Five New Taxes Begin January 1st, 2013
President Obama, the Congressional Democrats and the Supreme Court that gave us Obamacare made certain the taxes imposed did not kick in until after the election of 2012. But they start with a vengeance on January 1, regardless of the outcome of the presidential and congressional elections.
The Obamacare law actually contains 20 new or higher taxes on the American people. Like all successful deceptive government practices, they take effect gradually. John Kartch, director of communications for Americans for Tax Reform, lists the five taxes taking effect on Americans on January 1, 2013:
1. Obamacare Medical Device Manufacturing Tax:
This is a 2.3 percent tax on medical device makers from pacemakers and operating tables to leg braces. It is especially destructive because it is levied against gross sales and hits small companies with a small number of employees who may not yet be profitable.
2. Obamacare High Medical Bills Tax:
Currently taxpayers can deduct from their income taxes medical expenses in excess of 7.5 percent of adjusted gross income. On January 1, 2013 the threshold will be increased to 10 percent raising the taxes on many American taxpayers.
3. Obamacare Flexible Spending Account Cap:
The 24 million Americans who have Flexible Spending Accounts will face a new $2,500 annual cap. There is currently no federal limit.
The progressive left has always opposed consumer-driven accounts, which serve as a small roadblock in their long-term drive for a one-size-fits-all government health care bureaucracy. For further proof, note the Obamacare “medicine cabinet tax” imposed by Obama in 2011 has barred 13.5 million Americans with Health Savings Accounts from purchasing over-the-counter medicines with pre-tax funds.
4. Obamacare Surtax on Investment Income:
This tax increase will take a heavy toll on everyone who pays taxes on capital gains and interest.
Under current law, the capital gains tax rate increases from 15 to 20 percent beginning January 1, 2013, while the top dividend rate increases from 15 to 39.6 percent. The Obamacare surtax takes the top dividend capital gains rate from 15 to 23.8 percent and top dividend rate to from 15 to 43.4 percent.
These taxes will take an estimated $123 billion from the pockets of taxpayers over the next 10 years.
5. Obamacare Medical Payroll Tax Increase:
This tax soaks employers to the tune of $86 billion in 10 years.
It is easily apparent why the Obama administration, Democrats up for reelection to congress and the liberal media are not talking about these brutal taxes set to take effect after the election. The national Republican Party and the Romney campaign are missing an opportunity and doing a poor job of informing the pubic of what Obama is doing to Americas’ economy, standard of living and freedom.