The Obama administration set things up so deceitfully that the real taxes on Obamacare begin after the 2012 elections. Come January 1 of 2013, new and higher taxes, commonly referred to as “Taxmageddon,” begin to kick in and will escalate as the years pass.
Of the twenty-one new or higher taxes in Obamacare, Americans for Tax Reform lay out the top five worst taxes that will take hold of Americans at the beginning of 2013:
- The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales
- The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase
- The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single).
- The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase
- The Obamacare Medicare Payroll Tax Hike — an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead.
Below is a complete list of the new taxes that will increase over the next six years, provided by the Heritage Foundation. Make yourself familiar with these and prepare for Obama’s Taxmageddon, because these are coming no matter who is elected in November.Facebook and Twitter, and follow our friends at RepublicanLegion.com.