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The GOP disarms three more financial time bombs about to blow up your personal budget. . . snip Part of the price paid by the Democrats to get out of the hole they dug for themselves when they forced the shutdown was the suspension of three onerous Obamacare taxes — the medical device tax, the tax on premium (Cadillac) health plans, and the health insurance (HIT) tax. All three were wildly unpopular with the voters, due to go into effect imminently, and would have made medical care even more expensive.

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 Obamacare’s Medicine Cabinet Tax which hits 20 million Americans with Health Savings Accounts and 30 million Americans with Flexible Spending Accounts. This is...

There are gong to be many millions of newly befuddled, fearful, and angry taxpayers this April, hit with the consequences of Obamacare’s social engineering when they try to file their taxes in April. Many will suffer unexpected financial penalties and costs, especially those accustomed to filing under the simplified tax forms applying to straight salaried people with standard deductions. H&R Block is warning that “[n]o one can understand” the New Obamacare tax code requirements for filing this year. In fact, millions of people accustomed to filing the postcard-sized 1040EZ form will now have to file extremely complicated and detailed forms,...

Here’s your Orwellian Phrase for the Week: Individual shared responsibility payment. Yeah… Go ahead and try to wrap your brain around that amalgamation of contradictory concepts. The phrase is not gleamed from some glossy DNC spin-office, or a Harvard professor’s latest psychobabble posing as an academic paper. Apparently the phrase is the IRS’s fancy (new) term for the Obamacare Mandate tax that individuals will have to pay if they fail to get health insurance this year. As reported by Americans for Tax Reform: If you (or any of your dependents) do not maintain coverage and do not qualify for an...

Claiming that the District of Columbia's ObamaCare exchange is just too darn small in size to pay for itself, Mayor Vince Gray (D) is proposing the city council "approve legislation granting the District's exchange board broad new power to tax any health-related insurance product sold in the city -- regardless of whether it's offered on the exchange," Washington Post staffer Aaron Davis reported this morning.

Just one of Obamacare’s many taxes could cost the U.S. hundreds of thousands of jobs over the next decade, according to an industry report published Tuesday. The National Federation of Independent Business projects that between 152,000 and 286,000 jobs will be lost by 2023 due to Obamacare’s health insurance tax. NFIB, a nonprofit association of business owners, actively supports the repeal of the tax. The health insurance tax has proved to be one of Obamacare’s more controversial fundraising measures. The tax targets insurance companies, charging each one proportional to their market share — the more health plans sold (Obamacare’s goal,...

On this April 15, filers and accountants alike are finding a new array of taxes resulting from the president’s health care legislation. These include at least 20 ObamaCare-related tax increases totaling $409 billion over the next ten years, according to the Joint Committee on Taxation. The new taxes are especially irksome to ObamaCare opponents, because they are imposed by a law that passed on a straight party-line vote and are being enforced by an agency that some accuse of party favoritism. "I think it's rather unfortunate that the IRS has this huge role in the Affordable Care Act because it's...

Obamacare, and its barrage of over $1 trillion new taxes, is creeping into your paycheck. These taxes aren’t just affecting those who make over $250,000. The majority of these taxes are hurting the middle class. While these "stealth taxes" were designed to be taxes on businesses, they're actually transferred directly to ordinary citizens. "Many of those [hidden] taxes, especially those on hospitals, insurers and medical device manufacturers, will ultimately be passed on through higher health costs," said Michael Tanner, an expert on the healthcare law.

But it's "only" 2.3%! How can such a tiny tax have such a large negative impact? That's the thinking of the excise tax supporters who think that the medical device industry can "easily afford" the tax (New York Times) and besides, they deserve it because they're "anti-competitive": A new survey says Obamacare's tax on medical device manufacturers has cost the industry about 33,000 jobs.In a report this week, the Advanced Medical Technology Association (AdvaMed) said companies cut about 14,000 workers and decided not to hire about 19,000 workers because of theThe report also said the 2.3 percent excise tax also...

The President started last year forcing through sweeping tax increases. The top marginal income tax rate rose by nearly 20%, to punish the most successful for the anti-social acts of working too hard and producing too much. The capital gains tax rate was increased by nearly 60%, as was the tax on corporate dividends. America’s top marginal corporate income tax rate remains the highest among all developed world economies, close to 40% on average, given state corporate tax rates as well. But those punitive tax burdens are just not enough for President Obama, who should go down in history as...

Tax season opens in 26 days. And here's my big prediction: a lot of taxpayers will be taken by surprise. Despite all of those "no new taxes" type promises, tax bills are expected to edge higher for a number of taxpayers for the 2013 tax year. And 2014 holds even more surprises. Here's a quick look at what to expect:

Obamacare contains 18 specific tax hikes, mandates, or penalties that cost Americans money, and three new ones take effect in 2014. This is only the beginning—watch how two of these taxes get worse in the years to come. The individual mandate is designed to strong-arm individuals into purchasing government-approved health insurance or facing a tax penalty....The mandate increases drastically in coming years, rising to $325 or 2 percent of income in 2015, and $695 or 2.5 percent of income in 2016—whichever is greater. ... We need health reform that works for Americans — not against them

When the Supreme Court ruled in June 2012 that Obamacare is a tax, they weren't kidding. Obamacare taxes and fees set to kick in this year are sure to put a dent in your wallet and in the economy. The folks over at the Heritage Foundation have put together a list of what's to come in 2014 to show you how you'll be directly paying for President Obama's signature legislation. 1. Individual Mandate Tax. The individual mandate is designed to strong-arm individuals into purchasing government-approved health insurance or facing a tax penalty. In 2014, the penalty for not purchasing insurance...

Get ready to be blindsided by a barrage of new taxes. $1 trillion worth... They'll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare. And they won't just be affecting those who make over $250,000. The bulk of these taxes will be passed on directly to the middle class. That's because while a majority of these "stealth taxes" were designed to be taxes on businesses, they're actually transferred directly to ordinary citizens. They include the investment income surtax, a Medicare payroll tax, even a "tanning tax" on those who utilize indoor tanning services. "Many of those [hidden]...

With the date of its imposition in the United States on January 1, 2014, drawing nearer, what President Barack Obama's Affordable Care Act (ACA) calls the health insurance provider fee, or, as it is known under its more general name, the health insurance tax (HIT), is arousing increasing opposition. Beginning in 2014, the ACA assesses a fee on health insurance providers that, across the industry, will total USD8bn, increasing to USD14.3bn by 2018, and then will continue to increase based on premium trends every year. The Joint Committee on Taxation (JCT) has estimated that the fee, which, it has said,...

Get ready to be blindsided by a barrage of new taxes. $1 trillion worth... They'll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare. And they won't just be affecting those who make over $250,000. The bulk of these taxes will be passed on directly to the middle class. That's because while a majority of these "stealth taxes" were designed to be taxes on businesses, they're actually transferred directly to ordinary citizens. They include the investment income surtax, a Medicare payroll tax, even a "tanning tax" on those who utilize indoor tanning services. "Many of those [hidden]...

BELTWAY CONFIDENTIAL Harry Reid: Obamacare medical device tax is 'stupid,' Democrats oppose it, and I'll fight to save it BY BYRON YORK | SEPTEMBER 26, 2013 AT 2:08 PM House Republicans are considering attaching a provision to the government funding resolution that would repeal Obamacare's 2.3 percent tax on medical devices. It's widely viewed as a damaging and counterproductive levy affecting a leading American industry, and all Republicans oppose it. Most Democrats do, too. When the Senate held a non-binding test vote on repeal last March, the vote was 79 to 20. The majority favoring repeal included all 45 of...

And by “some things,” he means uninsured families, medical devices, workplace flex accounts, small businesses, Health Savings Accounts, savings income... During his Tuesday remarks at the Clinton Global Initiative, President Obama admitted that his health care law raises taxes: “So what we did — it’s paid for by a combination of things. We did raise taxes on some things.” “Some things” is an understatement. Below is just a partial list of Obamacare’s new or higher taxes on Americans: Starting in tax year 2013: Obamacare Medical Device Tax: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare...

In the just-released Spring 2013 issue of Harvard Health Policy Review, I have an article titled “ObamaCare: The Plot Thickens.” The article examines the IRS rule that purportedly implements ObamaCare’s tax credits, but actually violates that statute by taxing, borrowing, and spending hundreds of billions of dollars contrary to Congress’ explicit instructions. The article is a less-technical version of my Health Matrix article (coauthored with Jonathan Adler, “Taxation Without Representation: The Illegal IRS Rule to Expand Tax Credits Under the PPACA.”) Here’s an excerpt: In broad daylight, the Internal Revenue Service is attempting to tax, borrow, and spend [roughly] $800 billion—contrary to...

In 2013, the tax increases in Obamacare will increasingly conspire against kitchen-table family healthcare decisions. As just one example, below are some of the taxes that will impact the purchase of dental braces: Obamacare Medical Device Tax: As of Jan.1, Obamacare imposes a new tax of 2.3 percent on medical device manufacturers, including those who make dental braces. The tax is imposed on gross sales -- even if the company does not earn a profit in a given year. While the tax will be paid to the IRS by the manufacturer, the tax will be passed along as a higher...