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The Taxing Truth About Obamacare

THE TAXING TRUTH ABOUT OBAMACARE TAX 20 NEW OR HIGHER TAXES on American families and small businesses. $500 billion+ in tax hikes (over the next 10 years). $123 BILLION (January 2013) STOCKS Surtax on Investment Income BONDS New 3.8% SURTAX ON INVESTMENT INCOME earned in households making at least $250,000 ($200,000 single) 1 2 $86.8 BILLION (January 2013) Hike in Medicare Payroll Tax 2 CmCare paioga $65 BILLION* (January 2014) 3 Individual Mandate Excise Tax *Combined total with Employer Mandate Tax Starting in 2014, any individual NOT BUYING "qualifying" health insurance MUST PAY an income surtax according to the higher of the following: 3 ADULT 2014 1% AGI /S95 1% AGI /S190 1% AGI /$285 2015 2% AGI /$325 2% AGI/S650 2% AGI /$976 2016 2.5% AGI/S695 2.6% AGI/S1390 2.5% AGI / $2085 $65 BILLION* (January 2014) 4 Employer Mandate Tax *Combined total with Individual Mandate Excise Tax Beginning in 2015, an employer must offer coverage or pay a $2,000 PENALTY for each full-time employee. 5 APPLIES TO 50+ EMPLOYEES TAX PER EMPLOYEE WHEN EMPLOYER REQUIRES WAITING PERIOD FOR HEALTH COVERAGE 5 $60.1 BILLION (January 2014) Tax on Health Insurers Annual tax ON THE INDUSTRY IMPOSED relative to health insurance premiums collected that year INVOICE s60,1 BILLION 6 $32 BILLION (January 2018) Excise Tax on Comprehensive Health Insurance Plans NEW 40% EXCISE TAX On "Cadillac" health insurance $10,200/SINGLE $27,500/FAMILY Early retirees and high-risk professionals $11,500/SINGLE $29,450/FAMILY TAXES! CPI +1 percentage point indexed 40% Tax 7 $23.6 BILLION (2010) "Black Liquor"Tax Hike Tax increase on a type of BIO-FUEL $23.6 B 8 $22.2 BILLION (2010) Tax on Innovator Drug Companies $2.3 BILLION ANNUAL TAX on the industry imposed relative to share of sales made that year 10 s2a.a в per year a $20 BILLION (January 2013) Tax on Medical Device Manufacturers $10 BILLION 10 BILLION Medical device manufacturers EMPLOY 360,000 PEOPLE IN 6000 plants across the country. This law imposes a NEW 2.3% EXCISE TAX 11 10 $15.2 BILLION (January 2013) High Medical Bills Tax HOSPITAL BILL $$sss Taxpayers who face HIGH MEDICAL EXPENSES will only be allowed a DEDUCTION FOR EXPENSES to the extent they EXCEED 10% of adjusted gross income (AGI), up from 7.5%. 12 10% 7.5% 11 $13.2 BİLLION (January 2013) Flexible Spending Account Cap FSA CAP $2500 CONTRIBUTIONS TO FSAS ARE REDUCED to $2,500 from $5,000 per plan year. 13 12 $5 BILLION (January 2011) Medicine Cabinet Tax Purchase of Non-Prescription and over-the-counter medicines no longer allowed with: 14 $5B отс » Health Savings Accounts (HAS) » Flexible Spending Account (FSA) » Health Reimubrsement (HRA) pre-tax dollars $4.5 BILLION (January 2013) 13 Elimination of Tax for Employer-Provided Retirement Rx Drug Coverage in Coordination with Medicare Part D 15 %24.5 BILLION (2010) 14 Codification of the Economic Doctrine IRS CAN DISALLOW completely legal tax deductions and other tax-minimizing plans. 16 15 $2.7 BILLION (July 2010) Tax on Indoor Tanning Services 10% excise tax on Americans using INDOOR TANNING SALONS 17 16 $1.4 BILLION (January 2011) HSA Withdrawal Tax Hike 20% MORE TAXES Increases additional tax on NON-MEDICAL EARLY WITHDRAWALS FROM AN HAS from 10% to 20% 18 17 $0.6 BILLION (January 2013) $500,000 Annual Executive Compensation Limit for Health Insurance Executives 10 18 $0.4 BİLLION (2010) Blue Cross/Blue Shield Tax Hike BlueCross BlueShield Special tax deduction for Blue Cross/ Blue Shield companies allowed only if 85% OR MORE OF PREMIUM REVENUES are spent on clinical services. 20 85% $400,000,00o 19 S NEGLIGIBLE (2010) Excise Tax on Charitable Hospitals $50,000 PER HOSPITAL if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS 21 HOSPITAL 50.000 20 Ś NEGLIGIBLE (January 2012) Employer Reporting of Insurance on W-2 Preamble to taxing health benefits on INDIVIDUAL TAX RETURNS 22 Bill References and Exemptions: 1 Reconciliation Act, Page: 87-93 11 Exempts items retailing for <$100. PPACA, Page: 1,980-1,986 2 PPACA, Reconciliation Act, Page: 2000-2003; 87-93 12 Taxpayers ages 65+ can still use the old 7.5% threshold in 2013-2016 only. PPACA, Page: 1,994-1,995 3 Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). PPACA, Page: 317-337 13 PPACA, Page: 2,388-2,389 14 PPACA, Page: 1,957-1,959 15 PPACA, Page: 1,994 4 Applies only if at least one full-time employee receives a premium tax credit or cost-sharing reductions. If any employee actually receives coverage through the exchange, the penaity on the employer for that employee rises to $3000. PPACA, Page: 345-346 16 Applies if the IRS deems that the action lacks "substance" and is merely intended to reduce taxes owed. Reconciliation Act, Page: 108-113 17 PPACA, Page: 2,397-2,399 5 Not counting the first 30 employees 6 Phases in gradualy until 2018. Fully-imposed on firms with $50 million in profits. 9 PPACA, Page: 1,986-1,993 18 This disadvantages them relative to IRAS and other tax-advantaged accounts, which remain at 10%. PPACA, Page: 1,959 7 PPACA, Page: 1,941-1,956 8 An unusually expensive health insurance plan that that carries premiums higher than 38,000 for individuals or $21,000 for families. 19 PPACA, Page: 1,995-2,000 20 PPACA, Page: 2,004 21 PPACA, Page: 1,961-1,971 22 PPACA, Page: 1,957 9 Reconciliation Act, Page: 105 10 PPACA, Page: 1,971-1,980 BROUGHT TO YOU BY iCan SM Resources %24 30-60 DAYS 60+ DAYS %24 200

The Taxing Truth About Obamacare

shared by StaceySD on Sep 17
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The Affordable Care Act is designed to change the landscape of modern healthcare, but did you know that Obamacare means sweeping new taxes for the American public? Although expanded healthcare covera...


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