If you read nothing else, you should read the underlined bold type. Ignorance is not bliss, it is just ignorance and how we got in this situation. The Hidden Obamacare Taxes That Will Crush The Middle Class By Money Morning Staff Reports 11/25/2013 -------------------------------------------------------------------------------- Get ready to be blindsided by a barrage of new taxes. $1 trillion worth... Theyll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare. And they wont just be affecting those who make over $250,000. The bulk of these taxes will be passed on directly to the middle class. Thats because while a majority of these stealth taxes were designed to be taxes on businesses and hidden, theyre actually transferred directly to ordinary citizens. MORE: How much extra will you have to pay? To see how Obamacare taxes will directly affect your paycheck, go here [link]. They include the investment income surtax, real estate tax, a new Medicare payroll tax, even a tanning tax on those who utilize indoor tanning services. Many of those [hidden] taxes, especially those on hospitals, insurers and medical device manufacturers, will be passed on immediately through higher health costs, said Michael Tanner an expert on the healthcare law. In fact, analysts estimate Obamacare will cost the average taxpayer nearly $6,000 in extra taxes as early as next year. Those above $250,000 will pay about $25,000 (10%) more. Obamacare Tax Hikes Stoke Outrage Many of the Obamacare taxes are already in effect, others will hit January 1. But they are already infuriating millions of Americans who are starting to understand why items cost so much more. While even Obamacare detractors applaud the requirement that insurance companies cover pre-existing conditions and put a stop to lifetime caps on benefits, they say these laudable benefits dont compensate for the bills high cost - especially in new taxes. The “subsidies” make it another welfare program and the taxes and reduced benefits help pay for it. According to most experts, Obamacare will create a total of twenty six new taxes or tax hikes on the American people. In fact, the Obama administration has already given the IRS an extra $500 million each year hiring 1600 new agents to enforce the rules and regulations of Obamacare. The new taxes dont bode well for millions of middle-class Americans. Incomes for the rich have soared this decade along with their taxes to historic levels. But middle class workers have seen their wages stagnate and even drop since the 2008 Great Recession and they too will be paying much higher taxes. The increased income of the rich has been taken by the government instead of creating jobs businesses, jobs, and opportunities for the middle class. Instead of investing, the rich have to pay more taxes. Businesses now pay over 1/2 their earnings in taxes then what is left to be paid in salaries is taxed again by the employed and owners of the companies (stock holders). Currently, over 75% of all corporate earnings go to taxes one way or the other. That will increase to around 85% next year leaving only 15% to invest in higher salaries, new jobs, new businesses, expansion or research and development. Instead of expanding jobs and income so more people pay reasonable taxes, the government simply takes more taxes from the existing tax base until it collapses. Why? Because the voters already on welfare (which now includes free healthcare) outnumber the people paying the bills. Only 5% of Americans and businesses pay about 73% of the taxes. The rest is paid by the 28% of middle class workers. 54% of the population pays nothing in taxes and receives an average of $20,000 per year per family in welfare. But, all the taxes currently collected won’t pay for all the welfare given away which is why we have also accumulated a multi-trillion dollar deficit for the next generations to suffer through. Many fear Obamacare with its high insurance costs and new taxes, could provide the middle class a fatal blow. The 26 new Obamacare taxes are making Americans eyes pop out in disbelief. Take a look. Of course, the Obamacare plan was primarily designed to decrease the number of uninsured Americans and reduce healthcare costs. That is what they said, not what they did. Many experts are saying it will have the exact opposite effect. Thats just one of the reasons why Republicans hoped to defund Obamacare before January. But theyre just as scared of getting voted out by the welfare crowd as the Democrats. They claim that the taxes and costs needed to pay for Obamacare will crush the middle class and most U.S. taxpayers, as well as trigger job losses. Tax experts say you should try to estimate how much you will have to pay when the law goes into full effect - and take precautions to limit the damage to your bottom line by considering reducing your income to qualify for subsidized insurance or if you’re a business consider downsizing and outsourcing outside the U.S..
Posted on: Mon, 25 Nov 2013 14:31:26 +0000
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