Some ObamaCare Taxes for You!!

Since its inception, ObamaCare has been advertised as saving Americans money while costing the taxpayer nothing. To be honest that sounds great but how can it be? Well, to put it honestly it can’t. The President and Democrat leaders in Congress sold this to the American Public with the claim that there would be no rise in taxes but that simply is a play on words.

While it might not be paid for simply by raising income taxes, the Congressional Budget Office has made it clear that there are at least 22 new or increased taxes that will affect us all. Here is a list of five new or expanded taxes for you to consider. By the way, according to the CBO, these five taxes alone will cost the American Public a minimum of $257 billion in the next decade.

1.       ObamaCare creates a new 2.3% tax on the gross sales of all medical equipment. And that means everything from pacemakers to prosthetics to Band-Aids to medicine to operating tables to bedpans to those little bowls they put under your chin to throw-up in – EVERYTHING! Guess who will be picking up the tab for those taxes? Each and every one of us will pay for those taxes through higher prices for each of these items. Minimum Total Cost to the Taxpayer – $20 billion.

2.       Currently, out-of-pocket medical expenses can be deducted from your income tax once they reach 7.5% of your adjusted gross income. Under ObamaCare they cannot be deducted until they reach 10% of your gross adjusted income. By the way, this mainly affects senior citizens. Minimum Total Cost to the Taxpayer – $15 billion.

3.       Flexible Spending Accounts or FSA’s have always been a great way for people to save and build money to pay for everything from braces to surgery to special-needs tuition. Currently, money put into an FSA is tax-free as an incentive for people to save and use this sort of fund. Under ObamaCare only the first $2,500 would be tax-free. Minimum Total Cost to the Taxpayer – $13 billion.

4.       Under ObamaCare, Capital Gains Tax Rates for ALL AMERICANS will rise from 15% to 20% in 2013 (conveniently after the election), while dividend tax rates will go up from 15% to 39.6%. Also under the ObamaCare Surtax the top Capital Gains Rates will go to 23.8% and the top Dividend Rate will go to 43.4%. This will affect anyone with investments, retirement accounts, and any other type of nest egg. Minimum Total Cost to the Taxpayer – $123 billion.

5.       Lastly, the new ObamaCare Medicaid payroll Tax. This will affect everyone earning an income and conveniently takes affect only after the 2012 election. Minimum Total Cost to the Taxpayer – $86 billion.

 So there you go, put into simple terms these are only five of the new or expanded taxes that ObamaCare will unleash on the American Taxpayers. So next time you here the President or any of his Liberal surrogates say that ObamaCare will save the taxpayer money just take a look at these five items.