Less than two months from now, the threshold after which medical expenses are deductible will rise from 7.5% to 10%. This will be a very serious problem for many people – some who voted for Obama and don’t know it. There are 24 million Americans who have Flexible Spending Accounts; and doubtlessly, many voted for Obama. In less than two months, a new federally-imposed $2,500 annual cap will take the place of the current $5,000. With the price of a set of braces at about $5,000 or more, the applicable medical bills of middle class families will quickly surpass $2,500. It will be bad enough that Susie can’t get her overbite fixed; but when her developmentally-challenged brother Billy needs to go to a special private school their parents must pay for, Billy will be warehoused in a city school with 15 other kids. When this happens, his parents who supported Obama will have to watch him regress. Do things like this make a difference? Ask the 13.5 million Americans whose Health Savings Accounts already keep them from purchasing over-the-counter medicines with pre-tax income. To pay for Obamacare, in less than two months, the capital gains tax goes from 15% to 20% with a surtax pushing it to 23.8%; and the top dividend rate zooms from 15% to 39.6% (and its surtax level moves its effective cost to 43.4%.) Many of those who will be destroyed by these new taxes voted for Obama. Nevertheless, the rest of us will suffer right along with them. Those who believe that the investor class will continue to invest under these circumstances are simply naïve. When the last of them are bled white or have left the country, the curtain comes down on America. Read more at westernjournalism/the-plagues-obamacare-will-bring-us-come-jan-1/#I1p7lEo6gpbgB3yd.99
Posted on: Sat, 16 Aug 2014 04:07:37 +0000
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