Question by Do your thing: Is Obamacare really just a hostile takeover of the United States Health Industry & has nothing to do with H.C.?
The U.S. Senate recently released its long-awaited proposal for a government-run hostile takeover of the entire U.S. health care system. Predictably, it includes a barrage of higher taxes to pay for the bill’s immense price tag. [...]
All these increases, combined with state and local income taxes, would raise the average top marginal rate in the U.S. to over 52 percent. This would be higher than traditionally high-tax countries such as Italy, Spain, and even France. [...]
Below is a list of the tax increases Congress and the Administration have proposed to finance health care reform. This list includes taxes in the bill passed by the House of Representatives, the bill the Senate is currently debating, and other taxes mentioned as a possible way to pay for health care reform.
•An income surtax on taxpayers earning more than $ 500,000 a year,[1]
•An excise tax on high-cost “Cadillac” health insurance plans that cost more than $ 8,500 a year for individuals or $ 21,000 for families,[2]
•An excise tax on medical devices such as wheelchairs, breast pumps, and syringes used by diabetics for insulin injections,[3]
•A cap on the exclusion of employer-provided health insurance without offsetting tax cuts,[4]
•A limit on itemized deductions for taxpayers with a top income tax rate greater than 28 percent,[5]
•A windfall profits tax on health insurance companies,[6]
•A value-added tax, which would tax the value added to a product at each stage of production,[7]
•An increase in the Medicare portion of the payroll tax to 3.4 percent for incomes great than $ 200,000 a year ($ 250,000 for married filers),[8]
•An excise tax on sugar-sweetened beverages including non-diet soda and sports drinks,[9]
•Higher taxes on alcoholic beverages including beer, wine, and spirits,[10]
•A tax on individuals without acceptable health care coverage of up to 2.5 percent of their adjusted gross income,[11]
•A limit on contributions to health savings accounts,[12]
•An 8 percent tax on all wages paid by employers that do not provide their employees health insurance that satisfies the requirements defined by the Secretary of Health and Human Services,[13]
•A limit on contributions to flexible spending arrangements,[14]
•Elimination of the deduction for expenses associated with Medicare Part D subsidies,[15]
•An increase in taxes on international businesses,[16]
•Elimination of the tax credits paper companies take for biofuels they create in their production process–the so-called “Black Liquor credit,”[17]
•Fees on insured and self-insured health plans,[18]
•A limit or repeal of the itemized deduction for medical expenses,[19]
•A limit on the Qualified Medical Expense definition,[20]
•An increase in the payroll taxes on students,[21]
•An extension of the Medicare payroll tax to all state and local government employees,[22]
•An increase in taxes on hospitals,[23]
•An increase in the estate tax,[24]
•Increased efforts to close the mythical “tax gap,”[25]
•A 5 percent tax on cosmetic surgery and similar procedures such as Botox treatments, tummy tucks, and face lifts,[26]
•A tax on drug companies,[27]
•An increase in the corporate tax on providers of health insurance,[28] and
•A $ 500,000 [...] Continue Reading…
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