The Ones health care reform plan will stick us with over a dozen new taxes breaking the “no new taxes of any kind” pledge he made during the campaign. Nothing new for Obama though. From raising payroll taxes and sticking the proceeds in the general fund where it will be used for whatever by whoever to making those with good plans pay a tax to subsidize those who don’t. The looting of your paychecks is a sport to statists like Obama, Reid, and Pelosi and they are the captains of the all-star team.
Once again thanks to the Heritage Foundation for this list:
- A 40 percent excise tax on “high value” health care plans of $8,500 or more for an individual and $23,000 or more for a couple ($149.1 billion in new taxes over the next 10 years);
- A 0.5 percent hike in the Medicare payroll tax for single earners over $200,000 and joint earners over $250,000 ($53.8 billion);
- Changes in health savings accounts (HSAs), Archer Medical Spending Accounts, health flexible spending accounts (FSAs), and health reimbursement arrangements ($5 billion);
- A $2,500 cap on FSAs in cafeteria plans ($14.6 billion);
- An increase from 10 percent to 20 percent in the penalty for early non-qualified HSA withdrawals ($1.3 billion);
- A tax on branded drugs ($22.2 billion);
- An annual tax on the health insurers ($60.4 billion);
- A tax on companies that manufacture or import medical devices ($19.3 billion);
- A 0.5 percent excise tax on cosmetic surgery ($5.8 billion over 10 years);
- An increase in the floor of the medical expenses deduction from 7.5 percent of adjusted gross income to 10 percent, except for seniors, who will stay at 7.5 percent ($15.2 billion);
- Elimination of the Medicare Part D (prescription drug) deduction ($5.4 billion);
- A $500,000 cap on the tax deduction for the salaries of employees of health insurance companies ($0.6 billion over 10 years); and
- A mandate on companies with more than 50 employees to provide health coverage or pay a $750 penalty per employee for those who obtain coverage through the insurance exchange ($36 billion over 10 years) and a mandate on individuals to obtain coverage or pay a tax penalty.
You know if it actually gets passed they will be back at the trough sooner than later for more of your paycheck. Your money and power over your decisions is like crack to these people. They will never stop until we get rid of them at the ballot box. Let’s roll.