Obamacare’s four tax hikes on young adults and kids?
Out of the 20 new or higher taxes in Obamacare, there are four that most hurt young adults and children. Every single one of these taxes violates President Obama’s “firm pledge” not to raise any form of taxes on families making less than $250,000.
The first is the “individual mandate” excise tax. Under Obamacare, all young adults must purchase “qualifying health insurance” (defined by unelected federal bureaucrats) or face an excise tax penalty of at least 2.5 percent of adjusted gross income.The second Obamacare tax hike on young adults and kids is the “medicine cabinet tax.”
The third Obamacare tax hike on young adults and kids is on FSAs. Many young people and parents of young children participate in flex accounts (FSAs) at work. Obamacare imposes a new cap of $2,500 per year on these accounts, which currently face no limits from the tax code.
The fourth Obamacare tax hike on young adults and kids involve health savings accounts (HSAs).
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