Welcome to FinHeaven Fans Forums! We're glad to have you here. Please feel free to browse the forum. We'd like to invite you to join our community; doing so will enable you to view additional forums and post with our other members.



VIP Members don't see these ads. Join VIP Now
Results 1 to 6 of 6

Thread: Five Major Taxes from the ACA that take Affect Next Year

  1. -1
    LouPhinFan's Avatar
    Hall Of Famer

    Status:
    Offline
    WPA:
    Join date:
    Sep 2006
    Posts:
    5,244
    vCash:
    10173
    Loc:
    Louisville, KY
    Thanks / No Thanks

    Five Major Taxes from the ACA that take Affect Next Year

    Yikes, this is not good folks.


    While the individual mandate tax gets most of the attention, the ObamaCare law actually contains 20 new or higher taxes on the American people. These taxes are gradually phased in over the years 2010 (with its 10 percent “tanning tax”) to 2018 (when the tax on comprehensive health insurance plans kicks in.)

    Six months from now, in January 2013, five major ObamaCare taxes will come into force:

    Read more: http://www.foxnews.com/opinion/2012/...#ixzz1zr4MtriZ
    Since some of you will see it's from Fox News' website and won't read it, here's the 5 taxes:

    1. The ObamaCare Medical Device Manufacturing Tax
    2. The ObamaCare High Medical Bills Tax
    3. The ObamaCare Flexible Spending Account Cap
    4. The ObamaCare Surtax on Investment Income
    5. The ObamaCare Medicare Payroll Tax increase

    That cap on FSAs is pretty blatant. That benefits no one except the tax collectors.
    #freespesh

    Quote Quote  

  2. -2
    JTC111's Avatar
    Lookin' for Lee Ho Fooks

    Status:
    Offline
    WPA:
    Join date:
    Jul 2012
    Posts:
    2,842
    vCash:
    21688
    Loc:
    Kings Park, NY
    Thanks / No Thanks
    There are good and bad things in the bill. I don't think anyone is disputing that. Perhaps there could have been better solutions but one party decided to not be a constructive participant in the process. Remember, the PPACA was born of ideas the GOP had been pushing. This was their baby until Obama got on board and then it became a frothy mixture of socialism and communism and Nazism and anti-Christianism and pro-Muslimism and death-panelism and anti-businessism and anti-freedomism and all that kind of crap. Yes, this was a Republican idea, something that they'd thought about for a longer time than the Democrats had. It stands to reason that their participation in the process, if their goal was to produce good legislation for the American people as a whole, would have produced a bill with which you'd have been much happier. Instead, they chose to act like petulant children, engage in hissy fits before the cameras, and pander to a base that has become so radical as to defy even the most minimal standards of common sense. I think your ire is pointed in the wrong direction.
    Quote Quote  

  3. -3
    LouPhinFan's Avatar
    Hall Of Famer

    Status:
    Offline
    WPA:
    Join date:
    Sep 2006
    Posts:
    5,244
    vCash:
    10173
    Loc:
    Louisville, KY
    Thanks / No Thanks
    My ire is pointed at the bill which is a bloated piece of crap. Trust me, I have plenty of ire for Congress.
    Quote Quote  

  4. -4
    phins_4_ever's Avatar
    FinHeaven VIP

    Status:
    Offline
    WPA:
    Join date:
    Oct 2008
    Posts:
    4,357
    vCash:
    23004
    Thanks / No Thanks
    Quote Originally Posted by LouPhinFan View Post
    Yikes, this is not good folks.



    Since some of you will see it's from Fox News' website and won't read it, here's the 5 taxes:

    1. The ObamaCare Medical Device Manufacturing Tax
    2. The ObamaCare High Medical Bills Tax
    3. The ObamaCare Flexible Spending Account Cap
    4. The ObamaCare Surtax on Investment Income
    5. The ObamaCare Medicare Payroll Tax increase

    That cap on FSAs is pretty blatant. That benefits no one except the tax collectors.
    Let's step into reality....

    1. If you have a 30-50% profit margin on medical equipment manufactured in Taiwan in sweat shops I think you can handle a couple of percentage points.

    2. The High Medical Bills Tax affects the upper 1%. A poor person without insurance is surely not worried about tax breaks of a couple % as a high medical bill most-likely would mean bankruptcy. A person who is insured will also have very little extra cost as most medical bills are covered. It affects those of course who have income and means to pay for medical bills out of pocket. I.e. a real life example: A friend of mine who is considered to be part of the 1% needed a minor surgery. Though he could have gotten the same care at home (Florida) he decided to go into a hospital where he grew up. Medical travel cost are deductible. So he hopped in his plane, flew to Rochester, had surgery, out after a couple days, visited friends and family and then hopped on his plane and flew to Vale, CO to 'recoup' (Doctor's orders). The plane bill was a lousy $450,000 and then you add resort cost. I know that because in a discussion he was very upset about this section.

    3. FSA accounts are subject to abuse. Most FSA accounts come with a debit card which includes a Visa/MC logo. It is impossible to track which money was spend on actual medical expenses and what was spend on other things (including cash back option). The average person would not be able to add more than $2500 per year anyways. But this program became a haven for tax free income and then spent it on anything. I know that because I am paying into these accounts for my employees (for the deduction part) and each insured gets a card like that. This too hits the well off. I am cool with that.

    4. Now who would be afected by that? What social group..... The poor? The average American? I think the loss for these two groups will be easily offset by tax savings under the ACA. It probably will hit the upper social group who have millions in investments. Oh no......

    5. The increase in payroll tax is 1.45%. Later it will increase an additional 0.9% to 2.4% for income above $200,000 (single)/$250,000 (married). It will hit the large corporations but barely puts a dent into small and medium sized business. I am cool with too.

    There is a reason why hardly anybody here reads FoxNews. They leave the most important stuff out or make news to fit their agenda.

    The ACA hits the rich and super rich. Gotta give Obama credit that he was able to slide that by Boehner and Co.
    Quote Quote  

  5. -5
    LouPhinFan's Avatar
    Hall Of Famer

    Status:
    Offline
    WPA:
    Join date:
    Sep 2006
    Posts:
    5,244
    vCash:
    10173
    Loc:
    Louisville, KY
    Thanks / No Thanks
    Quote Originally Posted by phins_4_ever View Post
    Let's step into reality....

    1. If you have a 30-50% profit margin on medical equipment manufactured in Taiwan in sweat shops I think you can handle a couple of percentage points.

    2. The High Medical Bills Tax affects the upper 1%. A poor person without insurance is surely not worried about tax breaks of a couple % as a high medical bill most-likely would mean bankruptcy. A person who is insured will also have very little extra cost as most medical bills are covered. It affects those of course who have income and means to pay for medical bills out of pocket. I.e. a real life example: A friend of mine who is considered to be part of the 1% needed a minor surgery. Though he could have gotten the same care at home (Florida) he decided to go into a hospital where he grew up. Medical travel cost are deductible. So he hopped in his plane, flew to Rochester, had surgery, out after a couple days, visited friends and family and then hopped on his plane and flew to Vale, CO to 'recoup' (Doctor's orders). The plane bill was a lousy $450,000 and then you add resort cost. I know that because in a discussion he was very upset about this section.

    3. FSA accounts are subject to abuse. Most FSA accounts come with a debit card which includes a Visa/MC logo. It is impossible to track which money was spend on actual medical expenses and what was spend on other things (including cash back option). The average person would not be able to add more than $2500 per year anyways. But this program became a haven for tax free income and then spent it on anything. I know that because I am paying into these accounts for my employees (for the deduction part) and each insured gets a card like that. This too hits the well off. I am cool with that.

    4. Now who would be afected by that? What social group..... The poor? The average American? I think the loss for these two groups will be easily offset by tax savings under the ACA. It probably will hit the upper social group who have millions in investments. Oh no......

    5. The increase in payroll tax is 1.45%. Later it will increase an additional 0.9% to 2.4% for income above $200,000 (single)/$250,000 (married). It will hit the large corporations but barely puts a dent into small and medium sized business. I am cool with too.

    There is a reason why hardly anybody here reads FoxNews. They leave the most important stuff out or make news to fit their agenda.

    The ACA hits the rich and super rich. Gotta give Obama credit that he was able to slide that by Boehner and Co.
    I don't know who administer's your FSA but if done properly it is very traceable.
    Quote Quote  

  6. -6
    phins_4_ever's Avatar
    FinHeaven VIP

    Status:
    Offline
    WPA:
    Join date:
    Oct 2008
    Posts:
    4,357
    vCash:
    23004
    Thanks / No Thanks
    Quote Originally Posted by LouPhinFan View Post
    I don't know who administer's your FSA but if done properly it is very traceable.
    Mellon via Blue Cross Blue Shield. Not traceable or hard to trace.
    Quote Quote  

Similar Threads

  1. 7,000 Millionaires Paid Zero Taxes Last Year
    By rob19 in forum Political | War Forum
    Replies: 10
    Last Post: 10-14-2012, 03:37 PM
  2. Replies: 15
    Last Post: 09-22-2005, 12:26 AM
  3. How does Booker affect Boston next year?
    By Nublar7 in forum Miami Dolphins Forum
    Replies: 9
    Last Post: 08-21-2004, 11:23 PM
  4. Replies: 7
    Last Post: 08-07-2004, 01:26 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •