Source Document: Five major ObamaCare taxes that will hit your wallet in 2013
* ObamaCare Medical Device Manufacturing Tax
This is a 2.3 percent tax on medical device makers will raise the price of (for example) every pacemaker, prosthetic limb, stent, and operating table.
* ObamaCare High Medical Bills Tax This onerous tax will hit Americans facing the highest out of pocket medical bills. Currently, Americans are allowed to deduct medical expenses on their 1040 form to the extent the costs exceed 7.5 percent of one’s adjusted gross income. This tax will hit pre-retirement seniors the hardest. Over the next ten years, affected Americans will pony up a minimum total of $15 billion in taxes.
* ObamaCareTax Flexible Spending Account Cap 24 million Americans who have Flexible Spending Accounts will face federally imposed $2,500 annual cap. These pre-tax accounts, are used to purchase everything from contact lenses to children’s braces.
The cap will effects families with special needs children, whose tuition can be covered using FSA funds. Tuition can cost up to $14,000 per child per year. This cruel tax provision will limit the options available to such families, so the federal government can squeeze an additional $13 billion out of taxpayer pockets. Targeting of FSAs by Obama and congressional Democrats is no accident. The socialist agenda hate consumer-driven accounts, which serve as a roadblock in their long term agenda for a one size fits all government tax and spend health care bureaucracy.
ObamaCare Surtax on Investment Income Under current law, the capital gains tax rate for all Americans rises from 15 to 20 percent in 2013, while the top dividend rate rises from 15 to 39.6 percent. The new ObamaCare surtax takes the top capital gains rate to 23.8 percent and top dividend rate to 43.4 percent. This tax will take a minimum of $123 billion out of taxpayer pockets.
ObamaCare Medicare Payroll Tax increase This tax soaks employers to the tune of $86 billion.
Authors of ObamaCare Tax plan wrote the law in such a way that the most brutal tax increases take effect conveniently after the 2012 election. Same reason President Obama, congressional Democrats, and mainstream media conveniently neglect to mention these taxes and prefer that you simply “move on” after the Supreme Court ruling.