Tuesday, July 10, 2012

How much is that ObamaTax in the window?

Apologies in advance for the math, but it's important to understand that almost everything we were told about "PPACA" was a lie: insurance will be more expensive and harder to get, people will be denied care, and your taxes will go up.

•The penalty/tax will be phased in from 2014 to 2016
•The minimum penalty/tax per person will start at $95 in 2014 (and then increase through 2016)
•The $695 per-person penalty [beginning in 2016] is only for those who make between $9,500 and ~$37,000 per year. If you make less than ~$9.500, you’re exempt. If you make more than ~$37,000, your penalty [will be MUCH greater]
•The penalty is 2.5% of any household income above the level at which you are required to file a tax return. That level is currently $9,500 per person and $19,000 per couple. The penalty on any income above that is 2.5%. So the penalty can get expensive quickly if you [have a job]
But that's just the tip of the (proverbial) iceberg. Take a look at the penalty tax structure:
•Less than $9,500 income = $0
•$9,500 – $37,000 income = $695
•$50,000 income = $1,000
•$75,000 income = $1,600
•$100,000 income = $2,250
•$125,000 income = $2,900
•$150,000 income = $3,500
•$175,000 income = $4,100
•$200,000 income = $4,700
Notice anything interesting? Yup: this is a highly regressive tax scheme. In fact, over 75% of it will be borne by folks earning $120,000 or less, hardly the upper tier. So not only is this the largest such tax in history, but it's aimed squarely at what used to be called the "middle class," but which now sports a new moniker:


There's more at the link - read it and weep.

[Hat Tip: Ace of Spades]
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