Posted on 07/03/2012 1:50:08 PM PDT by 2ndDivisionVet
Well, Obamacare is now official, which means that a lot more people in the United States will have health insurance.
And it also means a lot more people will be paying more taxes.
(You didn't think Obamacare was free, did you?)
Here are some of the new taxes you're going to have to pay to pay for Obamacare:
A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ) A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
The itemized-deduction hurdle for medical expenses is going up to 10% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%. (ATR.org)
The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)[Continued]
(Excerpt) Read more at businessinsider.com ...
Time to hide your money in the mattress.
No. Transactions will continue but they will be off the books, under the table.
If Romney were wise, each week he would talk about a single tax increase mandated by the health care act and how it would impact all taxpayers. By the election voters should be fully informed as to the negative impact the law would have on them.
And the retributions to those who are found out will be so severe that under the table will slow to a trickle.
What do you think all those new IRS agents are for? They can get more if they need them. There will also be bounties.
I want my country back!!!!!!!
There’s Gonna Be Fireworks!
http://www.youtube.com/watch?v=ZTY0V8GaeFI&feature=related
There is currently a software application used by the federal government for collection of back child support and money for federally backed student loans. It looks for local, state and federal income tax refunds and other bonus payments. The program then triggers a transfer, for example with a state income tax refund, and sends it to your kids guardian or your federal income tax debt, in the order prescribed by the government. They arent garnishing your account, just intercepting and then reapplying the money.
There is already a proposal by the contractor to apply the same software to collecting the Obamacare fee. If put into practice, the Obamacare mandate fine that is limited by law from being taken from your bank account can still be taken from a state income tax refund. This automation makes it easier to collect the fines without violence, but it makes it easier to collect the “fines” / “taxes”.
The interesting thing will be if the fine for lack of approved insurance is applied even if your state opts out of Obamacare.
Why? So we can feel better that a 'Republican' is managing the Socialist decline of America?
I know, I know. You'd rather vote for a liberal than have a Marxist at the helm. Sure. Backing off the throttle just a couple of miles per hour will surely save the republic.
My God. Whatever happened to the spirit of independence and patriotic resistance to tyranny around here? I simply cannot believe how many Freepers are simply rolling over for the corrupt GOPe, and letting them cram their liberal nominee down our throats.
My thoughts exactly.
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