Tuesday, July 17, 2012

ObamaCare - 26 New Taxes

Socialist President Obama has promised many times that he would never raise taxes on anyone earning less than $250,000.  Well guess what, like on so many things, Obama LIED.  ObamaCare has 26 new taxes in it, 75% of which will hit the Middle Class.  Let's start with the infamous Mandate requiring that all buy Medical Insurance.   By 2016, families will have to pay about $2,085 if they cannot afford to buy medical insurance.  The IRS Gestapo will take the money right out of your paycheck. Next up is the Medicine Cabinet Tax, which eliminates various over the counter drugs from Medical Savings Accounts, which effectively increases taxable income.  Obama has further limited the amount of money people can put in Flexible Spending Accounts to $2,500 again effectively raising taxable income. 

In addition, Obama has made it harder to use the Medical Itemized Deduction raising the hurdle from 7.5% to 10% of adjusted gross income before anyone can claim medical expenses as a tax deduction, again increasing taxable income.  The early withdrawal of monies from a Medical Savings Account use to result in a 10% tax; now it will be 20%.  God forbid you should go to a tanning salon because now you will pay a 10% tax to get that golden tan you always wanted.  And, if your company chooses to provide you a Cadillac Insurance Plan, giving you great medical insurance coverage, guess what they will have to pay a 40% excise tax, which means bye bye to Cadillac Medical Insurance Plans.

There are 13 other taxes in ObamaCare that apply to business and or people with higher incomes that are job killers.  In fact, independent organizations have estimated that ObamaCare will result in the loss of nearly one million jobs because of all these taxes and fees.   It is only common sense.  If companies see a rise in their expenses, they will hire fewer people and ship more jobs overseas.   There is a 2.3% excise tax on the price of medical devices, which will raise the cost of medical insurance passed on to consumers.  And, for people earning more than $250,000, often small businesses that are the job creators in our country, Capital Gains tax will go from 15% to 23.8% and on Dividends from 15% to 43.4%.  Sub Chapter S Corporations, many small businesses, will see their income tax rate go up from 35% to 43.4%.   Bye, Bye Jobs. 

Studies show that 20 million Americans will lose their company sponsored medical insurance because of ObamaCare.   So much for Obama's promise that you can keep the medical insurance you have now.  Some people will get subsidies to buy insurance on the state or federal exchanges, while many others will be left to pay the full premium, or the fine going without any medical insurance because the cost will be prohibitive.  

ObamaCare must be REPEALED; but it will not happen as long as Obama and his Socialist Pals in Congress remain in office, which is the reason we must sweep them all out of office in 2012 and 2014.   We must make Obama a one term President by electing Mitt Romney, the next President of the United States to restore economic growth, job creation and prosperity again in our country.   We can do it.  We must do it preserve our freedom, our nation and way of living for the sake of our children and grandchildren.  ObamaCare is a monstrosity.  It has to go along with the Socialists that imposed it on the American people. 

P.S.  To donate to Mitt Romney's campaign to make Obama a one term President, just go to mittromney.com and click on Donate.   Once on the page, look for the line that says, I know my Referrers number, click on the box and type in 8544, the National Freedom Forum Referral number to make our voices heard. Give as much as you can to take back our country.

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