Obamacare Tax Increases Will Impact Us All

J

Justin Time

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For those who still believe Obama has not raised taxes on those earning less than $250,000/yr


The trillion dollars in tax increases from the Affordable Care Act have the potential to hinder small business and investment, and further set back a struggling economy.

The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases included in Obamacare, totaling $1.058 trillion – a steep increase from initial assessment. The summer 2012 estimate is nearly twice the $569 billion estimate produced at the time of the passage of the law in March 2010.

Last summer, the House Ways and Means Committee detailed the breakdown of each tax provision in a chart, which we reproduced here.

These new taxes will hit small businesses hard. Owners of small businesses will face a tax increase on self-employment income and the employer mandate will pose huge challenges to many small businesses. Businesses that work with small profit margins and have workers with relatively low wages may have to close up shop. Businesses that are able to comply will be forced to reduce worker wages and raise prices on customers.

The cost of compliance is another ding on the budgets of small business, large business, medical providers and individuals. The Obamacare Burden Tracker pegs the total cost of compliance at 127.6 million hours. That’s 127.6 million hours of productive work the U.S. economy loses to complexity.

Add the complexity and the cost to small businesses to the investment tax increase in the ACA, and the tax provisions in the law could do some real damage to economy. Following the fiscal cliff tax increases and the additional 3.8 percent investment tax from the ACA, the U.S. now has a combined state and federal capital gains rate of 28 percent, up from 19 percent in 2012. High investment tax rates discourages the free flow of capital and damages long-term economic growth.

The economic effects of the increases in investment taxes from the ACA won’t necessarily be felt immediately, but will harm future development. Less capital will lead to less future productivity, which will lead to lower future wages.

But small businesses and individuals will feel the other effects of the tax increases in the ACA much sooner, as businesses learn to comply with the law and all its provisions over the next couple years.

http://taxfoundation.org/blog/obamacare-tax-increases-will-impact-us-all
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Justin Time said:
For those who still believe Obama has not raised taxes on those earning less than $250,000/yr[/QUOT
Everyone that I know, who has health insurance, has seen a huge increase in their health care insurance premium, compared to previous increases. Obamacare is an extension of Food Stamps, of basic welfare, the Feds want everyone to have Health Insurance and if they cannot afford it, the Feds will provide it at the expense of the People who pay for their own, that is it in a nutshell. Obama is the Food Stamp President, who wanted this Country to go down the tubes, so he could instigate his Socialist programs, i.g. ram them down our throats. If the House goes to the Liberals next year and they keep the Senate, watchout, this is just the beginning. The Conservatives need to take both Houses, so that President Obama truly becomes a lame duck President. President Obama will go down in History as The Food Stamp President, no question about it.
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Justin Time said:
For those who still believe Obama has not raised taxes on those earning less than $250,000/yr
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So what?

Taxes HAVEN'T BEEN LOWER in 30 years.

If it hits me I won't mind paying a little more.

The whining I keep hearing about how "unfair" it is from the greedy, selfish Right is getting old however.
 
ZappasGuitar said:
So what?

Taxes HAVEN'T BEEN LOWER in 30 years.

If it hits me I won't mind paying a little more.

The whining I keep hearing about how "unfair" it is from the greedy, selfish Right is getting old however.
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Libs love to say "I don't mind paying a little more" but we all know that it is bullshit
 
Justin Time said:
For those who still believe Obama has not raised taxes on those earning less than $250,000/yr
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No offense dude but this is lack of actual investigating and full of parroting (repeating what others say). I don't agree with Obamacare only because I believe a future President could use it against us. If you read the "21 ways Obamacare increases taxes" written by Grover Norquist (the bias Libertarian) you will notice that most or all of these expenses are only new taxation if someone fails to "pay their bill". Just like if you don't pay your water bill, you have to pay more next time. Basic stuff.

The rest of the "$1.058 trillion" is basically the healthcare we are already paying. It's only called "taxation" now. Again, I oppose this, but I oppose lack of material more.

I will finish with the ways Obamacare has saved us money (so far, I doubt it will last).

#2 on the top % Earners in America is "Medical". I've noticed an ABSOLUTE change in doctor protocol since this change. I questioned it for a while and had no clue why.

Doctors have been telling me my incredibly severe cold is "just allergies and could be avoided by over the counter medication." I've also been told home remedies for common ailments. (I was told to rub Neosporin in my eye next time instead of coming to the doctor for pink eye) In short, Doctors now know they are on the same plan as everyone else and don't want to over-prescribe. This is actually GREAT news for America because this has been a LONG ongoing issue.

The other saver I didn't notice, but is common sense, is that people without insurance go to the ER. Ask any ER nurse or doctor. They fake more severe symptoms so they can get free medication. It's why ER's don't take ACTUAL emergency cases seriously, they are flooded with scammers. The ER is forced to care for those in "Emergent need" and they are re-paid by government. (I've been told that the government doesn't re-pay these situations before even though it's false...but either way...Health Insurance or Government take that money out of your pocket)

So now we have low income people actually getting taxed for Health Insurance instead of just going to the ER. Which means they are chipping in. We have Doctors acting more responsibly. Ive even seen talk about looking for the best deal in quality vs. expense instead of a Representative buying the single person in charge of that decision which can cost us all WAY MORE.

Government power aside, Obamacare is great for us today. But the Constitution didn't really grant the Federal Government power to do as they please did they? So we need to stop the lies on "21 ways it increases taxes" and stop the bias. If we can actually think about it instead of repeating what others tell us what to think, we can make an educated decision on it.
 
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