{"id":12775,"date":"2012-10-01T05:45:50","date_gmt":"2012-10-01T09:45:50","guid":{"rendered":"http:\/\/www.geneveith.com\/?p=12775"},"modified":"2012-10-01T05:45:50","modified_gmt":"2012-10-01T09:45:50","slug":"the-obamacare-tax-increases","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/","title":{"rendered":"The Obamacare tax increases"},"content":{"rendered":"\n<\/head>

There are some twenty new taxes or tax increases that click in with Obamacare.\u00a0 Here are the most notable:<\/p>\n

The Obamacare Medical Device Tax<\/strong> \u2013 a $20 billion tax increase: 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 \u2013 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 increase the cost of your health care \u2013 making everything from pacemakers to prosthetics more expensive.<\/p>\n

The Obamacare \u201cSpecial Needs Kids Tax\u201d<\/strong> \u2013 a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family\u2019s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).<\/p>\n

\nThere is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.\n

The Obamacare Surtax on Investment Income<\/strong> \u2013 a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). . . .<\/p>\n

The Obamacare \u201cHaircut\u201d for Medical Itemized Deductions<\/strong> \u2013 a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.<\/p>\n

The Obamacare Medicare Payroll Tax Hike<\/strong> \u2014 an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead.<\/p>\n

via Americans for Tax Reform : Top Five Worst Obamacare Taxes Coming in 2013<\/a>.<\/p>\n

\u00a0<\/p><\/div>\n<\/blockquote><\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

There are some twenty new taxes or tax increases that click in with Obamacare.\u00a0 Here are the most notable: The Obamacare Medical Device Tax \u2013 a $20 billion tax increase: 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 \u2013 even […]<\/p>\n","protected":false},"author":1281,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,19,30],"tags":[1614,2155],"class_list":["post-12775","post","type-post","status-publish","format-standard","hentry","category-economics","category-government","category-medicine","tag-obamacare","tag-taxes"],"yoast_head":"\nThe Obamacare tax increases<\/title>\n<meta name=\"description\" content=\"There are some twenty new taxes or tax increases that click in with Obamacare.\u00a0 Here are the most notable: The Obamacare Medical Device Tax \u2013 a $20\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Obamacare tax increases\" \/>\n<meta property=\"og:description\" content=\"There are some twenty new taxes or tax increases that click in with Obamacare.\u00a0 Here are the most notable: The Obamacare Medical Device Tax \u2013 a $20\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/\" \/>\n<meta property=\"og:site_name\" content=\"Cranach\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/cranachblog\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-01T09:45:50+00:00\" \/>\n<meta name=\"author\" content=\"Gene Veith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gene Veith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/\",\"url\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/\",\"name\":\"The Obamacare tax increases\",\"isPartOf\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/#website\"},\"datePublished\":\"2012-10-01T09:45:50+00:00\",\"dateModified\":\"2012-10-01T09:45:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/#\/schema\/person\/f9ca8670bcc51908a78994c0484dbfa1\"},\"description\":\"There are some twenty new taxes or tax increases that click in with Obamacare.\u00a0 Here are the most notable: The Obamacare Medical Device Tax \u2013 a $20\",\"breadcrumb\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/2012\/10\/the-obamacare-tax-increases\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Obamacare tax increases\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/#website\",\"url\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/\",\"name\":\"Cranach\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/#\/schema\/person\/f9ca8670bcc51908a78994c0484dbfa1\",\"name\":\"Gene Veith\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/geneveith\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/054d79faea5d476edd8f99e5f14fb17f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/054d79faea5d476edd8f99e5f14fb17f?s=96&d=mm&r=g\",\"caption\":\"Gene Veith\"},\"description\":\"Gene Edward Veith, Jr. is a writer and retired literature professor, serving as Provost Emeritus at Patrick Henry College. 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