Obamacare rollout - The tip of the iceberg.
What is yet to come.
WARNING: If you are one of the 20 plus year old's still living with mommy and daddy, this hub is not for you. You would not understand what is about to be discussed so don't waste your time reading or my time by commenting.
By now, many have suffered through the sticker shock regarding what their new health care plan will cost them. And many former supporters of this failing program now realize they were lied to repeatedly by our President and many of our elected representatives. I am not going to waste your time, or my time, telling you about all the things you already know. So I am going to spend a little time telling you what you don't know or perhaps have forgotten.
Keep in mind that Federal Officials now decide what kind of coverage you will have, and be forced to pay for.
President Obama, Vice President Biden, cabinet members, senior members of Congress, and all of the leadership staff are currently exempt from this law.
A conservative estimate regarding cost is $2.4 trillion in the first decade of this law.
Remember Pelosi saying we had to vote for this bill before we could find out what was in it? Well, they did vote for this bill and now we are learning what else was hidden in the 2000 plus pages nobody bothered to read.
The Obamacare law includes 19 new taxes we are aware of at this time. The healthcare coverages doesn't begin until 2014, but some of the taxes went into effect in 2013.
Penalties on Individuals: Any individual who cannot prove they have a government approved healthcare plan will pay a fine of $695 or 2.5% of their annual income every year.
Penalties on families: All families who can't prove they have purchased a government approved healthcare plan will pay an annual penalty of $347 per child up to $2,250 per family.
Penalties on employers: Every employer with more than 50 employees are required to purchase government approved health coverage or pay an annual penalty of $2,000 per employee if even one employee receives a tax credit. There was a clause in the bill leaving employers an out if their employees work less than 30 hours per week. Many large employers took this easy-out and immediately made every employee a part-time employee.
Needless to say this loophole in the Obamacare law has financially devastated some families. They were barely making ends meet with husband and wife working a combined 80 hours per week, and now they are working a combined 60 hours per week or less.
I shouldn't have to ask, but what idiot could not see this coming when they wrote it into the bill? Even a child would not have fallen for this trap.
Tax on investment income: The ObamaCare bill now imposes a 3.8% annual tax on investment income for individuals making $200,000 and families making $250,000 or more. They didn't factor inflation into these limits, so each and every year more citizens will fall victim to this new tax.
Tax on "Cadillac" health plans: In 2018, a 40% annual tax will be imposed on health care plans exceeding $10,200 for individuals and $27,500 for families.
Medicare tax increase: Those individuals earning over $200,000 and couples earning over $250,000 will pay an additional 0.9% in Medicare taxes.
Tax on Home Sales: This is a new tax on home sales and real estate transactions that will cost us 3.8% of the selling price. This tax applies even if you sell your existing home one day and buy a new home the next day.
This new tax ought to really get the real estate market moving again. (Sarcasm intended)
Tax on medical aid devices: Another new 2.9 percent tax on medical aid devices. Certain items intended for personal use are exempt, but I have yet to see a list of what is exempt and what is included.
So now when you finally have to buy that wheelchair for grandma, factor in another 2.9% on top of the state and local taxes.
Tax on Tanning: This new tax is 10% and covers services at tanning salons. The business owner will collect this tax from customers and pay it to the feds. This is apparently the first federal sales tax in this country.
It would seem this bill was more about raising taxes than a concern over health care. I have no idea how taxing the sale of your home is related to health care. Of course those who don't own a home and never will could care less about this. That also applies to the tax on investments. All of those living paycheck to paycheck have never even thought about investing. For some buying a lottery ticket is their idea of a sound investment.
As you can see from above, these are just some of the surprises that were hidden deeply in the 2,700 page bill that nobody read prior to voting. We don't really know what exactly was in this bill when the voting took place, and what was added under the cover of darkness after the bill was approved. Had any of this been public knowledge prior to this bill being passed I doubt it would have made the cut.
It is estimated that 8 to 9 million citizens will lose their employer-provided health coverage due to these new laws.
ObamaCare will be enforced by the IRS who has the power to confiscate tax refunds, place a lien on your property, and seek jail time if health-related penalties are not paid. To do this required the government to hire 16,500 new employees. We can most likely make the assumption that none of these 16,500 will work for free, so there goes more money being spent on the monster bill.
As one can readily see, the cost of your healthcare going up is only part of the money that will be removed from your pocket or purse.
Perhaps the scariest thing is not knowing what else is hidden in the pages of this bill we still don't know about? My guess is that we have not seen anything but the tip of this iceberg called ObamaCare.
Your comments are welcome and appreciated. Please stay on topic, and that topic is the hidden taxes included in ObamaCare. It has nothing to do with race or color or like or dislike of our President. Low-information types save your time and don't bother to comment.
Do we know what is really in the bill?
I often wonder if anyone has kept track of this bill from the day it was passed until now. Because none of our politicians took the time to read the bill before they voted, I kind of doubt it.
How much new stuff such as taxes has been slipped between the pages of this monster since that vote took place?
I lost my warm fuzzy feeling about ObamaCare a long time ago.
Are you aware of the hidden costs of ObamaCare?
How many are fully aware of the new taxes imposed by ObamaCare?
What about ObamaCare?
By now, even the low-information types must have heard something about the costs of ObamaCare.