Tags: obamacare | new | taxes | kaiser | hidden

New Taxes Set to Kick In Under Obamacare

Wednesday, 25 Dec 2013 12:46 PM

By Drew MacKenzie

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Millions of Americans are facing hidden tax surcharges on their insurance premiums under President Barack Obama's healthcare law as well as new health-related taxes on their income tax bills, the New York Post reports.

Some health insurance companies are not informing patients about the Obamacare taxes, instead deciding to quietly pass them on to its customers. But Blue Cross Blue Shield of Alabama has revealed the taxes on its bills with a separate line item for “Affordable Care Act Fees and Taxes.”

Editor’s Note: What you must know about ObamaCare fully explained in NY Times best-seller, ‘The ObamaCare Survival Guide.’

According to the report quoting Kaiser Health News, the surprise taxes on one customer’s bill was $23.14 a month, or $277.68 annually, which increased the monthly premium from $322.26 to $345.40 for that person.

The two percent tax on customers for every health plan is expected to net about $8 billion for the government in 2014 and increase to $14.3 billion in 2018.

There’s also a $2 fee per policy that goes into a new medical research trust fund called the Patient Centered Outcomes Research Institute.
As for insurers, they have to pay a 3.5 percent user fee to sell medical plans on the HealthCare.gov website.

The Post says Obamacare supporters may point out that federal subsidies for low-income families will cover the taxes and pay a large part of the actual premiums.

However, there's also another Obamacare tax that people don't know about. Americans who have to buy medical devices like pacemakers, stents and prosthetic limbs will have to fork over a 2.3 percent medical device tax.

Another hidden expense will affect Americans who have to pay out a large share of their annual income for medical costs. Currently, Americans are allowed to deduct medical expenses higher than 7.5 percent of their incomes. But that figure leaps to 10 percent under Obamacare, which will cost taxpayers $15 billion over 10 years, says the Post.

For some Americans there will also be an increase in Medicare tax. Individuals earning more than $200,000 a year and families earning more than $250,000 will have 0.9 percent surtax over the existing 1.45 percent Medicare payroll tax.

Editor’s Note: What you must know about ObamaCare fully explained in NY Times best-seller, ‘The ObamaCare Survival Guide.’

Furthermore, these high-earning Americans will also pay an extra 3.8 percent Medicare tax on unearned income, such as investment dividends, rental income and capital gains, adds the Post.

Related Stories:







© 2014 Newsmax. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Americans Just Don't Think Sebelius' Departure Will Matter Much

Wednesday, 16 Apr 2014 09:55 AM

The impending departure of Health and Human Services Secretary Kathleen Sebelius is bringing forth a kind of shrug from  . . .

Pope to Mafia Bosses: 'Stop Doing Evil'

Wednesday, 16 Apr 2014 09:46 AM

Pope Francis has signaled a war on organized crime in Italy after attending a prayer vigil with the families of Mafia vi . . .

Romney's Son Tweets Taunt to Reid: My Dad Pays His Taxes

Wednesday, 16 Apr 2014 09:39 AM

It's been almost two years, but Mitt Romney's son Josh hasn't forgotten Senate Majority Leader Harry Reid's insistence t . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved