Wednesday, March 24, 2010

What's That You Said Mr. President.....No New Taxes on the Middle Class?

So exactly how many campaign promises do you actually plan on keeping you waste of space President?  Not only is Nobama raising taxes on the middle class to help pay for socialized medicine....he will in turn tax drug companies and equipment makers and they will in turn raise prices costing Americans even more money.  How about these taxes:

Excise Tax on Uninsured Individuals – Individuals who fail to maintain minimum essential coverage will be subject to a penalty equal to $750. The fee for an uninsured individual under age 18 is one-half of the adult fee.
Excise Tax on High-Cost Employer Plans – The federal government would impose a 40% tax on the value of employer-sponsored health coverage exceeding certain thresholds. Those levels are projected to be $8,500 for self only and $23,000 for any other level by the year 2013. This excise was announced with fanfare by the White House and labor unions in January and remains in the final bill.
Increase in additional tax on distributions from Health Savings Accounts and Archer Medical Savings Accounts not used for qualified medical expenses – An increase from 10% to 20% on taxes of money in a health savings account not used for qualified medical expenses. For Archer medical savings accounts, an increase from 15% to 20%.
Additional Hospital Insurance Tax on High-Income Taxpayers – High income tax payers, making on a joint return over $250,000 and a standard return over $200,000, are required to pay an additional 0.5% of wages. This applies to both self-employed, and regularly employed individuals.
Fees on Health Plans – A fee applied to all health insurance providers based upon net premiums and any third party fees associated with the administration of those programs. The fees will total $6.7 billion annually. This figure begins at $8 billion in the Reconciliation Act and rises to $14.3 billion by 2018.
Tax on Indoor Tanning Services – The act imposes a 10% tax on amounts paid for indoor tanning services. Like a sales tax, the tax will be collected from the person tanning when payment for the tanning services is made.
Tax on individuals without acceptable health care coverage – A 2.5% income tax on individuals who do not have health care coverage, limited to a cost less than the average national health care premium.
Excise tax on elective cosmetic medical procedures – A tax of 5% is levied upon the am mount paid for any cosmetic surgery. This does not include the need for such surgeries created by trauma or a disfiguring disease. If the tax is not collected by that professional completing the procedure, their business is still liable for the requirement.
The Reconciliation Act also legislates for the following surcharges: 1% surcharge on individuals making more than $350,000, 1.5% surcharge on individuals making more than $500,000, 5.4% surcharge on individuals making more than $1 million.
Taxes On Employers – If you are a large employer (defined as at least 101 employees) and you do not want to provide health insurance to your employee, then you will pay a $750 fine per employee (It could be $2,000 to $3,000 under the reconciliation changes) (Section 1513).
Taxes on Pharmaceutical Companies – The government will extract a fee of $2.3 billion annually from the pharmaceutical industry (Section 9008 (b)).
Taxes on medical device manufacturers – The government will extract a fee of $2 billion annually from medical device makers (Section 1405).

Those who say this isn't socialized medicine do not recognize that this will come in steps.  If the powers that be unleashed all this on the American people too quickly, they would have a mess on their hands like they have never seen.  Stay tuned!


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