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Obamacare:
Taxing The American People Into Oblivion
"Death and taxes may be inevitable,
but they shouldn't be related"
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| Steve
Watson and Paul Watson
Infowars.net
Tuesday, March 23rd, 2010 |
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 H.R.
3590, The Patient Protection and Affordable Care Act,
to give it its full title, is rammed full of tax increases which
will further economically cripple Americans already laboring
under the worst financial crisis since the great depression.
The partnering Reconciliation Act, currently in the Senate,
also contains a raft of pork barrel and tax hikes, there to
fund the trillion dollar cost of nationalizing medicine.
As reported by Bloomberg
News today, analysis by the nonpartisan congressional
Joint Committee on Taxation reveals that the bill will generate
$409.2 billion in additional taxes by 2019.
In addition, the Congressional Budget Office states that the
bill also levies almost $69 billion more in penalties for those
who fail to meet mandates to buy insurance.
The Journal
of Accountancy boils down some of the tax hikes
and penalty fees in H.R. 3590 and the Reconciliation Act - the
highlights include:
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.
Business Insider boils down 15 more tax hikes here
- highlights include:
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.
Yet more tax provisions in the bill are highlighted by INvestors
Business Daily in their piece titled 20
Ways ObamaCare Will Take Away Our Freedoms
- highlights include:
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).
As a candidate and President, Barack Obama has had one core
message for middle class Americans: I won't raise your taxes.
By putting his name to the health care reform bill today he
has swiftly put to bed any pretence that he would uphold that
pledge (multi-trillion dollar bailouts aside).
While the new taxes on individuals are bad enough, the penalties
imposed on pharmaceutical corporations, health insurers and
employers are will inevitably serve as a double whammy as the
hikes will undoubtedly be passed on to the general public in
the form of higher costs.
"Simply, you have nationalized healthcare by proxy."
writes Jonah Goldberg of the LA
Times.
"Insurance companies are now heavily regulated government
contractors. Way to get big business out of Washington! They
will clear a small, government-approved profit on top of their
government-approved fees. Then, when healthcare costs rise --
and they will -- Democrats will insist, yet again, that the
profit motive is to blame and out from this Obamacare Trojan
horse will pour another army of liberals demanding a more honest
version of single-payer."
"The Obama administration has turned the insurance industry
into the Blackwater of socialized medicine." Goldberg concludes.
A
swift dose of propaganda is sure to silence some
critics. However, if the softly softly approach fails, the myriad
of new taxes and regulations contained in the Obamacare bill
will be aggressively enforced by no less than 16,500 new "combat
trained" IRS
agents armed to the teeth with shotguns, who will
also closely scrutinize Americans' income tax returns and be
waiting to pounce should they find evidence of anyone trying
to avoid paying for mandatory government health care.
Even if you agree with socialized health care in principle,
the fact is that this will only benefit the
insurance companies who wrote it. Meanwhile millions
of Americans will be subjected to more taxation, harassment,
and oppression at the hands of a federal government run amok.
An out of control leviathan, hell-bent on an agenda to control
every aspect of your life, as they lay in wait to exploit the
momentum achieved through the passage of Obamacare by ramming
through nightmare
cap and tax levies to further financially castrate
already beleaguered Americans.
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