Tags: obamacare | cut | taxes | middle class | americans for tax reform

Taxpayer Group: Repealing Obamacare Would Cut Taxes on Middle Class

Taxpayer Group: Repealing Obamacare Would Cut Taxes on Middle Class

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By    |   Monday, 12 December 2016 02:50 PM

Repealing the Affordable Care Act would cut taxes on the middle class, according to taxpayer advocate group Americans for Tax Reform.

The group's report listed taxes that Obamacare imposed, including:

  • Individual mandate non-compliance tax: According to the report, "Anyone not buying 'qualifying' health insurance — as defined by President Obama's Department of Health and Human Services — must pay an income surtax to the IRS."
  • Medicine cabinet tax on HSAs and FSAs: Users aren't allowed to purchase over-the-counter medicines using pre-tax flexible spending accounts (FSA) or health spending accounts (HSA). The group's report said it costs those users $6.7 billion over 10 years.
  • Flexible spending account tax: Obamacare set up a cap of $2,500, which will cost Americans $32 billion over ten years.
  • Chronic care tax: This tax aims at those in the middle class who have large medical bills. It will cost $40 billion over ten years.
  • Excise tax on comprehensive health insurance plans: In 2020, a 40-percent excise tax on insurance provided by employers kicks in. The increase would hit 26 percent of employer plans by 2020, and 42 percent of employer plans by 2028, the report stated.
  • HSA withdrawal tax: Increases tax on early withdrawals from an HSA from 10 to 20 percent.
  • Ten percent excise tax on indoor tanning: The tax group's report said that Obamacare posed a 10-percent tax on around 10,000 tanning salons and was an $800 million tax increase.

The report said the tanning tax was the first of Obamacare's increases to go into effect, in July 2010.

Forbes also reported on the taxes that would be revoked when Obamacare is repealed, saying there were 20 or more that would go away.

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Repealing the Affordable Care Act would cut taxes on the middle class, according to taxpayer advocate group Americans for Tax Reform.
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Monday, 12 December 2016 02:50 PM
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