New Year, New Taxes to Pay For ObamaCare

75ebobama doctors clapping 600x353 New Year, New Taxes to Pay For ObamaCare

Much of the debate over the fiscal cliff deal was
about whether or not to let taxes rise for the wealthy starting
this year. What often got overlooked, though, was that high earners
were already set for higher taxes in 2013 thanks to ObamaCare.The law attempts to offset about half its projected cost through
an array of new taxes on everything from investment income to
medical devices. And many of those taxes kicked in with the new
year.The biggest of those taxes is a 0.9 percent increase in the
Medicare hospital tax for individuals making $200,000 annually and
couples earning more than $250,000. Folks at the same income level
will also face a new 3.8 percent tax on “unearned” investment
income.The income thresholds create a significant penalty for married
couples: Two unmarried earners filing at $200,000 wouldn’t trigger
the new tax. But if the same two earners are married, they’ll pay

about $1,350 more as a result of the higher rate.ObamaCare also sets up a 2.9 percent tax on medical devices,
levied at the time of sale, beginning this year. But it may not
last for long. In a sign of how unstable these taxes are, the
GOP-controlled House
repealed the provision over the summer—and a handful of
Democratic Senators last month
urged it be delayed, and perhaps repealed.Why worry about higher taxes? Because they might cost jobs if
device makers relocate to lower-tax nations, Democratic Senator Kay
Hagan of North Carolina
told NBC News. “There’s so much innovation in this field right
now,” Hagan said, “and they do create so many good jobs in our
country that we have the risk of losing these jobs to Ireland and
to many other countries.”


New Year, New Taxes to Pay For ObamaCare

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