Get ready for your life to change. The so-called benefits of ObamaCare don’t start until 2014, but the tax increases, misallocated resources and federal regulations start now.
Speaker Nancy Pelosi famously said the night of ObamCare’s passage, “We have to pass the bill so that you can find out what is in it …” The emerging picture is frightening.
ObamaCare dramatically alters the already-overregulated health insurance market. The federal government will now manage your health care decisions. The law creates a maze of mandates, federal directives, price controls, tax increases and subsidies.
We all begin paying ObamaCare taxes this year. The law includes at last count at least 19 new taxes. As Americans begin to reap the personal financial burden of Obamacare, the movement to repeal it is mounting.
Individuals must pay an annual penalty of $695, or up to 2.5 percent of their annual income, if they don’t purchase an approved health insurance plan. Penalties on families include an annual penalty of $347 per child, up to $2,250 per family, if parents don’t purchase an approved policy.
Most of us have heard about the penalties on employers. Business owners must buy a government-approved health plan or pay a penalty of $2,000 per employee if they have 50 employees or more.
Investors get whacked hard. ObamaCare imposes a 3.8 percent tax on investment income for individuals making $200,000 or more and on families making $250,000 or more. The investment tax is not indexed for inflation, so as time passes more people will be expected to pay. Seniors on fixed incomes and pensioners with IRAs and 401(k) plans will be hit hard.
The so-called “Tax on ‘Cadillac’ health plans” imposes a 40 percent tax on health care plans valued at $10,200 for individuals and $27,500 for families.
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