Obama Sees Middle Class Tax 1.7 Trillion Increase Victory - Read & Vote 4 Obama if You Love It.
The Largest Tax Hike in US History has just been upheld by the Supreme Court of the United
States and President Obama sees this assault on the middle class as a victory.
The already unpopular 2010 health care reform law has been converted by the court into a $1.76 trillion tax increase funded by escalating taxes to be paid the vast majority of taxpayers. The high court’s ruling leaves in place 20 tax increases in the health-care law, of those, 12 tax hikes would affect families earning less than $250,000 per year, including a “Cadillac tax” on high-cost insurance plans, a tax on insurance providers, and an excise tax on medical device manufacturers. By formally converting ‘Obamacare’ into ‘Obamatax,’ the court allows Obama to raise taxes on the middle-class.
The decision is a distressing blow to taxpayers and represents the single largest tax increase on young people in the nation’s history. When it takes full effect, the Internal Revenue Service will have immense new power and authority to persecute and prosecute a whole new group of taxpayers.
If the law takes full effect, it will devastate small businesses and destroy any chance for a sustainable economic recovery. It will add trillions of dollars to the national debt and push the country toward bankruptcy even faster than current projections. Any individual who believes that this decision must be overturned must do everything possible to undo the damage that has been done, especially at the ballot box on November 6.
–Obamacare law contains 20 new or higher taxes on American families and small businesses–
WASHINGTON, DC – Obamacare contains 20 new or higher taxes on American families and small businesses. Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to find them in the bill, and how much your taxes are scheduled to go up as of today:
Taxes that took effect in 2010:
1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971
2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
3. “Black liquor” tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105
4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980
5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004
6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399
7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non- prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959
8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax- advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959
Tax that took effect in 2012
9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
Taxes that take effect in 2013
10. Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93
Capital Gains Dividends Other*
2012 15% 15% 35%
2013+ 23.8% 43.4% 43.4%
Mitt Romney’s surge continues.He has narrowed the gap against President Obama to a single point in the critical swing state of Ohio, with the president clinging to a one-point lead, according to a new poll The Public Policy Polling tally shows the president topping Mitt Romney by 49-48 percent...
Romney running hard to the finish line - Predictions are we going to have a new president?
Tonight will be very exciting for me . I once like Barack Obama but now my trust, respect and his lack of ability is zero, fraudulent and the Libya 911 cowardly act - MY LOVE IS FOR MITT ROMNEY The Next President of USA. ..... let us vote and pray for Romney Ryan all they way on November 6.
Are we really concerned about the deficit? I do not see it. Why, Romney is proposing massive tax cuts, and Defense build up. So how is this lowering the deficit. We currently are 300 Billion in the whole every year. Romney want to add another 500 billion a year in tax cuts. Now we are 800 billion a year in the whole. The logic states that tax cuts will eventually increase revenues. But how many years will this take? Two, then we added another 1.6 Trillion to the deficit. Actually, the revenues only come back to the level they were to the prior to the taxes. So we just build on the deficit.
The balanced budget amendment is a scape goats way to become un-accountable for making the cuts they should already be doing. Think about it. "We will cut the budget to balance the budget,it is law".
Ever since we have been on this tax cutting spree (30 years) all we do is run deficits. And who has been cutting taxes?
"7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non- prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959"
is a real killer. That's what I use 100% of my HSA for. No point in even having an HSA with that change. But the idiots suporting Obama and the over spend Democrats don't look at the details, they just see the d"0"pe doing his canned sound bite tv appearances, reading from his teleprompter, like his "Romnesia" speech and cheer.
Destroying the middle class and the economy with their endless spending and taxing. You can't tax yourself into a booming economy.
Everyone does pay taxes except some elderly, sick, infirm, soldiers. You know the 47%. Your right in one respect, the deficit is huge and the republican plan adds to it. The democrats have not offered enough to pay for it, although they don’t add to it. Do you have a third candidate? Ron Paul would pay for it but besides that the country might fall apart LOL. I say go with Ron Paul else Obama. The only one I could never go for is that spineless, vacillating, social and economic pariah Romney!
Sentiment: Strong Buy
Why Obama will be a one term president? “Twenty States Will Lose” 300 Employees And An
Additional “27 States Will Have A Burden Of Over $300 Million In New Regulatory Costs.” “Twenty states will lose the equivalent of 300 full-time employees’ worth of work filling out ACA regulatory red tape. Additionally, 27 states will have a burden of over $300 million in new regulatory costs.” (Sam Batkins, “The State By State Impact Of ACA Regulations,” American Action Forum, 10/12)
The American Action Forum’s Estimates “Represent A Cost Floor, And Not A Ceiling” As Costs Can Exceed The Original Estimates. “The ACA’s $27.6 billion in new regulations represent a cost floor, and not a ceiling to implement the ACA. Most private entities will feel these costs and $7.2 billion of the added regulatory burdens fall directly on state budgets.” (Sam Batkins, “The State By State Impact Of ACA Regulations,” American Action Forum, 10/12)
"American Action Forum" is the phony front of Douglas Holtz-Eakin, GW Bush's budget director. From those perceptive people who trashed our economy, our IRAs and started the explosion of our national debt, blowing the Clinton surplus.
Let's listen to his #$%$ sure.
Besides - what the hell does this right-wing crap have to do with AAPL?
Sentiment: Strong Buy
ObamaCare’s Red Tape Will Devastate The American Economy Read - Posted October 10, 2012
A Study By The “Independent American Action Forum” Focused On ObamaCare’s Devastating Impact On The American Economy. “Fully implementing Obamacare regulations have already cost the U.S. economy $27.6 billion and more than 18,000 jobs according to a new study released today. Just the top ten most expensive regulations have cost $24.4 billion, according to the new non-partisan and independent American Action Forum (AAF) report.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner , 10/9/12)
The Study Found That ObamaCare Has Added New Regulations Totalling $27.6 Billion, $20.4 Billion In Costs On Private Businesses, And An Additional $7.2 Billion On State Budgets. “To date, the ACA has imposed a total of $27.6 billion in new regulations – at least $20.4 billion in lifetime costs on private entities and $7.2 billion in increased burdens on state budgets.” (Sam Batkins,
“The State By State Impact Of ACA Regulations,” American Action Forum, 10/12)
ObamaCare’s Exchanges Are Predicted To “Cost Employers $3.4 Billion” According To Data Compiled From The Federal Register. “Just complying with the state health exchanges alone has to cost employers $3.4 billion according to the AAF totals which were compiled from Federal Register data.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner , 10/9/12)
ObamaCare’s Regulatory Paperwork Burden Is Estimated To Have Already Cost 30,000 Jobs. “In addition to the regulatory costs, AAF estimates that ObamaCare regulatory compliance has eaten up more than 60 million hours in paperwork. At 2,000 hours a year that comes to 30,000 jobs.” (Conn Carroll, “Study: ObamaCare Regs Have Cost $27.6 Billion, Killed 30,000 Jobs,” The Washington Examiner , 10/9/12)
ObamaCare Has Hit California, Texas, New York, Illinois, And Florida The Hardest And Has Cost Those States A Combined $9.5 Billion And 7,386 Employees. “The five states bearing the largest regulatory burden in cost and lost employment are not surprising. California has the single highest burden, with $3.4 billion in total compliance costs and 2,917 lost employees’ work. Texas also bears a substantial burden: $1.8 billion and 1,292 lost employees’ work. New York ($1.7 billion and 1,383 lost employees), Illinois ($1 billion and 816 lost employees), and Florida ($1.6 billion and 978 lost employees) also carry a heavy burden.” (Sam Batkins, “The State By State Impact Of ACA Regulations,” American Action Forum, 10/12)
It’s almost as if Obama and democrats actually want the economy to collapse?
The country is just beginning to discover the massive economic damage from Obamacare.
GOP Senators reported:
Economic Damage Of Health Bill Continues
AT&T, 3M, And AK Steel Already Report Devastating Effects Of Health Bill
“AT&T Inc. Will Take A $1 Billion Non-Cash Charge In The First Quarter Because Of The Health Care Overhaul And May Cut Benefits It Offers To Current And Retired Workers.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“The Telecommunications Company Also Said It Is Looking Into Changing The Health Care Benefits It Offers Because Of The New Law.” (“AT&T Will Take $1B Non-Cash Charge For Health Care,” The Associated Press, 3/26/10)
“3M Company Today That It Expects To Record A One-Time Non-Cash Charge Of $85 To $90 Million After Tax… Resulting From The Recently Enacted Patient Protection And Affordable Care Act.” “3M Company said today that it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010. The charge is due to a reduction in the value of the company’s deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements.” (“3M Anticipates New U.S. Healthcare Law to Result in One-Time Charge of $85 — $90 Million After Tax in First Quarter of 2010,” 3M, 3/26/10)
“AK Steel Holding Corp., The Third Largest U.S. Steelmaker By Sales, Said It Will Record A Non-Cash Charge Of About $31 Million Resulting From The Health-Care Overhaul Signed Into Law By President Barack Obama.” (“AK Steel Sees $31 Million Charge From New Health Law,” Business Week, 3/23/10)
It was also announced today that the democratic bill will cost Florida at least 700 jobs immediately.
HotAir has more on the billions that Obamacare will cost US corporations.