That Which We Call A Rose
Replace ‘rose’ with ‘tax’ and ‘sweet’ with ‘rotten’ and – well, you get the idea:
And from Forbes: ObamaCare’s 7 Tax Hikes On Under $250,000-A-Year Earners
No. 1. The Individual Mandate Excise Tax. Starting in 2014, anyone not buying “qualifying” health insurance must pay an income tax surtax. It goes up each year until 2016 and beyond when a couple would pay a tax of the higher or $1,360 or 2.5% of adjusted gross income.
No. 2. The Over-The-Counter Drugs Trap. Since Jan. 1, 2011, employees with health savings accounts, flexible spending accounts or health reimbursement accounts have no longer been able to use pre-tax funds stashed in these accounts to buy over-the-counter medicines for allergy relief and the like without a doctor’s prescription (there’s an exception for insulin).
No. 3. The Healthcare Flexible Spending Account Cap. Starting Jan. 1, 2013, employees will face a $2,500 cap on the amount of pre-tax salary deferrals they can make into a healthcare flexible spending account. There is no cap under current law. In light of the new cap, employee benefits groups are lobbying for Congress to modify the use-it-or-lose-it rule that means employees forfeit unused funds in their accounts at the end of the plan year.
No. 4. The Medical Itemized Deduction Hurdle. Starting Jan. 1, 2013, taxpayers who face high medical expenses will only be allowed a deduction for expenses to the extent they exceed 10% of adjusted gross income, up from 7.5% now. Taxpayers 65 and older can still use the old 7.5% threshold through 2016. For how to score the medical expense deduction before 2013, click here.
No. 5. The Health Savings Account Withdrawal Penalty. Since Jan. 1, 2011, taxpayers who withdraw money from health savings accounts for non-medical expenses before age 65 face a 20% penalty, up from 10% before.
No. 6. The Indoor Tanning Services Tax. Since July 1, 2010, folks using indoor tanning salons face a new 10% excise tax. This one hasn’t been bringing in as much revenue as anticipated.
No. 7. The Cadillac Health Insurance Plan Tax. Starting in 2018, there will be a new 40% excise tax on taxpayers who are covered by comprehensive health insurance plans.
Remind me again how the SCOTUS ruling was a “total victory” for Obama? If early indicators are any measure, the polar opposite would appear to be true. A Survey USA take of three states in the wake of yesterday’s decision show voters to have their eyes wide open about Obamacare.
In the crucial swing state of Florida, 52% of respondents opposed the Court’s decision with 38% supporting the same; 55% expect the cost of healthcare to increase as a result of the decision, while 48% expect the quality of their healthcare to get worse as a result of the decision.
Even in liberal la-la land it was a narrow split: 45% of respondents in California opposed the Court’s decision and 44% supported it, while 48% expect the cost of healthcare to go up as a result of the decision.
In Kansas, 52% of survey respondents opposed the Court’s decision and only 38% supported it; 55% expect the cost of healthcare to go up as a result of the decision, and 48% expect the quality of their healthcare to get worse because of it.
If that’s what “total victory” looks like, Team BO is welcome to it.
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