From the ATR website.
President Barack Obama has signed into law 21 new or higher taxes on the American people. The full list is below:
1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just 16 days into his administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.
2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance — as defined by Obama-appointed HHS bureaucrats — must pay an income surtax according to the higher of the following:
The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as Americans for Tax Reform has pointed out, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they had “qualifying” health insurance for every month of the tax year. (Bill: PPACA; Page: 317-337).
3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2,000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3,000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).Bill: PPACA; Page: 345-346.
Combined score of individual and employer mandate tax penalty: $65 billion/10 years.
President Barack Obama has signed into law 21 new or higher taxes on the American people. The full list is below:
1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just 16 days into his administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.
2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance — as defined by Obama-appointed HHS bureaucrats — must pay an income surtax according to the higher of the following:
| 1 Adult | 2 Adults | 3+ Adults | |
| 2014 | 1% AGI/$95 | 1% AGI/$190 | 1% AGI/$285 |
| 2015 | 2% AGI/$325 | 2% AGI/$650 | 2% AGI/$975 |
| 2016+ | 2.5% AGI/$695 | 2.5% AGI/$1390 | 2.5% AGI/$2085 |
The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as Americans for Tax Reform has pointed out, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they had “qualifying” health insurance for every month of the tax year. (Bill: PPACA; Page: 317-337).
3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2,000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3,000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).Bill: PPACA; Page: 345-346.
Combined score of individual and employer mandate tax penalty: $65 billion/10 years.
No comments:
Post a Comment