Yet another tax on everyone in Obamacare

Like Nancy Pelosi said, we had to pass it to find out what is in it. The Obama health care boodoggle is just bursting with new, hidden taxes on everyone.

Your medical plan is facing an unexpected expense, so you probably are, too. It’s a new, $63-per-head fee to cushion the cost of covering people with pre-existing conditions under President Obama’s health care overhaul.

The charge, buried in a recent regulation, works out to tens of millions of dollars for the largest companies, employers say. Most of that is likely to be passed on to workers.

Employee benefits lawyer Chantel Sheaks calls it a “sleeper issue” with significant financial consequences, particularly for large employers.
“Especially at a time when we are facing economic uncertainty, (companies will) be hit with a multi-million dollar assessment without getting anything back for it,” said Sheaks, a principal at Buck Consultants, a Xerox subsidiary.

Based on figures provided in the regulation, employer and individual health plans covering an estimated 190 million Americans could owe the per-person fee.

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8 Responses to Yet another tax on everyone in Obamacare

  1. Uke says:

    Incidentally, who here believes that it only takes $63 per person to cover the actual cost of covering non-discrimination against pre-existing conditions?

  2. RJ says:

    Or the %3 house sale tax ( weather a profit or not) is not just another redistribution of your wealth.

  3. Greg B says:

    I missed that one. More info please.

  4. notamobster says:

    Greg – RJ’s comment was slightly misleading,though I am certain – this was not his intent!

    There are two things to consider in determining whether you might owe this new tax next year.

    First, look at your adjusted gross income. If next year it is more than $200,000 and you’re a single taxpayer or more than $250,000 if you’re married and file a joint return, then the 3.8 percent tax might apply. But if it is less than the threshold for your filing status, then that’s that. The new investment tax will not affect you.

    But let’s say you are a high-earner under this tax’s guidelines. In that case you must calculate your profit from the sale of your home.

    If you’re a single filer, you can net up to $250,000 on the sale of your principal residence and not owe any capital gains taxes on the income. The amount of profit excluded from tax for a married, jointly filing couple is double that. If your home-sale profit falls within the exclusion limits for your filing status, the 3.8 percent tax won’t apply because you won’t have any investment income from your home sale to report.

    However, if you are subject to the tax and your net home sale profit is larger than the exclusion amount, then you might owe the 3.8 percent Medicare tax. But only on the part of the home-sale gain over the applicable exclusion limit, not the entire sale proceeds.

    That means that most people will not face the health care tax.

    Remember, too, that you reduce any capital gains by selling assets that have lost value and using those losses to offset your taxable investment earnings.

    Second-home owners, however, watch out. If you sell your vacation home, that profit could be subject to the Medicare tax.

    In other words, our tax code has just increased in it’s profound ability to confuse and stifle, even the most creative minds!It’s a regular, old-fashioned, cluster-maneuver.

  5. RJ says:

    Nota thanks for the clarification, Greg sorry for the misinfo.

    I understood there was a straight sales tax buried within the bill applied to all real estate sales separate from the capital gains taxes.

    I did not read the bill but saw an experpt way back when it first came out.

    Hey I been wrong before, yup shoulda googled that one….I was wrong.

    • notamobster says:

      I figured that’s what happened. The rumor floating around was straight sales tax. An evenly applied tax would cause an uproar, though. If they limit it – as they have – then, it fits nicely into the classwar meme they’re pushing.

  6. RJ says:

    Yup I still hate it and even if I sold I would not be close to having to pay it.

    Class war = divide and conquer

  7. Greg B says:

    Hate to say it, even though I try to save as much as possible, my house is my investment. When I do sell, it’s gonna get me out of this hell hole.
    Although I’m under no delusion that DC isn’t trying to figure out how to screw us out of that too. Just like CA is trying like hell to figure out his to do away with prop 13.