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Archive for the ‘ObamaCare’ Category

ObamaCare Has Increased Taxes

Posted by taxguru on September 23, 2014

From a Client:

Subject: Kerry, do you happen to know…

Kerry, at a recent Round Table one of our Members made the assertion that “the ACA is lowering the cost of care.”  To which I retorted, “yes, but at the taxpayers’ expense.” To which he responded “the tax rates haven’t increased since 2008.”

It’s hard for me to believe that millions of Americans are getting basically a “free lunch – or heavily subsidized health plan (or even expanded Medicaid)” without more tax dollars going toward it.  Figured you know these things.  Is there something you can point me to that broadly covers how the tax structure (for those who are paying taxes) has changed since 2008 in general, and particularly since 2010, when the ACA went into effect.  Many thanks in advance,


My reply:

Your gut feeling was correct and the member was wrong.

The actual increase in taxes for ObamaCare is spread out over a number of ways.

As you can see on this handy recap of Federal tax rate brackets, there was a new 39.6% bracket added to individual income tax rates for 2013. From 2003 through 2012, the top rate was 35%.

On top of that, there was also a new 3.8% tax starting in 2013 on net investment income that was directly from the ObamaCare legislation. That tax, on Form 8960, actually cost you $5,806 for 2013.

Additionally, the maximum tax rate on long term capital gains has increased from 15% (2008-2012) to 20% (2013 & after).  While some may look at that as just a five percent increase, it actually represents a 33.3% increase from the previous top rate.

There is an interesting article on states having to pay additional costs for ObamaCare:

Who’s paying the new Obamacare tax? You

Overall, the percentage of taxes being paid by the top earners in this country continues to increase every year.  There are lots of articles on this, such as this one:

The rich do not pay the most taxes, they pay ALL the taxes

One aspect that is swept under the rug is the fact that a lot of the increased spending by the Federal government isn’t really being paid directly by anyone right now because it is being borrowed from the Chinese government. The fact that those loans, plus interest, will need to be repaid someday, is something our rulers in DC refuse to acknowledge as they keep adding trillions of dollars to the debt.

I hope this info is useful for you.

Kerry

 

Follow-Up:

This is great! Thank you very much….now I just need to break it to him!

 

 

Posted in ObamaCare, TaxHikes | Comments Off on ObamaCare Has Increased Taxes

Shouldn’t Dims pay more than the rest of us?

Posted by taxguru on March 2, 2014

If restaurants could know the political affiliation of their customers, the proper thing to do would be to make the DemonRats pay for all of the extra ObamaCare costs that they have forced down the throats of businesses.

Fla. Restaurant Chain Adds Obamacare Surcharge

 

Surprise: Restaurants in Fla., Calif. Charge Customers for Obamacare

 

 photo WaiterACACost_zps1e48a3e8.jpg

 

 

Posted in ObamaCare | Comments Off on Shouldn’t Dims pay more than the rest of us?

Presumed Guilty

Posted by taxguru on March 2, 2014

Just a reminder that, just as with anything IRS handles, we peons start off as being guilty of violating their rules and we have to spend the time and money to prove our innocence.

 

 photo ProveNotGuilty140301_zpsdfa5b2e1.jpg

 

IRS Warns: Obamacare Tax Must Be Paid with Tax Return –  Or as they euphemistically call it, a “Shared Responsibility Payment.” 

 

The IRS is Trying to Make its Letters Less Confusing…Really –  As confusing as their notices are, IRS is always assumed to be right and we have the uphill battle of proving that isn’t the case.

 

Posted in IRS, ObamaCare | Comments Off on Presumed Guilty

Dealing with ObamaCare…

Posted by taxguru on January 13, 2014

Home Depot’s Bernie Marcus: America to get very hurt by Obamacare –  Again, this is no surprise to anyone who has been following the BHO Regime’s systematic agenda to destroy the private sector economy.

 

What if Americans rebel against the Obamacare mandate? – The best way to fight is to refuse to comply.  This article also has a reminder that the so-called penalty for not complying is somewhat toothless.  IRS can only take it out of refunds and cannot enforce its actual payment. Skipping insurance entirely and working with the growing number of concierge style doctors seems like the best solution to this.

 

Posted in ObamaCare | Comments Off on Dealing with ObamaCare…

How will IRS do as ObamaCare enforcer?

Posted by taxguru on October 29, 2013

Byron York can expect an IRS audit notice for pointing out these shortcomings by the agency that will soon have much more power over our lives.

 Arrival of Obamacare puts focus on IRS tax-credit scandal 

 

IRS tax-credit scandal a bad omen for Obamacare

 

 

IRS pays illegals $4.2 billion while stalling tea parties  –  They have their agenda.

 

Rush Limbaugh is used to heavy IRS harassment; so he had no hesitation in providing this explanation of how to avoid the penalties for not buying the mandated health insurance.  The one flaw in Rush’s strategy is the assumption that IRS will obey this aspect of the 2,500 page ObamaCare legislation.  Based on past performance, it’s safe to assume that IRS will not abide by this limitation on their ability to force payment of the penalty by using their normal hard-ball aggressive tactics.  

Opt-Out Obamacare Penalty Can’t Be Enforced — Unless You Get a Tax Refund  

 

Politico: Rush is Right on Obamacare Tax

 

 

Posted in IRS, ObamaCare | Comments Off on How will IRS do as ObamaCare enforcer?

New ObamaCare Taxes

Posted by taxguru on September 17, 2013

A great infographic of many of the new taxes created by the insane ObamCare law.

Click on the thumbnail version below for full size or check out the source page. It’s huge.

  New ObamaCare Taxes photo ObamaCareTaxes_Infographic-700x5592_zpsa9adc47a.jpg

Posted in NewTaxLaws, ObamaCare | Comments Off on New ObamaCare Taxes

Posted by taxguru on September 12, 2013

Study: ObamaCare could cost billions more than anybody projected –  Another “duh” moment.  It has long been standard operating procedure for our Rulers in DC to intentionally lie about the expected costs of new government programs in order to get the votes needed to pass.  Social Security and Medicare have actual costs thousands of times more than their supporters had claimed.  By the time the true costs are apparent, it’s too late to go back and undo the program.  The BHO Regime and his fellow DemonRats in Congress lied their asses off about the costs of this fiasco and now are pretending to act all shocked and surprised about it. 

 

More proof that IRS hit-woman Lois Lerner belongs in prison; but will most likely receive a big promotion and pay raise for her efforts to assist the BHO Regime in suppressing opposition. 

Lois Lerner Emails undercut the official IRS story on political targeting. –   WSJ

Emails show IRS official Lerner involved in Tea Party screening –  FoxNews

 

 

 

 

Posted in ObamaCare | Comments Off on

ObamaCare = Economic Terrorism

Posted by taxguru on September 10, 2013

The Rich and Sick Taxed to Pay for Health Care Reform –  As if nobody could see this coming from miles away, in spite of the lies from the DemonRats and their stooges in the media.

 

Now it’s the 43 percent: Fewer paying no income tax –  As the new ObamaCare taxes kick in, even more people will be paying taxes for their “free” healthcare.

 

GOP: Obama promised health premiums would drop $2,500; Fact: They’re up $3,000 –  Another bit of non-news that anyone who understands the effects of government meddling in the free market could have predicted.

 

Let’s face it: The US job market is dead in the water and not getting better –  Exactly as orchestrated by our Messiah, BHO The Magnificent.  His willful and  intentional destruction of the private sector economy continues unabated. 

 

The destructive powers of the insane ObamaCare legislation have already begun and will do a ton of damage to just about everybody.

Business Owners May Face $100-Per-Day Penalty Under ObamaCare

Consumers could be surprised at tax time due to federal health law

 

It’s not only current workers who are getting screwed over by our new socialized medical system.

IBM, Time Warner retiree changes to health care called harbingers of a trend

GE, IBM Ending Retiree Health Plans in Historic Shift

 

Groups race to hire, train ‘Obamacare’ guides –  The one guaranteed growth industry –  dealing with the ever expanding piles of government BS. 

 

Obamacare Medical Device Tax Causes One Company to Lay Off Over 1,000 People

 

 

Posted in ObamaCare | Comments Off on ObamaCare = Economic Terrorism

IRS Issues ObamaCare Regs

Posted by taxguru on August 28, 2013

Let the insane fun begin…

From CCH:

IRS Finalizes Regulations on Shared Responsibility Payment for Not Maintaining Minimum Essential Coverage Under Affordable Care Act 

 

From Reuters:

IRS issues final rules on Obamacare’s ‘individual mandate’

 

Posted in ObamaCare | Comments Off on IRS Issues ObamaCare Regs

NewsBusted looks at ObamaCare

Posted by taxguru on May 21, 2013

Surprisingly, this week’s episode of NewsBusted didn’t have anything about the IRS  political enemies scandal; but they did have some good zingers about the ObamaCare monstrosity that is getting closer and closer to clobbering us all in far too many ways.

 

 

 

Posted in NewsBusted, ObamaCare, video | Comments Off on NewsBusted looks at ObamaCare