Wednesday, July 4, 2012

ObamaCare's Cruel & Unusual New Taxes

The Orwellian Affordable Care Act (ACA), un-popularly known as "ObamaCare", was advertised as saving money for health care in the United States of America.  Imagine the shock when people learned that it would cut $500 Billion from Medicare, something the Democrats railed against GOP Congresspersons throughout the 1990's.

Not only is it cutting Medicare, but it is increasing taxes everyone, including the middle class (who were promised no tax increases by Candidate and then President Obama). The Americans for Tax Reform  (ATR) has published a list of 17 new taxes that become effective over a period of years (listed HERE). Some are already effective, keep reading... 

Of the more egregious money saving maneuvers, an Excise Tax on Charitable Hospitals, "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS (ATR). Personally, I fail to see how this will save anyone anything, including lives or money.  It looks suspiciously as though the political class is trying to punish charitable organizations.  You know, the competition.

The “economic substance doctrine” gives the IRS the power to arbitrarily disallow legitimate deductions.  Isn't that a power we all would like to have?

And then there is the "Tax on Innovator Drug Companies".  What does that say to you? ATR describes it as a "$2.3 billion annual tax on the industry imposed relative to share of sales made that year."  So, if a business that creates and manufactures life saving or life improving or other medications, and has the politically incorrect result of making a profit, Obama is going to take some of it from them.  That sounds like a protection racket, where the business must pay a thug to protect his/her business from that same thug.

How does raising taxes on Blue Cross/Blue Shield lower the cost of insurance?  Anyone who is vaguely aware of how business works would understand that when their costs go up they pass it on to their customers.  Who doesn't know that?

With the "Medicine Cabinet Tax", ObamaCare punishes you for buying nonprescription medications.  Yeah, that will save me a wad of cash.. not.  Maybe US Rep. Pelosi really didn't read it?

Employer Reporting of Insurance on W-2 began in 2012, so don't be surprised when it shows up on your W-2 at the end.  ATR describes it as a "Preamble to taxing health benefits on individual tax returns". I believe them.

These are just a few, along with some others, of the new taxes that have already taken effect.  There are other new taxes,  such as a tax on tanning parlors (tanning beds are health care related?), and plenty more to come after the presidential election (How did that happen?).

You can see all of the ACA taxes, with references to the relevant paragraph in the ACA, at ATR's webpage, here.

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