“Nearly six million Americans, most of them middle-income workers, will face a tax penalty under President Obama’s health overhaul for not getting insurance, Congressional analysts said Wednesday. That estimate, from analysts at the nonpartisan Congressional Budget Office, is significantly higher than their previous projection, calculated in 2010 shortly after the law passed.”
“The moves are meant to prepare Welch Allyn to address the new ‘onerous’ U.S. Medical Device Tax scheduled to take effect next year under the Affordable Care Act, the company said… The company can’t just pass on the tax increase to its customers — clinics, doctors’ offices and hospitals — who are already being pushed to cut costs, Chadderdon said.
The tax is 2.3 percent of a medical device maker’s U.S. revenue, but takes a bigger bite out of profits, Chief Executive Steve Meyer said Monday.”
“The U.S. health care law’s process for providing insurance subsidies to middle-income families will produce a ‘burdensome, costly and frustrating quagmire,’ a former Internal Revenue Service commissioner told a congressional committee.”
“The primary problem with ACA’s mandate or tax is not the label we give it, but why it is needed at all. Its existence suggests that our central planners in Washington knew that they had failed to design an insurance product that people actually would want to buy. When you have to force people to buy something as obviously valuable as protection against becoming uninsurable or paying astronomical premiums, it means you have some serious design flaws in your product that still need to be corrected.”
“Beginning in 2014, Section 9010 of the Patient Protection and Affordable Care Act will impose a new tax on health insurance providers… All of that said, starting in 2014 your fully insured health insurance premium renewal could have an extra 2% (or more) added on to it, representing the pass-through of this tax to you.”
“Despite promises that the president’s health reforms would lower health care costs, “Obamacare” is saddled with new taxes, mandates and regulations that will increase the cost of care for families and job creators.”
“An Indiana-based medical equipment manufacturer says it’s scrapping plans to open five new plants in the coming years because of a looming tax tied to President Obama’s health care overhaul law.
Cook Medical claims the tax on medical devices, set to take effect next year, will cost the company roughly $20 million a year, cutting into money that would otherwise go toward expanding into new facilities over the next five years.”
“Where things can get a little complicated, however, is when you sell your home for a substantial profit, and your adjusted gross income for the year exceeds the $200,000 or $250,000 thresholds. The good news: The surtax does not interfere with the current tax-free exclusion on the first $500,000 (joint filers) or $250,000 (single filers) of gain you make on the sale of your principal home. Those exclusions have not changed. But any profits above those limits are subject to federal capital gains taxation and could also expose you to the new 3.8% surtax.”
“While the individual mandate tax gets most of the attention, the ObamaCare law actually contains 20 new or higher taxes on the American people. These taxes are gradually phased in over the years 2010 (with its 10 percent “tanning tax”) to 2018 (when the tax on comprehensive health insurance plans kicks in.) Six months from now, in January 2013, five major ObamaCare taxes will come into force.”
“The Supreme Court upheld President Obama’s health care law today in a splintered, complex opinion that gives Obama a major election-year victory. Basically. the justices said that the individual mandate — the requirement that most Americans buy health insurance or pay a fine — is constitutional as a tax.”