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Five major ObamaCare taxes that will hit your wallet in 2013
- Thread starter mandym
- Start date
Just call it something other than a "Tax" (Fee, Penalty, Personal Governmental Investment).
Until the Supreme Court corrects you of course.
HankD
Will be assessed to medical device manufacturers and those costs will be passed on to consumers of such devices. Won't affect me (Lord willing!)
You are allowed to deduct medical expenses if they exceed 7.5% of your adjusted gross income. Obama is changing this threshold to 10%. Won't affect me (Lord willing!) and never has. Do you have medical expenses that exceed 7.5% of your AGI? If so, this will affect you.
Won't affect me, but has the potential to affect millions of people. Although, I wouldn't say it will affect them too much. Most people use health savings accounts to put pre-tax dollars into an account up to the amount that is equal to their health insurance plans deductible. They use the pre-tax dollars to pay out-of-pocket expenses until the deductible amount is reached. Most people have deductibles of $5,000 or less. I'd guess that millions of people will have to pay payroll taxes on the amount over $2,500 that they would normally put into an HSA.
These next two items will not hit my wallet, and probably will affect less than 2% of taxpayers.
Two components before this will hit your wallet. You must have income from investments. You are married and make more than $250,000; single and make more than $200,000.
If you are married and make more than $250,000 or single and make more than $200,000, your Medicare payroll tax rate will go from 1.45% to 2.35%.
Yes, it's like years ago when they increased the tax on yachts. Who cares? only the very rich can buy a yacht, they can afford it.
Well, the results were that sales of yachts plunged and thousands of workers who manufactured yachts were laid off. Smart.
Thousands were laid off? Let's get real here. Perhaps 100 workers at most. For about a year or so.
IF 100 Yacht builders were laid off then it is entirely possible that 'thousands' more lost jobs as yacht material suppliers would lay off employees, etc.
Liberals don't get it. If you reduced the tax on yachts, that would encourage more of those evil rich people to buy them. The companies that make yachts would have to hire more people to keep up with increased demand who all pay taxes. Suppliers have to hire more people to keep up with demand, they pay taxes as well.
You cannot talk common sense to a liberal.
You cannot talk common sense to a liberal.
Well, I'm not a liberal. Rich people are not foregoing buying a yacht because of the high tax on the yacht. Marginally rich people might not buy because of the tax IN THE YEAR the tax was raised. If you've got your eye on a new yacht and taxes raise the price from $120,000 to $132,000 are you really going to forsake buying it?
I would submit that if rich people decided not to buy the yacht after Clinton's tax was put on it was because they were mad, and not because they couldn't afford it.
That kind of money would not touch but about the first 3 ft of a yacht. And the tax on a yacht would be proportionally higher. Rich people pick and choose (shop around) about how to spend their money like everyone else. And like everyone else they can be deterred from buying due to cost like everyone else.
So what? If rich people refuse to buy yachts because a higher tax angers them, what is the difference? Yachts sales plunge and working people who pay taxes get laid off.
The way to build the economy is to lower taxes. Then every citizen, whether rich, middle class, or poor have more disposable income and buy more. This increases the demand for labor to produce the increased demand, everybody wins.
Increased demand for labor is good for the blue collar man. When there is more demand for workers than there are workers to fill these positions companies must compete to get you. They offer more benefits or higher wages. Companies raise wages to keep the workers they have.
This is not speculation, it has been observed over and over again.
Emphasis mine
This undoubtedly one of the truest statements ever made on this board!!:thumbsup::thumbsup:
Luxury taxes don't stop "the rich" from buying - but it does cause them to make their purchases outside of the U.S. in order to avoid the tax.
Recall how John Kerry (D) bought his yacht off shore and waited for a year to bring it into the U.S. in order to avoid about $10,000 in luxury taxes?
I'd forgotten about Kerry's debacle. I thought it was a lot more than $10,000.
It seems that your memory is correct.
I just googled it and it appears that John Kerry (D) avoided $475,000 in taxes on the purchase of his yacht.
He's taxing most either the people who need the most help by having high medical bills or those that have been taking care of their own medical business.
Democrats hate people that take care of their own businbess.
Tax 'em! Show "em the government can do it better if they will just pay the taxes.
Democrats hate people that take care of their own businbess.
Tax 'em! Show "em the government can do it better if they will just pay the taxes.