Thursday, March 07, 2013

Mo Taxes

Seems hardly a day goes by when we don't find out about more Obamacare taxes. New taxes. Higher taxes. Taxes on taxes.

Every new tax has something in common.

It will drive up the cost of health care, and in turn, health insurance.

Higher premiums. I don't believe that was part of the snake oil pitch when this legislation was concocted.

The Americans for Tax Reform has composed a list of 47 Obamataxes that will be paid any anyone who receives medical treatment or has a health insurance policy. Here are just a few that might raise your blood pressure.

You might already know about the twenty new or higher taxes in Obamacare.  What you might not know is that the non-partisan Government Accountability Office (GAO) says that the IRS has 47 new taxes and regulations to administer in overseeing Obamacare. 
The IRS is not capable of doing all this, as the quotation above confirms. 
3 - Imposes a penalty on health plans identified in an annual Department of Health and Human Services (HHS) penalty fee report, which is to be collected by the Financial Management Service after notice by the Department of the Treasury (Treasury).
4 - Requires state exchanges to send to Treasury a list of the individuals exempt from having minimum essential coverage, those eligible for the premium assistance tax credit, and those who notified the exchange of change in employer or who ceased coverage of a qualified health plan.
14 - Requires every person who provides minimum essential coverage to file an information return with the insured individuals and with IRS.
19 - Authorizes IRS to disclose certain taxpayer information to the Social Security Administration (SSA) regarding reduction in the subsidy for Medicare Part D for high-income beneficiaries. (Conforming amendment)
28 -  Imposes a fee on each covered entity engaged in the business of manufacturing or importing branded prescription drugs.
44 - Imposes a tax of 2.3 percent on the sale price of any taxable medical device on the manufacturer, producer, or importer
45 - Amends the cellulosic biofuel producer credit (nonrefundable tax credit of about $1.01 for each gallon of qualified fuel production of the producer) to exclude fuels with significant water, sediment, or ash content (such as black liquor).
Bet you didn't see that last one coming, did you?
Some of the above, as well as those listed on the site, may not appear to be taxes in the traditional sense. But as we have discussed before, politicians are adept at creating taxes without calling them such. Terms like revenue enhancement, user fee's, producer fee's and of course our favorite . . . fair share.
Which prompts us to ask, "When is a tax not a tax".
The answer is never.
If a penalty, fee or regulation increases the cost of business it is a tax, and that tax is paid by those who consume the product or service of the entity that is taxes.
Are you ready to pay your fair share?

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