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posted: 8/10/2012 4:40 AM

Obamacare is a tax bonanza

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There are many articles being published on the benefits of Obamacare -- mainly children can remain on their parent's policy until 26 years old, pre-existing conditions have been eliminated and it will cover approximately 32 million uninsured people with government subsidies (taxpayer money). There are other benefits that start much later, some in 2020.

The new taxes imposed on taxpayers to support Obamacare are an Individual Mandate Excise Tax for people who don't have health insurance; an Employer Mandate Tax for employers older than 50; Surtax on Investments for households making $250,000 ($200,000 single) of 3.8 percent; a hike in Medicare Payroll Tax for $200,000 single, $250,000 married; HSA Withdrawal Tax Hike; Special Needs Kids Tax imposes a cap of $2,500 on FSAs which is now unlimited; Tax on Medical Device Manufacturers of 2.3 percent; Medical Expense Itemized Deduction, taken on your annual Federal Tax Return, threshold raised from 7.5 percent AGI to 10 percent AGI; Indoor Tanning Services have new 10 percent tax; Elimination of Tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D; Blue Cross/Blue Shield Tax Hike; Excise Tax of $50,000 per hospital on charitable hospitals if they fail to meet new rules set by HHS; Tax on Innovator Drug Companies; and Tax on Health Insurers for premiums collected plus at least six other taxes that have taken place or will take place by 2013.

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There are more taxes effective at various times after 2013. Plus, $500 billion has been transferred from financially troubled Medicare to fund Obamacare.

Gail Rose

Huntley

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