Posted on 05/04/2017 5:57:19 PM PDT by 2ndDivisionVet
The American Health Care Act (HR 1628) passed by the House today reduces taxes on the American people by over $1 trillion. The bill abolishes the following taxes imposed by Obama and the Democrat party in 2010 as part of Obamacare:
-Abolishes the Obamacare Individual Mandate Tax which hits 8 million Americans each year.
-Abolishes the Obamacare Employer Mandate Tax. Together with repeal of the Individual Mandate Tax repeal this is a $270 billion tax cut.
-Abolishes Obamacares Medicine Cabinet Tax which hits 20 million Americans with Health Savings Accounts and 30 million Americans with Flexible Spending Accounts. This is a $6 billion tax cut.
-Abolishes Obamacares Flexible Spending Account tax on 30 million Americans. This is a $20 billion tax cut.
-Abolishes Obamacares Chronic Care Tax on 10 million Americans with high out of pocket medical expenses. This is a $126 billion tax cut.
-Abolishes Obamacares HSA withdrawal tax. This is a $100 million tax cut.
-Abolishes Obamacares 10% excise tax on small businesses with indoor tanning services. This is a $600 million tax cut.
-Abolishes the Obamacare health insurance tax. This is a $145 billion tax cut.
-Abolishes the Obamacare 3.8% surtax on investment income. This is a $172 billion tax cut.
-Abolishes the Obamacare medical device tax. This is a $20 billion tax cut.
-Abolishes the Obamacare tax on prescription medicine. This is a $28 billion tax cut.
-Abolishes the Obamacare tax on retiree prescription drug coverage. This is a $2 billion tax cut.
As a presidential candidate in 2008, Barack Obama had promised repeatedly that he would not raise any tax on any American earning less than $250,000 per year. He broke the promise when he signed Obamacare. With the passage of the House GOP bill, tens of millions of middle income Americans will get tax relief from Obamacare's long list of tax hikes.
I like the comment below the article... “If Trump farted in the bathtub it would be a good move from Obama”
Omg look at that list of TAXEs
And it still wasn’t enough to keep insurers at the trough in many states
Wow.
Close to a trillion $ dollars not taking a one way trip to DC.
Few people have any idea they have been paying those taxes.
Wow!
the vast majority of people had no idea those taxes were in the ObamaCare crap.
That is not true.
SEC. 205. INDIVIDUAL MANDATE. (a) IN GENERAL.Section 5000A(c) of the Internal Revenue Code of 1986 is amended (1) in paragraph (2)(B)(iii), by striking 2.5 percent and inserting Zero percent, and (2) in paragraph (3) (A) by striking $695 in subparagraph (A) and inserting $0, and (B) by striking subparagraph (D). http://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=105944 Relevant part of the Internal Revenue Code of 1986: 26 U.S. Code § 5000A - Requirement to maintain minimum essential coverage (2) Monthly penalty amounts For purposes of paragraph (1)(A), the monthly penalty amount with respect to any taxpayer for any month during which any failure described in subsection (b)(1) occurred is an amount equal to 1⁄12 of the greater of the following amounts: (A) Flat dollar amount An amount equal to the lesser of (i) the sum of the applicable dollar amounts for all individuals with respect to whom such failure occurred during such month, or (ii) 300 percent of the applicable dollar amount (determined without regard to paragraph (3)(C)) for the calendar year with or within which the taxable year ends. (B) Percentage of incomeAn amount equal to the following percentage of the excess of the taxpayers household income for the taxable year over the amount of gross income specified in section 6012(a)(1) with respect to the taxpayer for the taxable year: (i) 1.0 percent for taxable years beginning in 2014. (ii) 2.0 percent for taxable years beginning in 2015. (iii) 2.5 percent for taxable years beginning after 2015. (3) Applicable dollar amountFor purposes of paragraph (1) (A) In general Except as provided in subparagraphs (B) and (C), the applicable dollar amount is $695. (B) Phase in The applicable dollar amount is $95 for 2014 and $325 for 2015. (C) Special rule for individuals under age 18 If an applicable individual has not attained the age of 18 as of the beginning of a month, the applicable dollar amount with respect to such individual for the month shall be equal to one-half of the applicable dollar amount for the calendar year in which the month occurs. (D) Indexing of amount In the case of any calendar year beginning after 2016, the applicable dollar amount shall be equal to $695, increased by an amount equal to (i) $695, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2015 for calendar year 1992 in subparagraph (B) thereof. If the amount of any increase under clause (i) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. https://www.law.cornell.edu/uscode/text/26/5000A
The individual mandate has not been repealed. The penalty amounts have been set to zero, yet the mandate and the structure remain.
Not only have Republicans failed to deliver the promised repeal of ACA, they have lied about it by claiming this amendment of ACA is repeal. They also lie when they say the individual mandate has been repealed.
If one iota of the effort spent on deception was spent on actually doing what they pretend to be doing we'd be a lot better off.
There aren’t any “TAX” taxes in Obamacare. They are fees. Unless it goes to court then they are fees.
I’ll have to ask John Roberts how that goes again.
That’s an amazing list.
Ryan tweeted today that the new plan no longer exempts congress.
Just like a deflated balloon, waiting for the next congress to blow into it.
You’re taking all of the fun out of believing the bovine excrement by including facts.......
My God those taxes are obscene. No wonder Stretch Pelosi did not want anyone to know what was in it until it was shoved down our throat. A lot of Congress critters were bribed to pass it also.
Is this so the Senate can pass the bill using reconciliation procedures (avoids a filibuster)?
House passed a seperate bill before passing this to take care of that
206. Employer mandate (a) In general (1) Paragraph (1) of section 4980H(c) of the Internal Revenue Code of 1986 is amended by inserting "($0 in the case of months beginning after December 31, 2015)" after "$2,000". (2) Paragraph (1) of section 4980H(b) of the Internal Revenue Code of 1986 is amended by inserting "($0 in the case of months beginning after December 31, 2015)" after "$3,000". https://www.govtrack.us/congress/bills/115/hr1628/text/rh#link=II_A_206&nearest=H3CC573CB359B46DFBFDB6948B078E716 26 U.S. Code § 4980H - Shared responsibility for employers regarding health coverage https://www.law.cornell.edu/uscode/text/26/4980H
Obamacare is like a Hydra. It is intertwined in many departments and areas. The longer it survives, the more intertwined it becomes, creating a strangle hold on the people and the government.
That is how it was designed.
How much is saved by firing IRS officials who no longer have to enforce Husseincare? Could be trillions...
Quite a list to share
This is the “replacement” which has to be put in place before there can be a repeal.
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