The top five worst ObamaCARE tax increases of the 21 in total
There are 21 new taxes set to begin taking affect next year if Obama is re-elected and the Republicans don’t take the Senate to repeal ObamaCARE, One of the better known taxes is the 3.8% on all real estate transactions beginning in 2014. But there are five other tax hikes in ObamaCARE that will affect everyone if the bill isn’t repealed that are equally as bad, if not worse than the real estate transaction tax:
The 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 increase the cost of your health care — making everything from pacemakers to prosthetics more expensive.
The ObamaCARE special needs kids tax
The 30-35 million American who use a Flexible Spending Account (FSA) at work to pay for their family’s 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).
The ObamaCARE surtax on investment income
This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single).
The ObamaCARE Tax for medical itemized deductions
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.
The ObamaCARE Medicare payroll tax hike
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.