Obamacare

ObamaCare: The List of Taxes

drobama5116834 ObamaCare Poll Watch: 75 Per Cent Want Health Care Law Changed

As the House debates and votes on repeal of the health care reform legislation known as ObamaCare, it might be time to review a comprehensive list of tax increases in the legislation.

Next week, the U.S. House of Representatives will be voting on an historic repeal of the Obamacare law.  While there are many reasons to oppose this flawed government health insurance law, it is important to remember that Obamacare is also one of the largest tax increases in American history.  Below is a comprehensive list of the two dozen new or higher taxes that pay for Obamcare’s expansion of government spending and interference between doctors and patients.

  1. Individual Mandate Excise Tax (Jan 2014)
  2. Employer Mandate Tax (Jan 2014)
  3. Surtax on Investment Income ($123 billion/Jan. 2013)
  4. Excise Tax on Comprehensive Health Insurance Plans($32 bil/Jan 2018)
  5. Hike in Medicare Payroll Tax($86.8 bil/Jan 2013)
  6. Medicine Cabinet Tax($5 bil/Jan 2011)
  7. HSA Withdrawal Tax Hike($1.4 bil/Jan 2011)
  8. Flexible Spending Account Cap – aka“Special Needs Kids Tax”($13 bil/Jan 2013)
  9. Tax on Medical Device Manufacturers($20 bil/Jan 2013)
  10. Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI($15.2 bil/Jan 2013)
  11. Tax on Indoor Tanning Services($2.7 billion/July 1, 2010)
  12. Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D($4.5 bil/Jan 2013)
  13. Blue Cross/Blue Shield Tax Hike($0.4 bil/Jan 2010)
  14. Excise Tax on Charitable Hospitals(Min$/immediate)
  15. Tax on Innovator Drug Companies($22.2 bil/Jan 2010)
  16. Tax on Health Insurers($60.1 bil/Jan 2014)
  17. $500,000 Annual Executive Compensation Limit for Health Insurance Executives($0.6 bil/Jan 2013)
  18. Employer Reporting of Insurance on W-2(Min$/Jan 2011)
  19. Corporate 1099-MISC Information Reporting($17.1 bil/Jan 2012)
  20. “Black liquor” tax hike(Tax hike of $23.6 billion)
  21. Codification of the “economic substance doctrine”(Tax hike of $4.5 billion)

Read all of the piece here or download the Pdf file here.

Is there any wonder why employers are not hiring new workers with ObamaCare taxes hanging over their heads – all due within the next few years.

The House and Senate should vote for repeal and make the President veto the legislation. Then, American voters will veto President Obama in the 2012 elections.