There is a tax on medical devices that is already killing jobs for these manufacturers. What kind of devices? Braces for your kids. A stent for your heart. A wheelchair. Obamacare has a tax on lifesaving drugs. Great – now our drugs will cost more. Obamacare raises taxes on making new drugs by $2.3 billion a year. And you will pay it.
You were promised that you would be able to keep your insurance. Not if you have a Health Savings Account – that is hit with new tax penalties. Just try and buy over-the-counter nonprescription drugs pre-tax with your HSA – not anymore. Your Flexible Spending Account is now going to be taxed so that parents who use these insurance accounts to take care of special-needs children will find part of their own life savings taxed away to Washington. And if you have insurance that Washington bureaucrats have decided on your behalf is too good, then you pay part of the $32 billion Mr. Obama is adding in new taxes on those with “too much, too good” health insurance.
Obamacare even has a tax on charitable hospitals. Much focus has been placed on one of the 20 tax hikes. That is the tax hike on Americans who fail to submit to the “mandate” that you buy health insurance chosen for you by the government. Is this mandate a tax? Well, the tax on your failure to cooperate is collected by the Internal Revenue Service. The rules are written in the Internal Revenue Code. The tax is paid on your 1040 federal income tax return. And the Congressional Budget Office takes the money and counts it as tax revenue pouring into the general fund.
Common sense tells us that if the government takes stuff from you by force, it is a tax. It certainly isn’t a voluntary contribution. In total, the tax hikes in Obamacare total somewhere between $500 billion and $800 billion over the next decade. Some taxes were delayed to make this number look smaller. If Mr. Obama is re-elected and the tax increases become permanent, then in the first 10 years of full implementation, tax hikes will approach $1 trillion. So if Obama is re-elected, we know one thing. The 20 tax hikes that are Obamacare will be permanent tax increases raising the cost of your health care, drugs and health insurance. Can any Americans, many of which are out of work at present, afford this in this economy? No, but the Democrats have wanted it for so long, and besides HE WON.