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Name:
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water_watcher
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Subject:
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21 reasons to repeal Obamacare
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Date:
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7/5/2012 1:09:23 PM
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if there was not enough other reasons ... here are 21 more to repeal with President Romney takes over.
June 28, 2012
ObamaCare's
21 New Taxes Are 21 More Reasons To Repeal The Onerous Law
iNVESTOR'S BUSiNESS DAiLY
Taxation: The high bench has confirmed that
ObamaCare's individual mandate is a massive tax on the American middle class.
But let's not forget the 20 other new taxes that
are embedded in the law.
Though President Obama never sold it as a tax hike,
the Supreme Court ruled the mandate is exactly that. Unfortunately, the
majority argued it's legal under Congress' taxing
authority.
Forcing citizens to buy health insurance "is
absolutely not a tax increase," Obama insisted in 2009. Earlier, he
assured the public
that raising taxes on the middle class to support
his health care plan was "the last thing we need in an economy like
this." "Folks are
already having a tough enough time," Obama
added. indeed they are. But his plan, which subsidizes some 30 million
uninsured,
amounts to a $1.8 trillion whammy on working
families. And that's just for starters.
The court was silent about the 20 other different
taxes hidden in ObamaCare, more than half of which affect families earning less
than $250,000 a year.
The new taxes, which cost some $675 billion over
the next decade, include:
• A 2.3% excise tax on U.S. sales of medical
devices that's already devastating the medical supply industry and its
workforce. The levy is a $20 billion
blow to an industry that employs roughly
400,000.Several major manufacturers have been roiled, including: Michigan-based
Stryker Corp., which blames the tax for 1,000 layoffs; indiana-based Zimmer
Corp., which cites the tax in laying off 450 and taking a $50 million charge
against earnings; indiana-based Cook Medical inc., which has scrubbed plans to
open a U.S. factory; Minnesota-based Medtronic inc., which expects an annual
charge against earnings of $175 million, and Boston Scientific Corp., which has
opted to open plants in tax-friendlier ireland and China to help offset a $100
million charge against earnings.
• A 3.8% surtax on investment income from capital
gains and dividends that applies to single filers earning more than
$200,000 and married couples filing jointly earning
more than $250,000.
• A $50,000 excise tax on charitable hospitals that
fail to meet new "community health assessment needs," "financial
assistance"
and other rules set by the Health and Human
Services Dept.
• A $24 billion tax on the paper industry to control a
pollutant known as black liquor.
• A $2.3 billion-a-year tax on drug companies.
• A 10% excise tax on indoor tanning salons.
• An $87 billion hike in Medicare payroll taxes for
employees, as well as the self-employed.
• A hike in the threshold for writing off medical expenses to
10% of adjusted gross income from 7.5%.
• A new cap on flexible spending accounts of $2,500 a year.
• Elimination of the tax deduction for employer-provided
prescription drug coverage for Medicare recipients.
• An income surtax of 1% of adjusted gross income,
rising to 2.5% by 2016, on individuals who refuse to go along with
ObamaCare by buying a policy not OK'd by the
government.
• A $2,000 tax charged to employers with 50 or more workers
for every full-time worker not offered health coverage.
• A $60 billion tax on health insurers.
• A 40% excise tax on so-called Cadillac, or higher cost,
health insurance plans.
All told, there are 21 new or higher taxes imposed by Obama's
health care law — and 21 more reasons to repeal it.
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