“Some things” means uninsured families, med devices,flex accounts, small businesses, people with high medical bills and even charitable hospitals.
Sept. 25, 2013
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 imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will make everything from pacemakers to artificial hips more expensive.
Obamacare High Medical Bills Tax: Before Obamacare, Americans facing high medical expenses were allowed a deduction to the extent that those expenses exceeded 7.5 percent of adjusted gross income (AGI). Obamacare now imposes a threshold of 10 percent of AGI. Therefore, Obamacare not only makes it more difficult to claim this deduction, it widens the net of taxable income.
According to the IRS, 10 million families took advantage of this tax deduction in 2009, the latest year of available data. Almost all are middle class. The average taxpayer claiming this deduction earned just over $53,000 annually. ATR estimates that the average income tax increase for the average family claiming this tax benefit will be $200 – $400 per year. To learn more about this tax, click here.
This article was posted: Wednesday, September 25, 2013 at 5:40 pm