Tuesday, January 18, 2011

Death and Taxes (But Mostly Taxes)

As might be expected, we tend to look at the insurance (and health) aspects of ObamaCare©, but as Bob's pointed out, there are some pretty significant tax issues, as well. Some are hidden, of course, but two readers, Bob D and Sam B, have drawn our attention to some of the more overt tax increases contained in the bill we had to pass to see. As we've discussed before, the (Evil) Individual Mandate is a tax, as is the (Stupid) 1099 Rule. But these are only two examples of the tax perfidy to which we're about to be treated. Here's a handy cheat sheet to many others:

Last year saw a $2.7 billion tax on indoor tanning, and a $22 billion hit on drug innovation companies.

This year will see the implementation of a $5 billion "Medicine Cabinet Tax" (on generic med's under HSA, FSA and HRA plans) coupled with a $1.4 billion spike in HSA withdrawal penalties. We'll also be treated to the new Employer reporting requirements (more on this issue here).

In '12, we'll see the roll-out of much-despised and derided "Corporate 1099-MISC Information Reporting" requirement, expected to cost over $17 billion.

2013 looks to be a "banner year" for ObamaTaxes©: we'll see the $123 billion Surtax on Investment Income [ed: which has to do with healthcare, how?], an $86.8 billion increase in the Medicare Payroll Tax, a new cap on Flexible Spending Accounts as they relate to special needs kids (why does Barry hate the children?), a $20 billion tax on manufacturers of medical devices (why does Barry hate sick people?), an increase in the itemized deduction requirements that's expected to cost taxpayers an additional $15 billion, along with the elimination of the deduction for employer-provided prescription med benefits that looks to cost $4.5 billion.

Looking ahead to 2014, we see the much anticipated (and Evil) Individual and Employer Mandates in full swing, along with a new tax on certain insurers. That last little goody's looking to cost insurers $60 billion. Wait, did I say "cost insurers?" Just kidding! It looks to cost insureds $60 billion.

And waaay down the road - 2018, to be exact - we have a shiny new, $32 billion Excise Tax to look forward to.

Isn't it grand that we had to pass it to learn all this?
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