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The Hidden Obamacare Taxes That Will Crush The Middle Class
(By Money Morning Staff Reports)
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] 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.
In fact, analysts estimate Obamacare will cost the average taxpayer nearly $6,000 in extra taxes as early as next year.
Many of the Obamacare taxes are already in effect, others will hit January 1. But they are already infuriating millions of Americans.
While even Obamacare detractors applaud the requirement that insurance companies cover pre-existing conditions and put a stop to lifetime caps on benefits, they say these laudable benefits don't compensate for the bills high cost - especially in new taxes.
According to most experts, Obamacare will create a total of twenty new taxes or tax hikes on the American people.
In fact, the Obama administration has already given the IRS an extra $500 million to enforce the rules and regulations of Obamacare.
The new taxes don't bode well for millions of middle-class Americans. Incomes for the rich have soared this decade but middle class workers have seen their wages stagnate and even drop since the 2008 Great Recession.
Many fear Obamacare with its high insurance costs and new taxes, could provide the middle class a fatal blow.
Of course, the Obamacare plan was primarily designed to decrease the number of uninsured Americans and reduce healthcare costs.
Many experts are saying it will have the exact opposite effect.
That's just one of the reasons why Republicans hope to defund Obamacare before January.
They claim that the taxes and costs needed to pay for Obamacare will crush the middle class and most U.S. taxpayers, as well as trigger job losses in affected industries.
Tax experts say you should try to estimate how much you will have to pay when the law goes into full effect - and take precautions to limit the damage to your bottom line.
One expert, Dr. Betsy McCaughey, a constitutional scholar with a Ph.D. from Columbia University, recently wrote a best-seller showing Americans how they can not only survive Obamacare, but prosper through it.
McCaughey claims to be one of the only people in the country - including members of Congress - who has actually read the entire 2,572 page law.
Her book, titled Beating Obamacare: Your Handbook for Surviving The New Health Care Law, breaks the huge bill down into 168 pages of actionable advice.
The book, written in an easy going, easy to read style, shows some startling facts about Obamacare not seen in the mainstream press.
For example, she points to a little known passage in the bill that shows how you could get slapped with a $2,000 fine for not having health insurance - even if you do actually have it.
She also goes into detail explaining how a third of all U.S. employers could stop offering health insurance to their workers.
In one chapter, she shows how ordinary Americans will get stuck paying for substance abuse coverage - even if they never touched a drink or drug in their life.
According to McCaughey's research, senior citizens will get hit the hardest.
Hip and knee replacements and cataract surgery will be especially hard to get from Medicare in the months ahead thanks to Obamacare, according to McCaughey.
She warns seniors to get those types of procedures done now before Obamacare goes into effect January 1.
SOURCE: http://moneymorning.com/ob-article/obamacare-taxes.php?code=t-oc-taxes
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] 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.
In fact, analysts estimate Obamacare will cost the average taxpayer nearly $6,000 in extra taxes as early as next year.
Many of the Obamacare taxes are already in effect, others will hit January 1. But they are already infuriating millions of Americans.
While even Obamacare detractors applaud the requirement that insurance companies cover pre-existing conditions and put a stop to lifetime caps on benefits, they say these laudable benefits don't compensate for the bills high cost - especially in new taxes.
According to most experts, Obamacare will create a total of twenty new taxes or tax hikes on the American people.
In fact, the Obama administration has already given the IRS an extra $500 million to enforce the rules and regulations of Obamacare.
The new taxes don't bode well for millions of middle-class Americans. Incomes for the rich have soared this decade but middle class workers have seen their wages stagnate and even drop since the 2008 Great Recession.
Many fear Obamacare with its high insurance costs and new taxes, could provide the middle class a fatal blow.
Of course, the Obamacare plan was primarily designed to decrease the number of uninsured Americans and reduce healthcare costs.
Many experts are saying it will have the exact opposite effect.
That's just one of the reasons why Republicans hope to defund Obamacare before January.
They claim that the taxes and costs needed to pay for Obamacare will crush the middle class and most U.S. taxpayers, as well as trigger job losses in affected industries.
Tax experts say you should try to estimate how much you will have to pay when the law goes into full effect - and take precautions to limit the damage to your bottom line.
One expert, Dr. Betsy McCaughey, a constitutional scholar with a Ph.D. from Columbia University, recently wrote a best-seller showing Americans how they can not only survive Obamacare, but prosper through it.
McCaughey claims to be one of the only people in the country - including members of Congress - who has actually read the entire 2,572 page law.
Her book, titled Beating Obamacare: Your Handbook for Surviving The New Health Care Law, breaks the huge bill down into 168 pages of actionable advice.
The book, written in an easy going, easy to read style, shows some startling facts about Obamacare not seen in the mainstream press.
For example, she points to a little known passage in the bill that shows how you could get slapped with a $2,000 fine for not having health insurance - even if you do actually have it.
She also goes into detail explaining how a third of all U.S. employers could stop offering health insurance to their workers.
In one chapter, she shows how ordinary Americans will get stuck paying for substance abuse coverage - even if they never touched a drink or drug in their life.
According to McCaughey's research, senior citizens will get hit the hardest.
Hip and knee replacements and cataract surgery will be especially hard to get from Medicare in the months ahead thanks to Obamacare, according to McCaughey.
She warns seniors to get those types of procedures done now before Obamacare goes into effect January 1.
SOURCE: http://moneymorning.com/ob-article/obamacare-taxes.php?code=t-oc-taxes
I guess we'll both have to stand corrected, Brice.
Looks like the Middle-Class WON'T be paying anything because of this ACA thingy.
Looks like everyone on the Right is wrong, and Democrats are correct. How could we be so blind and stupid?!?
Looks like the Middle-Class WON'T be paying anything because of this ACA thingy.
Looks like everyone on the Right is wrong, and Democrats are correct. How could we be so blind and stupid?!?
I love this stuff.
"This is not to say that some middle-income taxpayers won’t pay to help finance the expansion of health care for millions of Americans.
The CBO estimates that the law will raise about $106 billion from penalties on individuals who fail to buy insurance — the so-called “individual mandate.” But, as we have written before, less than half of the penalty revenue (about 46 percent) will come from taxpayers earning under $120,000."
So the above paragraph was taken from a post above. Doesn't this place the responsibilities on the middle class? Am I missing the good part?
The CBO estimates that the law will raise about $106 billion from penalties on individuals who fail to buy insurance — the so-called “individual mandate.” But, as we have written before, less than half of the penalty revenue (about 46 percent) will come from taxpayers earning under $120,000."
So the above paragraph was taken from a post above. Doesn't this place the responsibilities on the middle class? Am I missing the good part?
Im also wondering why you went thru the national website instead of a state exchange? It must be because you reside in an obstruction state? One that refused to set up their exchanges and refused the expansion of medicaid? hmm, if that is the case, maybe your blame is misplaced? just a little bit? Because in the obstruction states, people do not get all the advantages the plan was meant to have. I would definately be doing some more checking if I were you as I have only mentioned some of the more obvious?
So you chose a silver plan that pays 70 and you pick up the tab for the other thirty? No subsidys? Are you one of the 20 percent that will not be eligable for subsidys? How many plans did you check out? I had several to choose from?
ACA is based on your income, so if this is the case with you, your income must be over the allowed amount for subsidys.
ACA is based on your income, so if this is the case with you, your income must be over the allowed amount for subsidys.
.".You are free to find health care elsewhere...It is a free country after all... "
Apparently you have not been reading your own links.
Apparently you have not been reading your own links.
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