New Taxes and Fees to Pay for ObamaCare
The Affordable Care Act has added new fees and taxes to do just that. Some of these new taxes and fees directly affect insurers. The Act has added seventeen new taxes that will affect most Americans directly in some way.
The one question everyone wants an answer to is how much it will cost the world of struggling small businesses. It appears that small businesses with at least 50 employees and do not currently offer health insurance to their employees could take the hardest hit.
The Kaiser report states that, “more than 90 percent of businesses with 51 or more workers already provided coverage in 2011 and only 57 percent of businesses with 50 or fewer employees provided health benefits.”
Critics of ObamaCare believe that it will hurt business expansion and job growth. Advocates feel in the end it will save businesses money.
Here are a few of the new taxes that will go to pay for ObamaCare:
ü “3.8% surtax on investment income. This is for anyone who has an adjusted gross income of more than $200,000.”
ü “0.9% surtax on Medicare taxes. This is for those who make more than $200,000.”
ü “Any Flexible Spending Account contributions will be capped off at $2,500.”
ü “Itemized-deduction for medical expenses is going up to $10,000.”
ü “Penalties on non-medical withdrawals from Healthcare Savings Accounts have risen from 10% to 20%.”
ü “Indoor tanning services will see a tax of 10%.”
ü “Starting in 2018 the “Cadillac Health Care Plans” will get a 40% tax.”
ü “Tax that eliminates the ability to pay for over-the-counter medicines.”
ü “For those who do not purchase health insurance they will see a penalty tax…”
ü “Medical devices that cost more than $100 will also be taxed.”