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Greenrocks said...
All right, my fellow Americans, now that we have celebrated Independence Day, ironically the other 364 days are now Dependence Days! Most us working stiffs did not ask for it - and we are gonna get it...big time!
As we all know, the Federal Government is one giant case study on fast, efficient, seamless, caring, and loving to all customer service..... So what is it going to cost?
BOOM - A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ)
BOOM - Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
BOOM -The itemized-deduction hurdle for medical expenses is going up to 10% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%. (ATR.org)
BOOM -The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
BOOM - A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. **The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)
BOOM - A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)
BOOM - A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)
BOOM - A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income: Less than $9,500 income = $0 $9,500 - $37,000 income = $695 $50,000 income = $1,000 $75,000 income = $1,600 $100,000 income = $2,250 $125,000 income = $2,900 $150,000 income = $3,500 $175,000 income = $4,100 $200,000 income = $4,700 Over $200,000 = The cost of a "bronze" health-insurance - a plan purchased through one of the state (like, my state - Illinois - has any time, money, intelligence, and experience in the insurance business) "exchanges" that they will be forced to create as part of Obamacare. The CBO estimates that these policies will cost $4,500-$5,000 per person and $12,000-$12,500 per family in 2016, with the costs rising thereafter.
Who is penalty tax exempt?
Those who make less than $9,500 Employees whose employers only offer plans that cost more than 8% of the employee's income Those with "hardships" Members of Indian tribes Members of certain religions blessed by the Feds that don't pay Social Security tax, such as Amish, Hutterites, or Mennonites
BOOM - A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures. (Breitbart.com)
Other taxes that claim to be "progressive" (aimed at the evil rich people) and "regressive" (aimed at the middle class and poor people):
BOOM - the 3.8% investment income hike and the Medicare tax increase--only hit you if you're making more than $200,000 a year. The rest hit you no matter how much you're making.
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GRR Spartan
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Adm Spinebender
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Get Ready! 13k pages of New Taxes/Hiring 16K new IRS Agents!