20 NEW Obamacare TAXES
Posted in the Honolulu Forum
#1 Dec 31, 2013
Sticker shock! 2014 Obamacare taxes
More than 20 new levies and fees hiding inside Obama's health law
Published: 5 hours ago
WASHINGTON The New Year brings yet another negative surprise from Obamacare: a raft of new taxes and fees that already are translating into higher health insurance premiums for average Americans.
Blue Cross Blue Shield of North Carolina, the states largest private health insurer, has notified customers its raising their premiums by as much as 10 percent in January because of eight new levies and fees in the Affordable Care Act, or ACA.
Blue Cross linked the increase to taxes and fees taking effect Jan. 1.
The ACA includes new taxes and fees, the insurance giant told individual policyholders in a three-page letter, titled Information about Your 2014 Renewal.The costs required to pay these new taxes and fees are included in your premium and will not be charged separately.
Blue Cross of Montana sent out a similar notice, while Blue Cross of Alabama cited the taxes on its bills with a separate line item for Affordable Care Act Fees and Taxes.
Blue Cross polices and costs are expected to set a standard for the industry, influencing how insurers adjust to the law, which is also raising premiums because of mandates that expand coverage and benefits. Aetna has also blamed taxes and fees for coming rate hikes.
Specifically, the insurance companies have referenced two Obamacare charges taking effect Jan. 1.
One is a flat 2 percent tax on all health insurers, which is expected to raise $8 billion for the administration to help pay costs of the overall act in 2014, but raise health-care premiums for consumers by more than 3 percent. The other is a yearly reinsurance fee of $63 per person insured.
Theres also a $2 fee per policy that funds a new federal bureaucracy called the Patient Centered Outcomes Research Institute. Insurers also must pay a 3.5 percent user free to sell health plans on the HealthCare.gov website.
Although these taxes are imposed on insurance companies, policyholders end up paying for them in the form of higher premiums. Over the next decade, the Washington-based Heritage Foundation estimates the average American family will pay roughly $5,000 more in premiums to pay for them all.
And these are just the Obamacare taxes and fees that insurers are warning customers theyre passing on to them. There are also hidden taxes, such as the medical equipment levy that will make heart valves, stents, pacemakers and other medical devices more expensive.
All told, there are more than 20 new or higher taxes and fees embedded in the Affordable Care Act more than half of which affect families earning less than $250,000 a year.
The new taxes, which cost more than $675 billion over the next decade, include:
A 2.3 percent excise tax on U.S. sales of medical devices thats already devastating the medical supply industry and its work force.
The levy, which took effect Jan. 1, 2013, is a $20 billion blow ...
#2 Dec 31, 2013
"....to an industry that employs more than 360,000 working in plants across the U.S.
Several major manufacturers have been impacted, including:
Stryker Corp. of Michigan, which blames the tax for 1,000 layoffs.
Indiana-based Zimmer Corp., which cites the tax in laying off 450 and taking a $50 million charge against earnings.
Indiana-based Cook Medical Inc., which has scrubbed plans to open a new U.S. factory each year.
Boston Scientific Corp., which has opted to open plants in tax-friendlier China and Ireland to help offset a $100 million charge against earnings.
Minnesota-based Medtronic Inc., which expects an annual charge against earnings of $175 million.
A $50,000 excise tax on charitable hospitals that fail to meet new community health assessment needs,financial assistance and other rules set by the Health and Human Services Department (took effect in 2010).
A 3.8 percent surtax on investment income from capital gains and dividends that applies to single filers earning more than $200,000 and married couples filing jointly earning more than $250,000 (took effect Jan. 1, 2013).
A $24 billion tax on the paper industry to control a pollutant known as black liquor (took effect in 2010).
A $2.3 billion-a-year tax on innovator drug companies (took effect in 2010).
A 10 percent excise tax on Americans using indoor tanning salons (took effect July 1, 2010).
An $87 billion hike in Medicare payroll taxes for employees, as well as the self-employed (took effect Jan. 1, 2013).
A hike in the threshold for writing off medical expenses to 10 percent of adjusted gross income from 7.5 percent (took effect Jan. 1, 2013.).
A new cap on flexible spending accounts of $2,500 a year (took effect Jan. 1, 2013).
Elimination of the tax deduction for employer-provided prescription drug coverage for Medicare recipients (took effect Jan. 1, 2013).
An income surtax of 1 percent of adjusted gross income, rising to 2.5 percent by 2016, on individuals who refuse to go along with Obamacare by buying a policy not approved by the government (took effect Jan. 1, 2013).
A $2,000 tax charged to employers with 50 or more workers for every full-time worker not offered health coverage (delayed).
A $60 billion tax on health insurers (effective Jan. 1, 2014).
A 40 percent excise tax on so-called Cadillac, or higher cost, health insurance plans (goes into effect Jan. 1, 2018).
Read more at http://www.wnd.com/2013/12/sticker-shock-2014...
READ IT AND WEEP, MORONS!
#3 Jan 1, 2014
What about the 41 tax hole loops the Republicans in congress have failed to continue? What this means is the middle class Americans folks have lost again and will have to pony up supporting the entire population of the USA citizens including the wealthy Republicans. We have had enough of this where the wealthy pay less then a low income wage earner. Time to vote out all Republicans that have been screwing the middle class for years. Texas a Republican stronghold has lost 3 of their biggest donors who have died in 2013. Without this money being fed to the Conservatives throughout the USA it will help rid us of these wealthy lechers feeding off the hard working people of the USA.
#4 Jan 1, 2014
"We have had enough of this where the wealthy pay less then a low income wage earner."
The low income earner pays NOTHING. The wealthy earn their money by APPLYING themselves, TRY IT sometime. The NON PRODUCERS of this country are the ones feeding off of hard working people. Anyway, that's my version. Customize yourself as you see fit.
#5 Jan 1, 2014
Thought we both agreed to take a break from this boring forum. You really are obama obsessed.
#6 Jan 1, 2014
The hidden costs of ObamaCare
Higher premiums could really kneecap the economic recovery
By Jacqueline Leo, The Fiscal Times | January 1, 2014
Signing up is leaving some with sticker shock.
Signing up is leaving some with sticker shock.(Joe Raedle/Getty Images)
ObamaCare has delivered another sucker punch to the middle class. This time it's sticker shock.
Now that most people can get past the tech problems of HealthCare.gov and actually see the real cost of insurance plans available, they are finding that Affordable Care is a big hit to the family budget. And when the family budget gets hit in the solar plexus, guess what happens to consumer spending and the economy?
In California, policies for about 900,000 Californians are being canceled because of ObamaCare's mandates, and about two-thirds of these do not qualify for subsidies, according to The Chicago Tribune. The result: These folks will be paying higher premiums.
In Alabama, premiums have doubled for some middle-class families, like that of Courtney Long, a stay-at-home mother of four. She told WHNT News, "It's devastating. I started crying."
"I mean, we have worked so hard to get out of credit card debt, get ahead on the car loan, transfer our mortgage to a 15- from a 30-year mortgage and for what?
In Tennessee, GOP Sen. Lamar Alexander issued an analysis of a White House report and found the following:
Today, a 27-year-old man in Memphis can buy a plan for as low as $41 a month. On the exchange, the lowest state average is $119 a month a 190 percent increase.
Today, a 27-year-old woman in Nashville can also buy a plan for as low as $58 a month. On the exchange, the lowest-priced plan in Nashville is $114 a month a 97 percent increase. Even with a tax subsidy, that plan is $104 a month, almost twice what she could pay today.
Today, women in Nashville can choose from 30 insurance plans that cost less than the administration says insurance plans on the exchange will cost, even with the new tax subsidy.
In Nashville, 105 insurance plans offered today will not be available in the exchange.
In Washington state, ObamaCare will increase the underlying cost of individually purchased health insurance by 34 to 80 percent on average, according to Forbes.
The list goes on and on and includes Texas, Florida, New York, Illinois, Georgia, and North Carolina. But premiums are just the beginning. The deductibles are outrageous, too.
A recent article in The New York Times tells the story of Doug and Ginger Chapman, ages 55 and 54, a middle-class couple "sitting on the health care cliff." Their annual income of around $100,000 a year makes them ineligible for a subsidy in New Hampshire (if they earned under $94,000, it would cut their costs by half). They have to replace their family insurance which includes the two of them and their two sons. The premium cost alone, not including any deductible, is $1,000 a month, or 12 percent of their income.
The Times' analysis found the following:
#7 Jan 1, 2014
The cost of premiums for people who just miss qualifying for subsidies rises rapidly for people in their 50s and 60s. In some places, prices can quickly approach 20 percent of a person's income. Experts consider health insurance unaffordable once it exceeds 10 percent of annual income. By that measure, a 50-year-old making $50,000 a year, or just above the qualifying limit for assistance, would find the cheapest available plan to be unaffordable in more than 170 counties around the country, ranging from Anchorage to Jackson, Miss.[The New York Times]
The other group that gets disproportionately hit is the young, according to Forbes. For a 40-year-old, the 2013 average deductible was $4,045, and the monthly cost increased 29 percent to $309. For a 64-year-old man, the monthly cost of a plan with a $3,494 deductible increased 64 percent to $806.
If even a fraction of the middle class and upper middle income earners divert some of their discretionary dollars to pay for health care, it will have a significant impact on consumer spending. What will that mean for the economy? Consumer spending accounts for about 70 percent of the nation's GDP, although experts say that number is likely to decline.
The top 20 percent of income earners account for about 40 percent of all spending in the U.S. When you increase the costs of health care and the new taxes associated with ObamaCare, you can hear the wallets closing.
More from The Fiscal Times
Millennials jump ship over ObamaCare bait and switch
The ObamaCare 'shotgun wedding' marry or lose your home
The many disrupted lives under ObamaCare
#8 Jan 1, 2014
.....waaaa! yeah, trust the democrats. look at what they just did to you dummy.
#9 Jan 1, 2014
#10 Jan 1, 2014
while obama does this in HAWAII
#11 Jan 1, 2014
yes he does
#12 Jan 2, 2014
...he sure does.....ME! mmmmmmmmmmm!!!!
#13 Jan 2, 2014
JB i saw this auto accident the other day ain't i special.
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