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Obama on Obamacare: “We did raise taxes on some things.”

Rocketman

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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.

Obamacare Flexible Spending Account Tax: The 30 - 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs face a new Obamacare cap of $2,500. This will squeeze $13 billion of tax money from Americans over the next ten years. (Before Obamacare, the accounts were unlimited under federal law, though employers were allowed to set a cap.) Now, a parent looking to sock away extra money to pay for braces will find themselves quickly hitting this new cap, meaning they would have to pony up some or all of the cost with after-tax dollars.

Needless to say, this tax will especially impact middle class families.



Read more: Americans for Tax Reform : Obama on Obamacare: ?We did raise taxes on some things.?
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274ina

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majority of people never use those things or cant use those things. Screw the rich.
All we do is be indebt for ever after every sickness.

And I am sure the .9 % or 3.2 % tax on your $400 million (unearned income) or $2 million (in apartment profits) will just result
in a few less BMW's being sold. LMAO!!!!
 

JumpinJack

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1. Obama has said this before. It's no secret.

2. Glad we have an honest, upfront President. Aren't you?

3. Glad this act is being paid for and not adding to the deficit, like Bush's Medicare Part D (which added upwards of $1 TRILLION dollars to the debt). Only Bush's administration never admitted that.

4. The cap on medical expenses deduction on taxes is more than offset by savings from subsidies and lower ins premiums for a lot of those people.

5. The flex savings - again, offset by savings those insureds will have thru decreased premiums and lower health care costs. Also, oddly enough, the FSA can be spent on non-medical things like daycare. Not sure that's right, anyway, to be able to deduct costs of non-medical items. ALSO...my employer had a cap something like $2,500 on FSA, as I recall, anyway. I didn't participate. It's a weird program. You have to know exactly what expenses you'll have, so you'll know how much to put into it monthly, because you lose it at the end of the year if it's not spent. I lost money on the FSA. Weird program. Maybe if you have insulin or daycare or other regular expenses, or elective surgery.
 
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