While we were all debating the cost to our liberty due to the Patient Protection and Affordable Care Act (Obamacare), we were ignoring the cost to our pockets. If there ever was a reason for bipartisan rage about this law, it should be on the twenty - yes, twenty - hidden new taxes of this law. Making matters even more relevant is that seven of these taxes are levied on all citizens regardless of income. Hence, Mr. Obama’s promise not to raise taxes on anyone earning less than $250,000 is just another falsehood associated with this legislation.
The first, and best known, of these seven taxes that will hit all Americans as a result of Obamacare is the Individual Mandate Tax (no longer concealed as a penalty). This provision will require a couple to pay the higher of a base tax of $1,360 per year, or 2.5% of adjusted growth income starting with lower base tax and rising to this level by 2016. Individuals will see a base tax of $695 and families a base tax of $2,085 per year by 2016.
Next up is the Medicine Cabinet Tax that took effect in 2011. This tax prohibits reimbursement of expenses for over-the-counter medicine, with the lone exception of insulin, from an employee’s pre-tax dollar funded Health Saving Account (HSA), Flexible Spending Account (FSA) or Health Reimbursement Account (HRA). This provision hurts middle class earners particularly hard since they earn enough to actually pay federal taxes, but not enough to make this restriction negligible.
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So the people who voted for him have no clue what this law did. They don't care anyway because they get everything free. The average American voter has no brains. Obama knew this so he will prevail. Anyone who believes in America better get your hard earned money out of the banks real soon. If not, you WILL LOSE.
ReplyDeleteREPEAL THE TAX!!!!
ReplyDelete7:42. Sadly we can't even begin to think of doing that for FOUR YEARS. My guess is that by then most folks will have had enough of their loss of freedoms and the raiding of their wallets by the government.
ReplyDeleteUntil then my advice is to hunker down, save your money (at home under a mattress if necessary), and grow your own food.
Everyone needs to work for cash only . See how much the government gets then.
ReplyDeleteWe should all start sneeking into mexico, work for cash and mail the money home.
ReplyDeleteWe should all start sneeking into mexico, work for cash and mail the money home.
ReplyDeleteDecember 24, 2012 10:46 PM
Mexico would put us in jail, or worse.