The tax man cometh to police you on health care – A look at how IRS will be enforcing the rules of ObamaCare. We will have to include our personal health insurance details on our 1040s so Big Brother can determine if we have to pay the new Penalty Tax.
The folks at TaxCoach recently prepared a client alert addressing some of the new taxes we will all have to deal with after last week’s insane ruling by John Roberts and the Supremes, including the following.
On January 1, 2013, the Medicare tax will go up by 0.9% for individuals earning over $200,000 ($250,000 for joint filers, $125,000 for married individuals filing separately).
Also on January 1, there will be a new “Unearned Income Medicare Contribution” of 3.8% on investment income, for those earning more than $200,000 ($250,000 for joint filers).
Beginning on January 1, 2014, there will be a new $2,500 limit on tax-free contributions to flexible spending accounts, and employers with more than 50 employees will face a penalty of $2,000 per employee for not offering health insurance to full-time employees.
The threshold for deducting medical and dental expenses rises from 7.5% of adjusted gross income to 10%. This will make these expenses even harder to deduct without help from advanced strategies like Health Savings Accounts or Medical Expense Reimbursement Plans.
It’s no surprise that the Dims have no shame or morals in their insatiable thirst for higher taxes. What was surprising was the cooperation and assistance of a RINO Supreme Court Justice in foisting this monstrosity down our throats.
As if there weren’t already enough reasons to vote every dirty rotten DemonRat out of office this November, the Supremes do this to us. Absolutely disgusting.
Rush has been on a tear the past few days over the news that everyone’s favorite kind and compassionate Federal agency, the IRS, will be the chief enforcer of the new rules for the DemonRats’ socialized medicine scheme, aka ObamaCare.