealthy enough to owe it, the 3.8 percent investment tax comes on top of the existing 15 percent capital gains rate, which is set to rise to 20 percent next year unless Congress acts.

Over the years, more and more people will be caught by the new taxes, because the adjusted gross income level that triggers them doesn’t rise with inflation.

But fears that the investment tax will land on most folks’ home sales seem overblown — few sellers will be affected. A couple’s profit — not sales price — of up to $500,000 from the house they’ve been living in is exempt from taxes; only gains above that amount are taxed.

When: 2013

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ARTIFICIAL-SUN WORSHIPPERS

Who pays: The 28 million people who visit tanning booths and beds each year — most of them women under 30, according to the Journal of the American Academy of Dermatology.

How much: A 10 percent tax on the price of tanning. Expected to raise $1.5 billion over 10 years.

The lowdown: Tanning salons were singled out because of wide agreement among medical experts that baking under ultraviolet lights increases the risk of skin cancer.

When: Took effect in 2010.

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THE “CADILLACS” OF COVERAGE

Who pays: Insurance companies or businesses that provide plans with premiums of more than $10,200 per person or $27,500 per family, not including dental or vision coverage. Employees covered by these so-called “Cadillac” benefits probably will feel the pinch.

How much: 40 percent excise tax on any amount of premium that exceeds the threshold. Expected to raise $111 billion over five years.

The lowdown: The majority of health plans aren’t affected because they don’t cost enough: Workplace family coverage now averages about $15,000, including the portion paid by the employer, according to the Kaiser Family Foundation’s survey. But some middle-class workers, especially those with strong union contracts, have health plans that exceed the threshold. Also hit are corporate bigwigs whose employer-paid plans cover virtually all expenses and lots of perks, akin to tax-free income.

Some employees will pay more for their share of insurance costs because the tax will get passed along to them. In other cases, businesses will trim benefits to bring their plans under the tax cutoff. Economists predict that many of the affected workers will get higher pay as a trade-off — but those raises would be subject to income tax.

The tax will affect more workers as time goes by. It’s indexed for inflation, but rising health care prices will probably outpace that.

When: 2018

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