An Unhealthy Dose of Obamacare Taxes
We don't know where the Affordable Care Act is taking us, but we do know that it will cost a bundle.
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People can now itemize deductions for medical expenses for amounts in excess of 7.5 percent of their adjusted gross income (AGI). If the AGI is $100,000, people can deduct any expenses in excess of $7,500. The threshold will be increased to 10 percent of adjusted gross income on Jan. 1, 2013, making it harder to itemize medical bills. However, individuals 65 and older can still itemize at 7.5 percent until 2017.
If you're getting the feeling that the sum total of these taxes and rule changes is to push people away from individual decision-making and toward a collective healthcare system of as yet amorphous form and arbitrary boundaries, you ain't alone. Michael F. Cannon of the Cato Institute has been warning that the Obama Administration's prodding of reluctant Americans to participate in the untested scheme exists in a quasi-legal realm all of its own. Cannon writes, "the IRS has announced it will impose ObamaCare’s taxes on employers and individuals whom Congress expressly exempted from those taxes, and will send potentially hundreds of billions of taxpayer dollars to private health insurance companies, also contrary to the plain language of the statute." He and Jonathan Adler of Case Western Reserve University School of Law document their argument in an article available from the Social Science Research Network.
All in all, we may not know how Obamacare will work out, whether it will squeeze out private medicine or merely further corporatize an already... ummm... mixed-economy system of healthcare. But we do know that it will take a tight grip and suck more money out of our pockets and into government coffers. And that's as old-school as it comes, when you remember that physicians, once upon a time, applied leeches to their ailing patients.
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My brother in law, a mech engineer for GE informed me months ago that production for several devices has already been moved to China. The QC on the imported gear is so unbelievably shitty, he claims that every device he's inspected should be recalled.
Oh yea, FIRST! -
""the IRS has announced it will impose ObamaCare’s taxes on employers and individuals whom Congress expressly exempted from those taxes, and will send potentially hundreds of billions of taxpayer dollars to private health insurance companies, also contrary to the plain language of the statute.""
The IRS reports to Obama and he doesn't care what the law actually says.
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L'etat, c'est moi!
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Because Fuck You, that's why!
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Pretty sure shithead was posting just a couple of days ago that tax increases all came from Repubs.
Maybe he was just mis-informed? -
Obama did promise to not raise taxes on anyone but millionaires. Perhaps some still believe him when he opens his mouth.
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The obozo meltdown is beginning as we speak. The first term was all theoretical (all class warfare and collectivism, all the time), and though there were many scandals, 2013 is when the obamutrons begin to get what they've asked for.
I am already seeing glitches in the matrix. My facebook is filled with people saying "WTF is up with my taxes, man!?" They thought they wanted obozoism, they voted for obamugabe, and now they will reap their just rewards.
Hey egalitarian collectivists: when a politician says he's going to raise the other guys taxes, he isn't talking to you!
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Obama fans are already saying things like "that's ok, because payroll tax was restored pre Bush levels and we're funding more for our retirement".
Some people still think SS will be fine shape by the time they retire.
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"Obama fans are already saying things like "that's ok, because payroll tax was restored pre Bush levels and we're funding more for our retirement"."
They could pay into retirement absent coercion, but it's better since someone *forces* them to do so? Pathetic.
'Momma, make me a good person! Force me to be good! I can't be good without your whips and chains (and guns)! I'm a brain-dead lefty!" -
Government would be much smaller if it only dealt with those who initiate force against someone or their property. But when government protects us from ourselves, there is no limit to government's ability to control our lives.
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"when a politician says he's going to raise the other guys taxes, he isn't talking to you!"
I'm stealing that.
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The raised amount for itemized deductions is new to me, I hadn't realized that was in there. Not being able to itemize deductions might leave my house a bad enough deal that I just walk away at that point.
Neat.
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I believe you've misread the article. The raised amount applies to those who itemized and deduct the medical expenses. Not mortgage interest.
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Happy New Year,NBA ,NFL 2013
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Medicare surcharge strategies get more complex for those who have trusts ... most trusts — with the exception of charitable trusts, which are exempt — will be affected. One possible strategy: Trusts may be able to reduce or eliminate the Medicare tax by distributing income to beneficiaries. thanks the information !!
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This article is so true and so depressing, for those of us who realize that if the government ran food distribution, something we need as much and more often than health care, there would be far more people starving and much less choice. It seems so unreal in light of how much information is out there today that people are still fooled by the allure of government and its promises to fix the facts of life.
There is although one last hope to end not just the Obamacare assault on the health care industry, but also to end the ominous and definite effects the Roberts' decision will have on future generations as government and corporations combine to force American citizens to do just about anything by way of the taxation.
It is called the Mandate Amendment to the US Constitution. It is short, simple, and common sense:
“Congress shall make no law mandating the purchase of a product or service from a private entity”
This is a bold and courageous effort to strike at the heart of this precedent now while much of our country is appalled by the decision and the infrastructure and dependence upon the law is not sewn into the fabric of our country.
Please Google Mandate Amendment for more information or find us on Facebook and Twitter. We have been successful in opening up coalitions in Massachusetts, Hawaii, and California in the very short amount of time. We have also earned the unanimous endorsement of the Mass. Libertarian Association. We are beginning, please help.
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Not a bad idea, but at first glance it seems too narrow. Would Obamacare's mandate even be outlawed by this?
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This is a great idea. Since the Roberts decision, we have to get rid of both obozokare and the hideous precedent established by Roberts.
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So this wouldn't cover a mandate to buy a mortgage from Fannie Mae or some other quasi-governmental agency, right?
The problem isn't that we lack Constitutional safeguards; our vulnerability is in the lack of intellectual safeguards among the voting populace. A SCOTUS decision that ignores this prohibition would be yawned at by most Americans, just like a trillion dollar increase in spending or the money supply.
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Why just prohibit government from mandating purchases? Instead, let's separate state and commerce. Government involvement should only occur when there are disputes among private parties.
I'd like to have get our freedom to contract back. Instead we've tens of thousands of pages of "regulations" that prohibit transactions we might like to do.
Forcing citizens to buy products is just more crony crapitalism. As someone once said, they only way to get the money out of government, is to get government out of business.
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Well it will be really matter of concern if taxes gets raised, as it will affect so many people and most important is Medicare should not be affected by this.
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Remember though, people are fundamentally nice sohbet