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Thursday, June 28, 2012

My Supreme Court ObamaCare Ruling Headline

Supremes call Obama Care what it is: a tax, after Obama lawyers admit the same.

4 comments:

  1. A bigger long-term question is whether today's ruling suggests Supreme Court Chief Justice John Roberts is moving towards the center or the left?

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  2. Mandating consumption of two cups of freshly brewed (French - bold) coffee, a piece of dark chocolate, a handful walnuts, a couple of ounces of salmon and glasses of red wine will reduce the risk of heart attack, prostate cancer, depression, dementia..., that is, the top impediment to better public health. All is needed is taxing power to finance it. The positive spillovers would even improve construction industry around the Pacific and Atlantic Oceans, Napa, Sonoma, ... improve babies' IQs... yield sorts of technological breakthroughs (flexible - bendable cell phones, intelligent walls,...). This may eventually leads to jobs for every able bodies in the country. But? hmmmm! This did not seem to have worked elsewhere!

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  3. The ACA related taxes:
    A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ)
    A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
    Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
    The itemized-deduction hurdle for medical expenses is going up to $10,000. Right now, any medical expenses over $7,500 per year are deductible. Next year, that hurdle will be $10,000. (ATR.org)
    The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
    A tax of 10% on indoor tanning services. This has been in place for two years, since the summer of 2010. (ATR.org)
    A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)
    A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)
    A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income. (More details here.)
    A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures. (Breitbart.com)

    http://finance.yahoo.com/blogs/daily-ticker/taxes-going-pay-pay-obamacare-145413745.html

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