From a .gov.org PDF file .... a short excerpt ... ............. New Taxes The law will impose an annual limitation on contributions to a health Flexible Spending Account (FSA) to• $2,500 per year, indexed to inflation as measured by the Consumer Price Index (CPI). The law will impose a 2.3% excise tax on medical device manufacturers. It will exempt eyeglasses, contact lenses, hearing aids, and • any device that is generally purchased by the public at the retail level. Estimated to raise $20 billion. The law will eliminate the existing deduction for the subsidy for employers who maintain prescription drug plans for their • Medicare Part D eligible retirees. The law will increase the income threshold for claiming the itemized tax deduction for medical expenses from 7.5% to 10%. • Individuals over 65 would be able to claim the itemized tax deduction for medical expenses at 7.5% of adjusted gross income through 2016. The law will increase the Medicare Part A hospital insurance tax rate by 0.9 percentage points on an individual taxpayer earning • over $200,000 ($250,000 for married filing jointly). It will expands the taxable base to include net investment income in the case of taxpayers earning over $200,000 ($250,000 for joint returns). This is a new category of income for Medicare taxation. Other Miscellaneous Provisions The law will require that health insurance plans must adopt and implement uniform standards and business rules for the electronic • health information. The law will allow states to create a Basic Health Plan for uninsured individuals between 133%-200% of the federal poverty line • (FPL) in lieu of these individuals receiving premium subsidies to purchase coverage in the state based health insurance exchanges. fleming.house.gov/uploadedfiles/hc_timeline.pdf
Posted on: Fri, 27 Sep 2013 01:01:02 +0000
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