Heritage Foundation provides the following fun information on Obamacare tax hikes, three of which take effect in this New Year:
1. Individual Mandate Tax. The individual mandate is designed to strong-arm individuals into purchasing government-approved health insurance or facing a tax penalty. In 2014, the penalty for not purchasing insurance will be either $95 or 1 percent of annual income (whichever is greater). Very few, if any, people will end up paying just $95, because individuals with an annual income of only $9,500 or less would likely qualify for Medicaid or a hardship exemption from the mandate. The mandate increases drastically in coming years, rising to $325 or 2 percent of income in 2015, and $695 or 2.5 percent of income in 2016—whichever is greater.
2. Health Insurer Tax. One of the largest tax increases in the law is an annual fee imposed on health insurers based on their share of the market. It is estimated to raise $8 billion in 2014 alone. The tax will more than likely be passed on to consumers through premium increases. An actuarial analysis by the consulting firm Oliver Wyman projects that in 2014, this tax will increase premiums by 1.9 percent to 2.3 percent. And the impact will be greater in later years as the tax increases.
3. Reinsurance Fee. This fee isn’t included in the
list of 18 tax hikes, but it’s another one that will impact the cost of insurance. Health insurers will have to pay the temporary fee on group health plans to help spread the cost of the covering those in the individual market, inside and outside Obamacare’s exchanges. The fee begins in 2014, costing $63 per covered person and decreasing in 2015 and 2016. Like most taxes and fees, the result will likely be higher insurance premiums.
Sneak Peek at 2015: Employer Mandate. By law, the employer mandate was supposed to begin in 2014, but the Obama Administration delayed enforcing it until 2015. The employer mandate forces employers with 50 or more full-time employees (defined as those working 30 hours per week) to offer government-approved health coverage or pay a penalty. The penalty varies—either $2,000 per employee after the first 30 workers, or $3,000 per employee receiving subsidized coverage in the exchange, whichever is less.
Regardless of the delay, many businesses have already adapted by reducing hours for their employees—falling under the threshold to avoid both the cost of coverage and the penalty.
We need health reform that works for Americans—not against them.
Well, yes!
Source:
http://clevelandteapartypatriots.blogspot.com/2014/01/obamacare-tax-hikes-here-they-come.html
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Its taxation without representation. Period.
Unconstitutional, and this needs taken to the PA Supreme Court, the highest in the land, not the Federal…
Actually the individual mandate is a tax on your constitutionally protected right to life therefore it is unconstitutional. Taxation without representation does not work as it was voted on a passed by Congress.
Ugh where I work if you have insurance like tricare military you get some huge extra hours and overtime cause they do not provide health insurance at all. When I started working they asked me if I had my own I said yes I had to fill out a paper . otherwise if you do not have health insurance they give you maybe 15 hours or twenty a week. Yes its unfair but a hell of a.way to know you can work and have more hours. More company’s should hire x military cause they don’t have to pay insurance and my company seems to have learned this early on. Bravo.
Obamacare is Extortion ( look it up) …….It did not Pass ….the Supreme Court Said that only one portion was Constitutional and the Whole Bill cannot be Law ……It was passed as a Mandate and not a Tax …..to Be a tax it would have to be Originated and Passed in the other House therefore making it Null and Void and Under Law is not Enforceable …….The Law never Passed through Proper Channels and you can not Mandate Commerce. ….Yet another OBAMA and DemocRATS LIE.