Even though the present battle on the Hill is about President Barack Obama’s vow not to tax any family making less than $250,000 annually, if ObamaCare and its mandated taxing system is not repealed, the new health care law will more than cancel out all the good that could have been done for the middle class by extending the Bush tax cuts.
The Heritage Foundation is reporting that the Supreme Court’s ruling upholding the Patient Protection and Affordable Care Act (PPACA) means everyone who refuses to buy health insurance will have to pay a special tax. This will succeed in raising $500 billion in 10 years, but 75 percent of that money will come from people making less than $120,000 a year.
The Heritage Foundation’s Alyene Senger explains: “The individual mandate is far from alone on Heritage’s lengthy list of Obamacare’s new taxes and penalties, many of which will heavily impact the middle class,” writes The Heritage Foundation’s Alyene Senger.
Quoting a senior economist for The Wall Street Journal, “75 percent of Obamacare’s new taxes will be paid for by American families making under $120,000 a year. Among the taxes that will hit the middle class are the individual mandate, a 2.3 percent excise tax on medical devices, a 10 percent excise tax on indoor tanning, and an increase of the floor on medical deductions from 7.5 percent of adjusted gross income to 10 percent.”
As a result of these increases, experts say the PPACA will slow economic growth, reduce employment, and suppress wages.
“These economy-slowing policies could not come at a worse time,” writes The Heritage Foundation’s Curtis Dubay. “PPACA tax increases will impede an already staggering recovery.”
But what ObamaCare will do is add jobs to an already bloated government. An estimated 16,500 new IRS jobs will have to be created to collect all the taxes that will be imposed if the president’s health care reform law is allowed to stand.
Meanwhile, experts are warning Americans not to be fooled by the “class warfare” rhetoric that makes it appear as if lower wage earners are going to be spared higher taxes through an extension of the Bush tax cuts.
Americans for Prosperity president Tim Phillips called Obama’s concession to extending some Bush tax cuts “belated” and “a politically motivated ruse of the kind this President has practiced for many months. The President should explain why he’s raising taxes on millions of middle class Americans with his health care law… it is ironic that after blaming his own economic failures on the Bush administration for four years, now the President is trying to hide behind President Bush’s tax cuts in order to save himself politically.”
Click here for a list of all the taxes that will be imposed through the ObamaCare mandate.
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This morning I listened to Sue describe the various taxes and how they will affect us as individuals. She stated that the individual tax levied on people such as myself for not buying insurance coverage will be two thousand dollars a year. Sha also said that a family of our will pay eight thousand dollars a year. This is SCARY! While it’s true that businesses and institutions will pay that amount for people they employ for whom they choose not to buy insurance, it is not true for families such as mine. The first year the tax penalty for a person not buying medical coverage will be $95 and by the third year it will be $695 with a family cap. I am not sure, but I think the cap will be $2500 for a family which chooses not to insure the parents and the children. I hope you will publish a retraction about this on your website and on the air. We are all terrified enough as it is and misinformation such as this is like pouring gasoline on a raging inferno during the high point of the fires out west. Thank you for your consideration and concern for the truth.
Depending on your income level, these fines start at $695 per person and can go up to $4,700. The cap per family is the equivalent of the cost of the lowest plan available, which is over $9,000. The fines you are quoting are those that will be imposed in the initial phase of the program but by 2017, when this monstrosity is fully implemented, you’re looking at a chunk of change to pay for not having health insurance. Yes, this is truly SCARY!
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