The Hidden Obamacare Taxes That Will Crush The Middle Class
The Hidden Obamacare Taxes That
Will Crush The Middle Class
By Money Morning Staff Reports
Get ready to be blindsided by a barrage of new taxes. $1 trillion worth…
They’ll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare.
And they won’t just be affecting those who make over $250,000. The bulk of these taxes will be passed on directly to the middle class.
That’s because while a majority of these “stealth taxes” were designed to be taxes on businesses, they’re actually transferred directly to ordinary citizens.
They include the investment income surtax, a Medicare payroll tax, even a “tanning tax” on those who utilize indoor tanning services.
“Many of those [hidden] taxes, especially those on hospitals, insurers and medical device manufacturers, will ultimately be passed on through higher health costs,” said Michael Tanner an expert on the healthcare law.
In fact, analysts estimate Obamacare will cost the average taxpayer nearly $6,000 in extra taxes as early as next year.
Obamacare Tax Hikes Stoke Outrage
Many of the Obamacare taxes are already in effect, others will hit January 1. But they are already infuriating millions of Americans.
While even Obamacare detractors applaud the requirement that insurance companies cover pre-existing conditions and put a stop to lifetime caps on benefits, they say these laudable benefits don’t compensate for the bills high cost – especially in new taxes.
According to most experts, Obamacare will create a total of twenty new taxes or tax hikes on the American people.
In fact, the Obama administration has already given the IRS an extra $500 million to enforce the rules and regulations of Obamacare.
The new taxes don’t bode well for millions of middle-class Americans. Incomes for the rich have soared this decade but middle class workers have seen their wages stagnate and even drop since the 2008 Great Recession.
Many fear Obamacare with its high insurance costs and new taxes, could provide the middle class a fatal blow.
Of course, the Obamacare plan was primarily designed to decrease the number of uninsured Americans and reduce healthcare costs.
Many experts are saying it will have the exact opposite effect.
That’s just one of the reasons why Republicans hope to defund Obamacare before January.
They claim that the taxes and costs needed to pay for Obamacare will crush the middle class and most U.S. taxpayers, as well as trigger job losses in affected industries.
Tax experts say you should try to estimate how much you will have to pay when the law goes into full effect – and take precautions to limit the damage to your bottom line.
One expert, Dr. Betsy McCaughey, a constitutional scholar with a Ph.D. from Columbia University, recently wrote a best-seller showing Americans how they can not only survive Obamacare, but prosper through it.
McCaughey claims to be one of the only people in the country – including members of Congress – who has actually read the entire 2,572 page law.
Her book, titled Beating Obamacare: Your Handbook for Surviving The New Health Care Law, breaks the huge bill down into 168 pages of actionable advice.
The book, written in an easy going, easy to read style, shows some startling facts about Obamacare not seen in the mainstream press.
For example, she points to a little known passage in the bill that shows how you could get slapped with a $2,000 fine for not having health insurance – even if you do actually have it.
She also goes into detail explaining how a third of all U.S. employers could stop offering health insurance to their workers.
In one chapter, she shows how ordinary Americans will get stuck paying for substance abuse coverage – even if they never touched a drink or drug in their life.
According to McCaughey’s research, senior citizens will get hit the hardest.
Hip and knee replacements and cataract surgery will be especially hard to get from Medicare in the months ahead thanks to Obamacare, according to McCaughey.
She warns seniors to get those types of procedures done now before Obamacare goes into effect January 1.
$6000 extra in taxes for the average tax paying citizen? Really! Who would be dumb enough to believe that? Let’s see, if the average family income for a family of 4 is say $50,000, that being average, they would pay an extra $6000 in taxes next year? I guess this writer, whoever it is, would rather have the insurance companies make ridiculous profits, and deny medical care to some people and have the pharmaceutical companies rip off Americans like what has been occurring for the last 30-40 years. Have health costs gone up lately? Everyone knows they have. Insurance companies are destroying the middle class. Look at all the insurance companies advertising on TV. What pays for those advertisements? Higher premiums of course. Twisted articles like the one above need to be answered? Yes, the Affordable Care Act may have some issues to get through initially but over the long run 30 million more Americans will have medical health insurance lowering the cost for everyone. I have a proposal. For those who have no health insurance and refuse to sign up for the Affortable Health Plan, please sign an agreement that when you get sick, you will foot the bill yourself and not ask taxpayers to cover your cost when you go to the emergency room. Does anyone know of someone with a chronic illness? Why should they be denied medical coverage?
In the mean time ask yourself why is it that we all have auto insurance, why do we have homeowners insurance. Because it spreads the cost to everyone who has insurance. Plus the ACA, or Obamacare is the exact same plan that is successful in Massachusetts and the exact plan put forth by the Republican Party in the mid 1990’s. Why is it being bashed now? Because it is associated with President Obama. Some people cannot get over the fact that he has been elected by a wide margin twice.
I would encourage everyone to get the facts before they listen to someone else’s propaganda. Articles like the one I am responding to are usually put out by the insurance companies to ensure people are scared and their profit margin increases. Have faith people, there are some in Washington fighting for the survival of the middle class. President Obama is leading the charge.
Hey Bob, If you think Obama and his back door socialized medicine is all that great why don’t you sign up for it yourself.
That’s right why don’t you recommend that the school board stop paying your health insurance as a cost saving measure for property owners and you and your union brethren go buy some of that affordable Obama care for yourselves.
The Affordable Care Act is for the 30 million Americans who have no insurance at this time and have no chance of gaining it in the future. Everyone should pay their fair share just as we do for all other insurance plans. It is called shared cost. Republicans have some good ideas once in a while and the current Affordable Care Plan is based on a Republican plan instituted in Massachusetts. Are the Republicans socialists? What I do object to are the lies and scare tactics put forth like the article I responded to and the lies from the tea baggers, Limbaugh, and Fox News. Give it a chance to stand on it’s own merits and see what happens.
As to my insurance plan, as the president said, if you have a plan now, nothing will change. If I didn’t have medical insurance I would sign up for the ACA. It is very unhealthy to be so hateful of the president simply because he is standing up for you and all other middle class Americans. As you know, the biggest recipients of the social welfare system that you dislike so much are corporate America, the Mitt Romney type of people, and they are all Republicans. Corporate America, Wall Street, the Banking industry, people who rip off the middle class, should really be the focus of your anger. Don’t take it out on the little guy trying to make a living. There are plenty of cheaters that are Democrats but the biggest cheaters are the Republicans. The biggest runners up of the deficit occurred during a Republican president.