Obama on Obamacare: “We did raise taxes on some things.”

Discussion in 'Too Hot for Swamp Gas' started by mocgator, Sep 25, 2013.

  1. mocgator
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    mocgator Well-Known Member

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    Read the article for more details...


    And by “some things,” he means uninsured families, medical devices, workplace flex accounts, small businesses, Health Savings Accounts, savings income

    http://www.atr.org/obama-obamacare-raise-taxes-things-a7883

    Starting in tax year 2013:

    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 make everything from pacemakers to artificial hips more expensive.

    Obamacare High Medical Bills Tax: Before Obamacare, Americans facing high medical expenses were allowed a deduction to the extent that those expenses exceeded 7.5 percent of adjusted gross income (AGI). Obamacare now imposes a threshold of 10 percent of AGI. Therefore, Obamacare not only makes it more difficult to claim this deduction, it widens the net of taxable income.

    According to the IRS, 10 million families took advantage of this tax deduction in 2009, the latest year of available data. Almost all are middle class. The average taxpayer claiming this deduction earned just over $53,000 annually. ATR estimates that the average income tax increase for the average family claiming this tax benefit will be $200 - $400 per year. To learn more about this tax, click here.

    Obamacare Flexible Spending Account Tax: The 30 - 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs face a new Obamacare cap of $2,500. This will squeeze $13 billion of tax money from Americans over the next ten years. (Before Obamacare, the accounts were unlimited under federal law, though employers were allowed to set a cap.) Now, a parent looking to sock away extra money to pay for braces will find themselves quickly hitting this new cap, meaning they would have to pony up some or all of the cost with after-tax dollars.

    Needless to say, this tax will especially impact middle class families.

    There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. Nationwide there are several million families with special needs children 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.

    Obamacare Super Saver Surtax: A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This tax hike results in the following top tax rates on investment income:


    Starting in tax year 2014:

    Obamacare Individual Mandate Non-Compliance Tax: Starting in 2014, anyone not buying “qualifying” health insurance – as defined by President Obama’s Department of Health and Human Services -- must pay an income surtax to the IRS. The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as pointed out by the Associated Press: “Most would be in the middle class.”

    In addition, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they either had “qualifying” health insurance for every month of the tax year or they obtained an exemption to the mandate.

    (Delayed by Obama to 2015) Obamacare Employer Mandate Tax: 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 $2,000 for all full-time employees. This provision 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 $3,000. 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).

    Obamacare Tax on Health Insurers: Annual tax on the industry imposed relative to health insurance premiums collected that year. The tax phases in gradually until 2018. Fully imposed on firms with $50 million in profits.

    Starting in tax year 2018:

    Obamacare Tax on Union Member and Early Retiree Health Insurance Plans: Obamacare imposes
  2. Gatorrick22
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    Gatorrick22 Well-Known Member

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    On some things? How many new taxes did Obama-scam create? He's a pile of horse manure. [​IMG]
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  3. dangolegators
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    dangolegators Well-Known Member

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  4. diehardgator1
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    diehardgator1 Well-Known Member

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    Just wait Fred and Row will be along to prove you wrong. After all their lord and savior said no new taxes
  5. PSGator66
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    PSGator66 Well-Known Member

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  6. Gatorrick22
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    Gatorrick22 Well-Known Member

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    What's good?
  7. dangolegators
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    dangolegators Well-Known Member

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    We've needed to raise federal taxes since Bush cut them and blew up the deficit. We're still not where we need to be in terms of revenues, but at least we're closer.

    We've also needed to address our healthcare issues for a long time now. This is all a good step in that direction.
  8. wgbgator
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    wgbgator Sub-optimal Poster Premium Member

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    That big bowl of chocolate ice cream you posted. Yum!
  9. Gatorrick22
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    Gatorrick22 Well-Known Member

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    :laugh::laugh:

    That's horse manure.
  10. secgator
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    secgator Well-Known Member

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    No...it's Obama in a casual pose. His 'day-in-day-out' look.
  11. mocgator
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    mocgator Well-Known Member

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    Did you seriously just type that rubbish?

    "We're not where we need to be in terms of revenues.."

    Jeebus dude... you are a lost soul...
  12. uftaipan
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    uftaipan Well-Known Member

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    Spoken like a true 47-percenter. Passionately willing to give you the shirt off someone else's back.
  13. malligator
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    malligator Well-Known Member

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    I'm sure he's been giving extra to the IRS and buying healthcare for others this whole time.
  14. dangolegators
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    dangolegators Well-Known Member

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    As of last year, federal revenues were at 15.8% of GDP. This is well below the average of the last 50 years and well below what is needed to balance the budget and pay for the things we need as a country. We need to get this up to around 19 or 20 percent of GDP. That's where we were in the final years of the Clinton admin, and that's what we need to get back to.
  15. mocgator
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    mocgator Well-Known Member

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    Oh... 20% is what YOU think we need to get back to huh?? Thanks for sharing. Well... I think we need to get the wasteful government spending DOWN to a fraction of what it is. Then we don't have a % of GDP issue. What you think about that bro?
  16. dangolegators
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    dangolegators Well-Known Member

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    Well, you have what you want and I have what I want. That's what I think about that, bro.
  17. g8orbill
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    g8orbill Gators VIP Member

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    have you ever once thought that maybe we need to cut spending
  18. dangolegators
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    dangolegators Well-Known Member

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    Yes.
  19. mocgator
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    mocgator Well-Known Member

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    I call BS
  20. malligator
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    malligator Well-Known Member

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    I believe him. I'm sure dangole would love to see defense spending reduced. However, he probably wants to shift that reduction over to social services so...maybe not.

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