Full list of new ObamaCARE tax hikes (20 in total)

obama-doctor-jokerYesterday I cited an article from 2 years ago that listed 12 new ObamaCARE tax hikes that will affect Americans. Actually, the total amount of new taxes is more like 20, and some have already been in effect in case you haven’t noticed. Taxes on real estate transactions and investment income are included in the list. Of course the biggest taxes are set to begin next year and in 2014. Americans for Tax Reform posted a list of the 20 new ObamaCARE taxes.

Taxes that are already in effect 2010-2012:

1. Excise Tax on Charitable Hospitals (Min$/immediate): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971

2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

3. “Black liquor” tax hike (Tax hike of $23.6 billion). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

6. Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

ObamaCARE Taxes that start next year:

Surtax on Investment Income ($123 billion/Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned

11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013)

12. Tax on Medical Device Manufacturers ($20 bil/Jan 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for

13. Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI ($15.2 bil/Jan 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). 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” ($13 bil/Jan 2013): Imposes cap on FSAs of $2500 (now unlimited). Indexed to inflation after 2013.

15. Elimination of tax deduction for employer-provided retirement Rx drug coverage

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

Individual Mandate Excise Tax (Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax ]

Don’t worry though. If you are an illegal immigrant, prisoner or part of an Indian tribe, you don’t have to pay. Good news for Elizabeth Warren.

18. Employer Mandate Tax (Jan 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

19. Tax on Health Insurers ($60.1 bil/Jan 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

There is even another tax coming in 2018:

20. Excise Tax on Comprehensive Health Insurance Plans ($32 bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

 

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Comments

  • Adam

    Progressive corruption is more widespread than first thought.

  • bbf

    1. Why were the Republicans and opponents silent about the tax increases until now? 

    2. What will happen to Medicare and Medicaid when the ObamaCare plan cuts $500 BILLION from Medicare and 200 BILLION from Medicaid?

    • Dismas In Wonderland

      Because technically it is against the law to point out that it is a tax. It states in the HR 3200 bill Page 203: “The tax imposed under this section shall not be treated as tax.” Yes, it really says that.

      So they would be in breach of the law if they claimed Obamacare is a tax.

      I know HR 3200 is not the bill that ended up being passed. The ACA, which is a “framework for redistributive change” is the bill that actually was passed. The HR 3200 bill was just a diversion to keep the hoi polloi  distracted while the “National Socialist American Worker’s Party” (aka; the DNC) built their “framework for redistributive change” (translated: framework for bypassing congress whenever we want to bilk the masses with stealth tax hikes).

      • watchtheborders

        IT IS A TAX AS DEFINED BY THE SUPREME COURT RULING ! WHERE WERE YOU WHEN THE DECISION CAME DOWN?? THE BILL SAYS IT’S A MANDATE, THE SUPREME COURT RULED THE MANDATE WAS UNCONSTITUTIONAL AND ROBERTS CLEARLY ARTICULATED OBAMACARE HAD TO BE FUNDED THRU TAXATION ! WHY DO YOU THINK THE IRS IS THE AUDITOR IN CHIEF MOE -RON?

        • Dismas In Wonderland

          Are you on drugs?

          My post was written before the supreme court decided Obama care is a tax. Why are you waiting 1 year, and 4 months to get mad about a sarcastic post? The post was to show how underhanded the authors of the bill were by putting in a clause that says a tax wont be considered a tax – “The tax imposed under this section shall not be treated as tax.”.

          stop taking drugs watchtheborders they’re not good for your brain.

    • watchtheborders

      1. Are you kidding me??? The GOP said over and over again that Obamacare was “the largest tax hike on the middle class in history”. Why do you think the Tea Party’s were formed? Why do you think Justice Roberts said it is legal as long as it is funded “through taxation”?
      I’m amazed that folks like you are just now starting to pay attention. FOX has been reporting this for years. Get off the MSLSD and get some real news for a change !

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  • Rgriese001

    These 20 NEW taxes do not include all of them. I know there is one starting in 2013, when you sell your house you have to GIVE  OBAMACARE 3.8% of the sale of your home, plus you have to pay your relators commission on top of that…..

    • http://twitter.com/JulieLovesCars Julie Dailey

      This is not accurate. Precious few people will have to pay this tax. We still get our exemption on the sale of a home of 250k (single) or 500K (Married filing jointly) and if anything is left over and if your AGI is high enough, THEN that surtax kicks in. This is a common and infuriating rumor that just won’t go away.

    • watchtheborders

      NO .. that’s not accurate. And if you do cost basis, you can reduce your sale even more. So if you paid200k for a home now worth 500k, and put down 150k you don’t pay squat !

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  • watchtheborders

    9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957
    All of you folks with kids and wives on your employer healthcare plan will be taxed over the defined threshold. The tax rate over the threshold of $11,000 is 40%. It will kick in Jan 1, and 2015 your tax return will be one big bill. Hope you enjoy your “free healthcare”.
    You voted for it now bend over and love it !

  • watchtheborders

    Jimmy Kimmle last night had a man on the street in LA, asking if folks preferred Obamacare or The Affordable Care Act. The interviews were hysterical. FOlks still don’t know Obamacare is the nickname for the ACA? And they voted for this POS?
    God help us .. we’re a third world country and don’t even know it !

    • Dismas In Wonderland

      Look at the date this article was posted watchtheborders – June 29, 2012. That’s 16 months ago. A lot has changed since then.