Along with the higher out of pocket costs associated with getting ones health insurance via the Obamacare exchanges, there are brand new taxes hitting America thanks to the President’s signature legislation, for example there will be taxes on insurance companies which of course will be passed along to the consumer:
Most insurers aren’t advertising the ObamaCare taxes that are added on to premiums, opting instead to discretely pass them on to customers while quietly lobbying lawmakers for a break.
But one insurance company, Blue Cross Blue Shield of Alabama, laid bare the taxes on its bills with a separate line item for “Affordable Care Act Fees and Taxes.”
The new taxes and fees include a 2 percent levy on every health plan, which is expected to net about $8 billion for the government in 2014 and increase to $14.3 billion in 2018.
There’s also a $2 fee per policy that goes into a new medical-research trust fund called the Patient Centered Outcomes Research Institute.
Insurers pay a 3.5 percent user fee to sell medical plans on the HealthCare.gov Web site.
These taxes are part of a little trick politicians love to make. The tax a corporation and forget those taxes will be passed along to the consumer. In actuality all they are doing is taxing the consumer but they get “political coverage” by passing it through a middleman.
Then there is the sneaky senior tax, the 2.3 percent medical-device tax that will inflate the cost of items such as wheelchairs,pacemakers, stents and prosthetic limbs those costs will also be passed to the consumers, the majority of which will be senior citizens.
Americans are currently allowed to deduct expenses that exceed 7.5 percent of their annual income. The threshold jumps to 10 percent under ObamaCare, meaning fewer deductions which is projected to cost taxpayers about $15 billion over 10 years.
Also about to hit consumers is the new medicare tax:
Under ObamaCare, individual tax filers earning more than $200,000 and families earning more than $250,000 will pay an added 0.9 percent Medicare surtax on top of the existing 1.45 percent Medicare payroll tax. They’ll also pay an extra 3.8 percent Medicare tax on unearned income, such as investment dividends, rental income and capital gains.
Every time congress tries to negotiate a budget deal the progressive forces demand additional tax revenue. What the media and politicians forget to mention to the American people there already is additional revenue scheduled to begin on New Year’s Day.