I can't wait. The Conservative's Nutsacks are already crawling back up into their abdomens.
> Date: Sat, 29 Dec 2012 04:17:04 -0800
> Subject: $1 Trillion Obamacare Tax Hike Hitting on Jan. 1
> From: lewcoop@aol.com
> To: opendebateforum@googlegroups.com
>
> $1 Trillion Obamacare Tax Hike Hitting on Jan. 1
> drudgereport.com
>
>
> On January 1, regardless of the outcome of fiscal cliff negotiations,
> Americans will be hit with a $1 trillion Obamacare tax hike.
>
> Obamacare contains twenty new or higher taxes. Five of the taxes hit
> for the first time on January 1. In total, for the years 2013-2022,
> Americans face a net $1 trillion tax hike for the years 2013-2022,
> according to the Congressional Budget Office.
>
> The five major Obamacare taxes taking effect on January are as
> follows:
>
> The Obamacare Medical Device Tax: Medical device manufacturers employ
> 409,000 people in 12,000 plants across the country. Obamacare imposes
> a new 2.3 percent excise tax on gross sales – even if the company does
> not earn a profit in a given year. In addition to killing small
> business jobs and impacting research and development budgets, this
> will increase the cost of your health care – making everything from
> pacemakers to artificial hips more expensive.
>
> The Obamacare Flex Account Tax: The 30-35 million Americans who use a
> pre-tax Flexible Spending Account (FSA) at work to pay for their
> family's basic medical needs will face a new government cap of $2500.
> This will squeeze $13 billion of tax money from Americans over the ten
> years. (Currently, the accounts are unlimited under federal law,
> though employers are allowed to set a cap.)
>
> There is one group of FSA owners for whom this new cap will be
> particularly cruel and onerous: parents of special needs children.
> There are several million families with special needs children in the
> United States, and many of them use FSAs to pay for special needs
> education. Tuition rates at one leading school that teaches special
> needs children in Washington, D.C. (National Child Research Center)
> can easily exceed $14,000 per year. Under tax rules, FSA dollars can
> be used to pay for this type of special needs education. This
> Obamacare tax provision will limit the options available to these
> families.
>
> The Obamacare Surtax on Investment Income: This is a new, 3.8
> percentage point surtax on investment income earned in households
> making at least $250,000 ($200,000 single). This would result in the
> following top tax rates on investment income:
>
> Capital Gains
>
> Dividends
>
> Other*
>
> 2012
>
> 15%
>
> 15%
>
> 35%
>
> 2013+ (current law)
>
> 23.8%
>
> 43.4%
>
> 43.4%
>
> The table above also incorporates the scheduled hike in the capital
> gains rate from 15 to 20 percent, and the scheduled hike in dividends
> rate from 15 to 39.6 percent.
>
> The Obamacare "Haircut" for Medical Itemized Deductions: Currently,
> those Americans facing high medical expenses are allowed a deduction
> to the extent that those expenses exceed 7.5 percent of adjusted gross
> income (AGI). This tax increase imposes a threshold of 10 percent of
> AGI. By limiting this deduction, Obamacare widens the net of taxable
> income for the sickest Americans. This tax provision will most harm
> near retirees and those with modest incomes but high medical bills.
>
> The Obamacare Medicare Payroll Tax Hike: The Medicare payroll tax is
> currently 2.9 percent on all wages and self-employment profits. Under
> this tax hike, wages and profits exceeding $200,000 ($250,000 in the
> case of married couples) will face a 3.8 percent rate instead. This is
> a direct marginal income tax hike on small business owners, who are
> liable for self-employment tax in most cases. The table below compares
> current law vs. the Obamacare Medicare Payroll Tax Hike:
>
> First $200,000
> ($250,000 Married)
> Employer/Employee
>
> All Remaining Wages
> Employer/Employee
>
> Current Law
>
> 1.45%/1.45%
> 2.9% self-employed
>
> 1.45%/1.45%
> 2.9% self-employed
>
> Obamacare Tax Hike
>
> 1.45%/1.45%
> 2.9% self-employed
>
> 1.45%/2.35%
> 3.8% self-employed
>
> Click here for a PDF of this document
>
> Read more: http://atr.org/trillion-obamacare-tax-hike-hitting-jan-a7393#ixzz2GRUhJviw
> Follow us: @taxreformer on Twitter
>
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>
> Subject: $1 Trillion Obamacare Tax Hike Hitting on Jan. 1
> From: lewcoop@aol.com
> To: opendebateforum@googlegroups.com
>
> $1 Trillion Obamacare Tax Hike Hitting on Jan. 1
> drudgereport.com
>
>
> On January 1, regardless of the outcome of fiscal cliff negotiations,
> Americans will be hit with a $1 trillion Obamacare tax hike.
>
> Obamacare contains twenty new or higher taxes. Five of the taxes hit
> for the first time on January 1. In total, for the years 2013-2022,
> Americans face a net $1 trillion tax hike for the years 2013-2022,
> according to the Congressional Budget Office.
>
> The five major Obamacare taxes taking effect on January are as
> follows:
>
> The Obamacare Medical Device Tax: Medical device manufacturers employ
> 409,000 people in 12,000 plants across the country. Obamacare imposes
> a new 2.3 percent excise tax on gross sales – even if the company does
> not earn a profit in a given year. In addition to killing small
> business jobs and impacting research and development budgets, this
> will increase the cost of your health care – making everything from
> pacemakers to artificial hips more expensive.
>
> The Obamacare Flex Account Tax: The 30-35 million Americans who use a
> pre-tax Flexible Spending Account (FSA) at work to pay for their
> family's basic medical needs will face a new government cap of $2500.
> This will squeeze $13 billion of tax money from Americans over the ten
> years. (Currently, the accounts are unlimited under federal law,
> though employers are allowed to set a cap.)
>
> There is one group of FSA owners for whom this new cap will be
> particularly cruel and onerous: parents of special needs children.
> There are several million families with special needs children in the
> United States, and many of them use FSAs to pay for special needs
> education. Tuition rates at one leading school that teaches special
> needs children in Washington, D.C. (National Child Research Center)
> can easily exceed $14,000 per year. Under tax rules, FSA dollars can
> be used to pay for this type of special needs education. This
> Obamacare tax provision will limit the options available to these
> families.
>
> The Obamacare Surtax on Investment Income: This is a new, 3.8
> percentage point surtax on investment income earned in households
> making at least $250,000 ($200,000 single). This would result in the
> following top tax rates on investment income:
>
> Capital Gains
>
> Dividends
>
> Other*
>
> 2012
>
> 15%
>
> 15%
>
> 35%
>
> 2013+ (current law)
>
> 23.8%
>
> 43.4%
>
> 43.4%
>
> The table above also incorporates the scheduled hike in the capital
> gains rate from 15 to 20 percent, and the scheduled hike in dividends
> rate from 15 to 39.6 percent.
>
> The Obamacare "Haircut" for Medical Itemized Deductions: Currently,
> those Americans facing high medical expenses are allowed a deduction
> to the extent that those expenses exceed 7.5 percent of adjusted gross
> income (AGI). This tax increase imposes a threshold of 10 percent of
> AGI. By limiting this deduction, Obamacare widens the net of taxable
> income for the sickest Americans. This tax provision will most harm
> near retirees and those with modest incomes but high medical bills.
>
> The Obamacare Medicare Payroll Tax Hike: The Medicare payroll tax is
> currently 2.9 percent on all wages and self-employment profits. Under
> this tax hike, wages and profits exceeding $200,000 ($250,000 in the
> case of married couples) will face a 3.8 percent rate instead. This is
> a direct marginal income tax hike on small business owners, who are
> liable for self-employment tax in most cases. The table below compares
> current law vs. the Obamacare Medicare Payroll Tax Hike:
>
> First $200,000
> ($250,000 Married)
> Employer/Employee
>
> All Remaining Wages
> Employer/Employee
>
> Current Law
>
> 1.45%/1.45%
> 2.9% self-employed
>
> 1.45%/1.45%
> 2.9% self-employed
>
> Obamacare Tax Hike
>
> 1.45%/1.45%
> 2.9% self-employed
>
> 1.45%/2.35%
> 3.8% self-employed
>
> Click here for a PDF of this document
>
> Read more: http://atr.org/trillion-obamacare-tax-hike-hitting-jan-a7393#ixzz2GRUhJviw
> Follow us: @taxreformer on Twitter
>
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> ---
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>
>
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