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Obama claims taxes will only go up for those earning more than $250,000 ... turns out it's a lie.

KCurtis 2012/11/28 23:35:01
WASHINGTON, D.C.— Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 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 <strong> 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year.<strong> In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.
The Obamacare <strong>“Special Needs Kids Tax” – a $13 billion tax increase:<strong> The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.
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). This would result in the following top tax rates on investment income:
Capital Gains Dividends Other*
2012 15% 15% 35%
2013+ (current law)
23.8% 43.4% 43.4%
The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.
The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.
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. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:
First $200,000 ($250,000 Married) Employer/Employee
All Remaining Wages Employer/Employee
Current Law
1.45%/1.45% 2.9% self-employed
1.45%/1.45% 2.9% self-employed
Obamacare Tax Hike
1.45%/1.45% 2.9% self-employed
1.45%/2.35% 3.8% self-employed
You!
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Top Opinion

  • Patriot Unit 2012/11/29 01:07:51
    Patriot Unit
    +6
    We knew that the very moment he spewed his tax hike plan three or four years ago. He and his Democratic Mafia are dead set on raising taxes that will do nothing to lower the debt, or to stop the mindless spending. That was their theme before and its still their theme now. They have not changed a thing. We are never going to fix the problems with the Democratic mindset of taxing more, from any source they can. They don't care a hoot about the debt, or their overspending, and their ignorance of their guidlines given them their. They usurpe it at ever level and everytime they can.

    Obama is not a leader, he has not clue as to how to mangae this country. let alone the budget. He's a community organizer, who know no other way. That is why he is out campaigning his ideas, instead of dealing with the House and getting something done. He and his Mafia would rather blaim Bush, or the Republicans, so that it looks as if they are the problem. That does not exclude them from being part of the mess this country is in. Had they followed the Mandate they were given when they took control of both houses, and spend like drunken Democrats.

    I hear today, that the Republican Party is not the Old Democratic Party, of long ago. And the the New Democratic Party is now the Socialist Party. So we can now run up the new flag. Good

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  • schjaz 2012/11/30 17:54:53
    schjaz
    If this is only affecting the ppl making over $250,000/yr, it will not affect me and I do not have FSA. But if it is going to harm business, and it sounds as tho it will, then it will affect all of us. We pay sooner or later somehow.
  • KCurtis schjaz 2012/11/30 18:44:03
    KCurtis
    That's not true these taxes will be going up for everyone.
  • Steve 2012/11/30 01:55:29
    Steve
    +2
    If you confiscate all the top earners money you cannot put a dent in the debt. We are already headed for Greek status. The US will financially fail destroyed from the inside as warned by Lincoln.
  • schjaz Steve 2012/11/30 17:58:27
    schjaz
    And Kruschev.
  • keeper 2012/11/29 20:16:52
    keeper
    +2
    Surprise surprise~~
  • none 2012/11/29 19:32:06
    none
    +3
    There's not much that comes out of Obama's mouth that's not a lie or a distortion of the truth.
  • firelooker 2012/11/29 18:48:32
    firelooker
    +2
    Obama never had any intention of taxing only the rich. His plan all along was to increase taxes on everybody while lying to the middle class. What will happen is there will be many more people going underground as self employed while not telling the gov that they're working.
  • frank 2012/11/29 16:43:12
    frank
    +3
    Omama has never told the truth and I do not think he is capable of doing it. He keeps saying that he wants to only tax the millionaires which includes all those making over $250k a year, how does he plan to do this, eliminate tax deductions that everyone enjoys. The only people that won't be paying more taxes are those who don't pay them.
  • goatman112003 2012/11/29 08:59:04
    goatman112003
    +3
    Its a total lie the whole damn thing and its to break the back of the country not supply healthcare.
  • Christine/Rest in peace Pet... 2012/11/29 04:38:38
    Christine/Rest in peace Peter Br
    +4
    Besides all the hidden taxes brought to us by numerous regulations, Obamacare the giant tax that never stops gobbling, marriage penalty and so on, I saw a report before the election that showed with just losing the Bush tax cuts, those making 45,000 a year will be paying over 2000 dollars more in taxes. Oh but it is only those greedy fat cats that will have to dig in thier pockets right?
  • Jeff Smith 2012/11/29 03:23:39
    Jeff Smith
    +2
    The name Obama is a lie
  • S and S 2012/11/29 02:54:26
  • Amasaman S and S 2012/11/29 14:50:12
    Amasaman
    +3
    I HATE those gas cans!!!!! And almost everything else deemed "green."
  • firelooker Amasaman 2012/11/29 18:52:42
    firelooker
    +3
    Now we'll have UN Agenda 21 telling us where we can live, eat & drive. You won't be able to own property because it will belong to the gov't who is the only one who knows how to manage it so it's "green"
  • Amasaman firelooker 2012/11/29 19:46:49
    Amasaman
    +3
    I will live where I want and practice my markmanship with this target.
    UN target
  • firelooker Amasaman 2012/11/30 04:36:01
    firelooker
    +2
    Nice target.
  • Jesse-Tired of Liberal Lunacy 2012/11/29 02:46:07
    Jesse-Tired of Liberal Lunacy
    +4
    Obama always was and always will be a liar
  • firelooker Jesse-T... 2012/11/29 18:53:07
    firelooker
    +2
    What was your first clue.
  • Patriot Unit 2012/11/29 01:07:51
    Patriot Unit
    +6
    We knew that the very moment he spewed his tax hike plan three or four years ago. He and his Democratic Mafia are dead set on raising taxes that will do nothing to lower the debt, or to stop the mindless spending. That was their theme before and its still their theme now. They have not changed a thing. We are never going to fix the problems with the Democratic mindset of taxing more, from any source they can. They don't care a hoot about the debt, or their overspending, and their ignorance of their guidlines given them their. They usurpe it at ever level and everytime they can.

    Obama is not a leader, he has not clue as to how to mangae this country. let alone the budget. He's a community organizer, who know no other way. That is why he is out campaigning his ideas, instead of dealing with the House and getting something done. He and his Mafia would rather blaim Bush, or the Republicans, so that it looks as if they are the problem. That does not exclude them from being part of the mess this country is in. Had they followed the Mandate they were given when they took control of both houses, and spend like drunken Democrats.

    I hear today, that the Republican Party is not the Old Democratic Party, of long ago. And the the New Democratic Party is now the Socialist Party. So we can now run up the new flag. Good
  • firelooker Patriot... 2012/11/29 18:53:37
    firelooker
    +2
    Sad to say but I think you're right.
  • Deputy Chief 2012/11/29 00:31:46
    Deputy Chief
    +4
    Obama doesn't know how to tell the truth! He is a number 1 LIAR!!!!!!
    obama liar
  • firelooker Deputy ... 2012/11/29 18:54:35
    firelooker
    +3
    Got to admit he's very smooth at lying you don't even see his lips move.
  • kmay 2012/11/29 00:04:35
    kmay
    +4
    Common sense intelligent people know it is a lie!
  • firelooker kmay 2012/11/29 18:55:33
    firelooker
    +2
    No such thing as common semse in this country anymore or Obie wouldn't have gotten reelected.
  • Spy Master 2012/11/28 23:50:27
    Spy Master
    +5
    it always was a non-truth
  • Rustie 2012/11/28 23:45:04
    Rustie
    +5
    Turns out anyone with a working frontal lobe KNEW it was a lie the instant he uttered the statement
  • Kat ♪ ~BTO-t-BCRA-F~ ♪ 2012/11/28 23:43:53
    Kat ♪ ~BTO-t-BCRA-F~ ♪
    +3
    I knew all along he was lying, his sheep were the only one's whose heads that totally went over I'm sure.
  • firelooker Kat ♪ ~... 2012/11/29 18:56:13
    firelooker
    +2
    Yep & there were enough of them to reelect the idiot.
  • lonewolf 2012/11/28 23:38:54
    lonewolf
    +4
    he's been lying four years now. and the next four will be the same thing boy his sheep are dumb

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