Comprehensive List of Obama Tax Hikes

Posted on September 8, 2011. Filed under: Business, Economics, Government, Life, Politics | Tags: , , , , , , |

Thought you would find this interesting, it’s from the Americans for Tax Reform:

Which one of these tax hikes will destroy the most jobs?

Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:

1. A 156 percent increase in the federal excise tax on tobacco:  On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack.  The median income of smokers is just over $36,000 per year.

2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

  1 Adult 2 Adults 3+ Adults
2014 1% AGI/$95 1% AGI/$190 1% AGI/$285
2015 2% AGI/$325 2% AGI/$650 2% AGI/$975
2016 + 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085
 

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

3. Obamacare Employer Mandate Tax (takes effect 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.  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). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013):  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: Bill: Reconciliation Act; Page: 87-93

  Capital Gains Dividends Other*
2011-2012 15% 15% 35%
2013+ (current law) 23.8% 43.4% 43.4%
2013+ (Obama budget) 23.8% 23.8% 43.4%
 

*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.

5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family).  Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions.  CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:

  First $200,000
($250,000 Married)
Employer/Employee
All Remaining Wages
Employer/Employee
Current Law 1.45%/1.45%
2.9% self-employed
1.45%/1.45%
2.9% self-employed
Obamacare Tax Hike 1.45%/1.45%
2.9% self-employed
1.45%/2.35%
3.8% self-employed
 

Bill: PPACA, Reconciliation            Act; Page: 2000-2003; 87-93

7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect 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). Bill: PPACA; Page: 1,957-1,959

8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs educationBill: PPACA; Page: 2,388-2,389

10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

11. Obamacare “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI).  The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971

16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year.  Phases in gradually until 2018.  Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately).  This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately).  This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108

Read more: http://www.atr.org/comprehensive-list-obama-tax-hikes-a6433#ixzz1XP3MgyYP

Read Full Post | Make a Comment ( None so far )

50 Billion in New Taxes Headed Our Way

Posted on September 6, 2010. Filed under: Business, Government, Legislation, Life, Politics | Tags: , , , , , , , , , |

A Fox News article  gives us the depressing news that the President is out to weigh us down with a new 50 Billion dollar “stimulus” plan that will be paid for by an increase in taxes on oil and gas companies, who will naturally pass those taxes on to us.  (Note, I do not fault the oil and gas companies for passing along this tax burden, it is common business practice to increase your prices when your expenses go up.)

But with gas near $3.00 per gallon, can the typical individual afford even higher gasoline prices?

And with most states drowning in red ink will they really take this stimulus money to build the roads and rail roads it is intended to build, or will they use it to pay existing debt and keep existing workers and projects going?

I’ve reprinted the entire FoxNews article below.

(http://www.foxnews.com/politics/2010/09/06/obama-campaigns-democrats-new-infrastructure-investment-plan/)

(begin article)

In a speech that was part Democratic campaign push, part policy prescription, President Obama on Monday proposed a $50 billion investment in long-term infrastructure projects that he claimed will stimulate the flailing economy, create jobs and refill the exhausted federal highway trust fund.

Speaking to a crowd of union employees at Laborfest in Milwaukee, the president offered a six-year, front-loaded plan to rebuild 150,000 miles of our roads, lay 4,000 miles of railways and restore 150 miles of airport runways.

The proposal also calls for a strategy to build a national high-speed rail network and create an “infrastructure bank” that uses competitive measures to determine which projects receive funding rather than earmarks and grants.

The president said the project will be paid for — assuming congressional support — with tax hikes on oil and gas companies and will cut waste and bureaucracy by consolidating more than 100 duplicative programs. 

“This will not only create jobs immediately, it’s also going to make our economy hum in the long-run,” the president said. “It’s a plan that history tells us can and should attract bipartisan support. It’s a plan that says even in the still-smoldering aftermath of the worst recession in our lifetimes, America can act to shape our own destiny, to move this country forward, to leave our children something better — something that lasts.”

But based on the rest of the president’s speech — and congressional Republicans’ early reactions — it is likely to be a tough sell.

“Americans are rightly skeptical about Washington Democrats asking for more of their money — and their patience,” said Senate Minority Leader Mitch McConnell. “After all, they’re still looking for the ‘shovel-ready’ jobs they were promised more than a year ago. A last-minute, cobbled-together stimulus bill with more than $50 billion in new tax hikes will not reverse the complete lack of confidence Americans have in Washington Democrats’ ability to help this economy.”

A senior official acknowledged before the president’s speech that the administration can’t estimate how many jobs might be created. 

“It would obviously (be) a substantial number of jobs. But just as important is that this would be a sustained program with increased investment over six years so it would be a sustained increase in jobs as well as America’s productivity,” the official said.

The GOP response shouldn’t surprise Obama, who used much of his speech to accuse Republicans of rejecting plans to strengthen the middle class and rebuild the economy.

“Even on things we usually agree, they say no,” Obama said of the GOP. “They just think it’s better to score political points before an election than to solve problems.”

In a combative tone, the president pointed specifically to House Minority Leader John Boehner as he laid into Republicans for objecting to a package last month that sent $26 billion to the states to keep teachers on the payroll and pay for police officers by sending additional Medicaid money so states could redirect that cash for salaries. The bill was paid for with cuts to expanded food stamp payments and higher taxes on multinational corporations.

“You know how we paid for it? By closing one of these ridiculous tax loophole that actually rewarded corporations for shipping jobs and profits overseas,” Obama said. “Even a lot of America’s biggest corporations agreed that this loophole didn’t make sense, agreed that it should be closed, that agreed that it wasn’t fair — but the man who thinks he’s gonna be speaker, he wants to re-open this loophole.”

Obama said he doesn’t want to re-live the past when Republicans led Congress, arguing that not only does the GOP not have new ideas, but the party wants to return to past policies that put the country on a downward spiral. 

“These are the folks whose policies helped devastate our middle class. They drove our economy into a ditch. … And then they’ve got the nerve to ask for the keys back,” Obama said. 

But Republicans offered a few reminders for voters as well. Boehner issued a statement recalling that the Obama administration said if the $814 billion stimulus bill passed, unemployment would not rise above 8 percent. It now stands at 9.6 percent, its 19th consecutive month above 8 percent and 16th consecutive month above 9 percent.

“If we’ve learned anything from the past 18 months, it’s that we can’t spend our way to prosperity,” Boehner said in a statement. “We don’t need more government ‘stimulus’ spending — we need to end Washington Democrats’ out-of-control spending spree, stop their tax hikes and create jobs by eliminating the job-killing uncertainty that is hampering our small businesses.”

(end article)

And he is doing this new tax initiative as something for Democrats to run on this November.  “Vote for me, I want to increase your taxes by 50 Billion dollars” … I think he is losing touch with reality.

That’s my 2 cents.

 

Read Full Post | Make a Comment ( None so far )

  • My charming self

  • Subscribe to My Newsletters

  • Visit My Website

  • Connect With Me

    View Brock Henderson's profile on LinkedIn
  • Twitter

  • Get Increased Traffic to Your Web Site

  • August 2017
    M T W T F S S
    « Aug    
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
  • Top Posts

  • Archives

Liked it here?
Why not try sites on the blogroll...