Obamacare goes or the "Middle class" he campaigned on to protect is dead.

[Guest TankerHC]

So what exactly is "Middle Class"? I read this morning an article by a USA Today Editor that it is not only Money but a "State of Mind". So prepare to lose income, but if you want to continue being middle class all you have to do to offset the income loss is to increase your state of mind. Noooo problemo. I have decided to increase my State of mind until I am as wealthy as Warren Buffet, going to begin that RIGHT NOW TODAY.

 

"Everyone wants to believe they are middle class...But this eagerness...has led the definition to be stretched like a bungee cord â€” used to defend/attack/describe everything...The Drum Major Institute...places the range for middle class at individuals making between $25,000 and $100,000 a year."

 

 

OK, so lets say your a young middle class couple with one child earning $40,000 per year. After tax take home your bringing what? $34 or $35,000?

 

So say your take home is $35,000. Well as of January 1st, you will be barely above the level considered "poor" in this Country.

 

The average middle class person will now be making $6000 less due to new Obamacare taxes.

 

 

http://moneymorning.com/ob-article/obamacare-taxes.php?code=dis-oc-taxes

 

Your short list (There are actually more than this) of new taxes that will affect most middle class Americans. Either directly or through increases in cost.  Going simply with a couple.

 

Individual excise mandate tax.

 

2014 1% AGI/$190

2015 2% AGI/$950

2016 2.5% AGI/$1350

 

Employer Mandate Tax

 

If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  This provision applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
 

Excise Tax on Comprehensive Health Insurance Plans

 

32 Billion beginning January 2018. 40% Excise tax on Caddilac plans on earners making over $27,500.  But for early retirees you (we) get a break,its $29,500. Lucky for you your rich. (That was what this was really all about right? Making the rich pay their fair share?)

 

Medicare Payroll Tax Hike

 

Was 1.45%, 2.9 if self employed for the first $200,000

 

Now Now (Jan 1st) 2.35 and 3.8 if self employed on the first $200,000

 

Medicine Cabinet Tax

 

($5 bil/Jan 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin)

 

HSA withdrawal tax

 

Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent. 

 

Flexible Spending Acount Cap for Speicial Need Children

 

Imposes cap of $2500 (Indexed to inflation after 2013) on FSAs (now unlimited). 

 

Tax on Medical Device Manufacturers

 

($20 bil/Jan 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exemptions include items retailing for less than $100. 

 

Rasie Medical Itemized Deduction threshold from 7.5% to 10%

 

10% Excise tax on Indoor Tanning Salons

 

Eliminates employer tax deduction for for drug coverage on Medicare Part D

 

Blue Cross/Blue Shield tax hike by eliminating the deduction unless 85% of the money for services spent is spent on Clinical Services

 

Automatic $50,000 excise tax on Charitable Hospitals unless they meet the requirements for Community Health Assessments, financial assistance and billing requirements set by HHS

 

Tax on Health Insurers, $50 Billion. Graduated in until 2018 and automatic January 1st on Insurers making more than 50 million in profit on premiums

 

Employer reporting of 1099-Misc - ($17.1 bil/Jan 2012): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers

 

Black Liqueur Tax Hike, 26.1 Billion in 2014. This is actually a tax on Bio Fuels

 

Codification of "economic substance doctrine". - (Tax hike of $4.5 billion).  This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed.

 

Now we need not complain, because first of all everyone has plenty of State of Mind. Secondly, Congress isnt required to pay for this, so as long as Congress is OK, no problem. And dont forget Obama and his family doesnt either because the law he thinks is good for everyone else, isnt good enough for him and his family.

 

I say dont be complaining, Obama left you plenty of state of mind. 

Edited November 11, 2013 by TankerHC

[thundersnow]

I don't even know how to react to this. It's nothing short of surreal.

[Oh Shoot]

Duh on me, nm.

Edited November 11, 2013 by Oh Shoot

[Guest TankerHC]

What do you mean, "Obama Goes"? He'll go on Jan. 20, 2017.

 

Even if by some miracle he were successfully impeached, think any of this could possibly turn around before then?

 

- OS

 

I dont mean anything by it, cause I didnt say it.  :dirty:

Edited November 11, 2013 by TankerHC

[Oh Shoot]

I dont mean anything by it, cause I didnt say it. 

 

Duh on me. "Obamacare". Not enough sleep, or coffee, or both, sorry.

 

- OS

[Guest TankerHC]

Duh on me. "Obamacare". Not enough sleep, or coffee, or both, sorry.

 

- OS

 

 

Nooooo biggie...

[bersaguy]

Well, I didn't understand a lot of that but since I exist very far below the poverty level notice I didn't say "LIVE below" it that I have no fear of ever seeing much of this effecting me before my death but then 1 never knows what that maniac in the White House has plans to do before November 2014 and then all we can do is hope people do the right thing then.....................jmho

[RED333]

I just got fired, on dissabilty and am going blind, now what. :rofl:

[Guest ThePunisher]

I just got fired, on dissabilty and am going blind, now what. :rofl:

The commies will still lead you in a wheelchair to the voting booth and put your hand on the lever to pull for the incumbent commie, and more than once. Edited November 11, 2013 by ThePunisher

[Guest semiautots]

I would suggest a disconnect with the IRS.  We should band together and work for barter or cash.  The government must be starved of money.  It is the only way we will survive.