Individual Mandate Tax: Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax of up to $1,485.
Hike in Medicare Payroll Tax: For self-employed idividuals, the Medicare tax jumps from 2.9% to 3.8%. For businesses with employees, a firm’s “matching” Medicare tax jumps from 1.45% to 2.35% of employee salaries.
Employer Mandate Tax: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees.
Excise Tax on Comprehensive Health Insurance Plans: Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family).
Medicine Cabinet Tax: No longer allowable to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
HSA Withdrawal Tax Hike: Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent.
Excise Tax on Charitable Hospitals: $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS.
Tax on Innovator Drug Companies: $2.3 billion annual tax on the industry imposed relative to share of sales made that year.
Tax on Medical Device Manufacturers: $2 billion annual tax on the industry imposed relative to shares of sales made that year.
Tax on Health Insurers: $10 billion annual tax on the industry imposed relative to health insurance premiums collected that year.
“The Senate bill stipulates that two unmarried people, 52 years of age, with private insurance and a combined income of $60,000, $30,000 each, will pay a combined cost of $2,483 for medical insurance,” Quist wrote. “Should they marry, however, they will pay a combined cost of $11,666 for insurance — a penalty of $9,183 for getting married.”
The numbers are based on the government’s definition of “poverty level.” Those above poverty level will pay higher premiums, and the excess would be redistributed to those in lower income levels.
[…]John Helmberger, CEO of the Minnesota Family Council and Institute, said the middle class will once again take the hit financially.
“This hidden marriage penalty,” he said, “hits hardest the very people that are most suffering from the pathologies resulting from the decline of marriage in our culture.”
I recommend that all my readers click through to Dr. J’s post and read her comments about Christian liberals who vote for government-run health care, thinking that it doesn’t destroy marriage and family. The left is dominated by anti-family types who think men and women are interchangeable, and that means the traditional family is in their crosshairs.
The stimulus bill will cause tax increases
Second, Hans Bader writes about the stimulus bill taxes for the Competitive Enterprise Institute. (H/T ECM)
The federal government’s $800 billion stimulus package, which failed to cut unemployment, is now forcing states and local governments to raise taxes. The Wall Street Journal describes how “stimulus dollars came with strings attached that are now causing enormous budget headaches . . . At the behest of the public employee unions, Congress imposed ‘maintenance of effort’ spending requirements on states. These federal laws prohibit state legislatures from cutting spending on 15 programs,” such as ”welfare, if the state took even a dollar of stimulus cash,” even if a state’s tax revenue has since fallen due to the recession. “So when states should be reducing” their spending ”to match. . . lower revenue collections, federal stimulus rules mean many states will have little choice but to raise taxes.”
[…]The stimulus package actually destroyed thousands of real world jobs by triggering trade wars with Canada and Mexico that killed jobs in America’s export sector (the stimulus package barred a measley 97 Mexican truckers from U.S. roads, a minor NAFTA violation that led to massive Mexican retaliation against U.S. exports of 40 farm products and kitchen goods worth $2.4 billion). It also is wiping out jobs by inflicting costly mandates on state governments (such as repealing welfare reform, and imposing costly “prevailing wage” regulations and expensive racial set-asides).
Don’t elect a radical leftist during a recession.