OBAMACARE – CURRENT AND FUTURE HEALTHCARE TAXES

Full List of Obamacare Tax Hikes

http://atr.org/full-list-obamacare-tax-hikes-a6996

Americans for Tax Reform – Ryan Ellis and John Kartch – 6/28/2012

4-page PDF of the same info above

http://s3.amazonaws.com/atrfiles/files/files/06282012pr_Comprehensive%20List%20of%20Obamacare%20Tax%20Hikes%20Effective%20Date(1).pdf

Obamacare law contains 20 new or higher taxes on American families and small businesses and the President’s healthcare law is one of the largest tax increases in American history.

Arranged by their respective effective dates, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare. Click either link above for the quick explanation of each new tax.

Taxes that took effect in 2010:

1. Excise Tax on Charitable Hospitals

2. Codification of the “economic substance doctrine”

3. “Black liquor” tax hike

4. Tax on Innovator Drug Companies

5. Blue Cross/Blue Shield Tax Hike

6. Tax on Indoor Tanning Services

Taxes that took effect in 2011:

7. Medicine Cabinet Tax

8. HSA Withdrawal Tax Hike

Tax that took effect in 2012:

9. Employer Reporting of Insurance on W-2

Taxes that take effect in 2013:

10. Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93

	Capital Gains	Dividends	Other*
2012	15%	15%	35%
2013+	23.8%	43.4%	43.4%

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. THE 3.8% SURTAX DOES NOT APPLY TO NON-RESIDENT ALIENS.

11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013): Current law and changes:

	First $200,000 ($250,000 Married) Employer/Employee	All Remaining Wages Employer/Employee
Current Law	1.45%/1.45% 2.9% self-employed	1.45%/1.45% 2.9% self-employed
Obamacare Tax Hike	1.45%/1.45% 2.9% self-employed	1.45%/2.35% 3.8% self-employed

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

12. Tax on Medical Device Manufacturers

13. High Medical Bills Tax The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

14. Flexible Spending Account Cap – aka “Special Needs Kids Tax”

15. Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D

16. $500,000 Annual Executive Compensation Limit for Health Insurance Executives

Taxes that take effect in 2014:

17. Individual Mandate Excise Tax (Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

	1 Adult	2 Adults	3+ Adults
2014	1% AGI/$95	1% AGI/$190	1% AGI/$285
2015	2% AGI/$325	2% AGI/$650	2% AGI/$975
2016 +	2.5% AGI/$695	2.5% AGI/$1390	2.5% AGI/$2085

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

18. Employer Mandate Tax

19. Tax on Health Insurers

Taxes that take effect in 2018:

20. Excise Tax on Comprehensive Health Insurance Plans

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