Right Change: Obamacare Contains 20 New Taxes
Fri, June 29, 2012The Obamacare law contains 20 new or higher taxes on American families and small businesses. President Obama repeatedly promised the American middle class that he would not raise taxes by even a “dime.” But Obama's campaign rhetoric took him beyond just income taxes saying,
"Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."
The health care law that Obama signed on March 23, 2010, raises taxes on many things regardless of income. Everything ranging from a tax on indoor tanning services, to a fine, levied through income taxes on those that go uninsured.
Below are a few of the tax hikes buried in the 2700 page law:
1. Excise Tax on Charitable Hospitals (Min$/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. “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
3. 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
4. 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
5. 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%
Seventy-five “percent of the [Obamacare] mandate penalty… falls on Americans earning less than $120,000 a year … [so] President Obama has imposed one of the largest tax hikes in American history on the middle class,” said a statement from the Republican minority of the Senate budget committee.
President Obama and his liberal friends may deny that the health insurance premium is a tax. But the defenders of the bill -including Budget Director Peter Orszag, Health and Human Services Secretary Kathleen Sebelius, and we can’t forget Democrats in Congress -also denied the mandate was a tax. But when the bills survival was at risk, it conveniently became very useful for the law’s supporters to consider the mandate a “tax.” A 180 flip flop that became even more apparent when the U.S. Attorney representing the federal government also defended it in front of the Supreme Court justices as a tax.
As the law stands, there are over $500 billion-plus in tax hikes (over the next ten years) in Obamacare, which makes the President’s healthcare law one of the largest tax increases in American history. This is without taking into account the unintended consequences that happen from any large government takeover. This monster of a law is horrible for our American healthcare system and must be voted out come November.
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