Defund Obamacare is great BUT even better is that the House does not implement Obamacare TaxesSubmitted by joeinmo on Thu, 09/12/2013 - 16:58
Defunding Obamacare on the discretionary spending is great, but why isn't anyone putting forward the idea of just not implementing the Obamacare Taxes. The House must implement the taxes for them to move forward, no taxes and a whole lot of Obamacare gets kicked to the curb. Obama can't veto it, because it never gets implemented in the first place.
The following is a whole bunch of taxes that kick in:
Obamacare will tax everyone, even those earning under $250,000 a year.
Individual Mandate Excise Tax(Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following
1% AGI/$95 - 1 adult
1% AGI/$190 - 2 adults
1% AGI/$285 - 3+ adults
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS)
Employer Mandate Tax(Jan 2014): 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 $2000 for all full-time employees. This provision applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
Combined score of individual and employer mandate tax penalty: $65 billion/10 years
Surtax on Investment Income ($123 billion/Jan. 2013): This increase involves the creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income
2013+ (current law)
2013+ (Obama budget)
*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.
Excise Tax on Comprehensive Health Insurance Plans($32 bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). For early retirees and high-risk professions exists a higher threshold ($11,500 single/$29,450 family). CPI +1 percentage point indexed.
Hike in Medicare Payroll Tax($86.8 bil/Jan 2013): Current law and changes:
All Remaining Wages
Obamacare Tax Hike
Medicine Cabinet Tax($5 bil/Jan 2011): Americans no longer able 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)
more here (note info from 2012)