Full List of All Taxes in ObamaCare / All Taxes in the Affordable Care Act
The following list of new ObamaCare taxes collectively raise about $770 billion over the next ten years. While most ObamaCare taxes won't affect the Average American there are some that will. Here is a complete list of new fees and taxes contained within ObamaCare:
ObamaCare Taxes That Most Likely Won't Effect the 98%
• 2.3% Tax on Medical Device Manufacturers
• 10% Tax on Indoor Tanning Services
• Blue Cross/Blue Shield Tax Hike
• Excise Tax on Charitable Hospitals which fail to comply with the requirements of ObamaCare
• Tax on Brand Name Drugs
• Tax on Health Insurers
• $500,000 Annual Executive Compensation Limit for Health Insurance Executives
• Employer Reporting of Insurance on W-2 (not a tax)
• Corporate 1099-MISC Information Reporting (repealed)
• Codification of the "economic substance doctrine" (not a tax)
• Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
• Employer Mandate on business with over 50 full-time employees to provide health insurance. $2000 per employee $3000 if employee uses tax credits to buy insurance on the exchange.
• Medicare Tax on Investment Income 3.8% over $200k/$250k
• Medicare Part A Tax increase of .9% over $200k/$250k
ObamaCare Taxes That (may) Effect the 98%
• 40% Excise Tax "Cadillac" on high-end Premium Health Insurance Plans 2018
• An annual $63 fee levied by ObamaCare on all plans (decreased each year until 2017 when pre-existing conditions are eliminated) to help pay for insurance companies covering the costs of high-risk pools.
• Medicine Cabinet Tax In Effect
Over the counter medicines no longer qualified as medical expenses for flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), and Archer Medical Saving accounts (MSAs).
• Additional Tax on HSA/MSA Distributions
Health savings account or an Archer medical savings account, penalties for spending money on non-qualified medical expenses. 10% to 20% in the case of a HSA and from 15% to 20% in the case of a MSA.
• Flexible Spending Account Cap 2013
Contributions to FSAs are reduced to $2,500 from $5,000.
• Medical Deduction Threshold tax increase 2013
Threshold to deduct medical expenses as an itemized deduction increases to 10% from 7.5%.
• Individual Mandate (the tax for not purchasing insurance if you can afford it) 2014
Starting in 2014, anyone not buying "qualifying" health insurance must pay an income tax surtax at a rate of 1% or $95 in 2014 to 2.5% in 2016 on profitable income above the tax threshold. The total penalty amount cannot exceed the national average of the annual premiums of a "bronze level" health insurance plan on ObamaCare exchanges.
The link below provides a full list of ObamaCare Taxes by the IRS.
For a full list of taxes provisions from the IRS
Or see the latest publication by the joint tax committee on the Affordable Care Act.
ObamaCare Home Sales Tax / ObamaCare Real Estate Tax Increase
ObamaCare increases taxes on unearned income by 3.8%. This also applies to home sales over a certain amount. The 3.8% homes sales tax typically doesn't apply to your primary residence. It also doesn't usually apply to homes you have owned for over 5 years or on profits of less than $300k.
In short the ObamaCare home sales tax isn't something that most of us will pay, it is a tax is aimed at people who won't be crippled by the tax, not at the average American buying and selling their primary residence.
What Increases Do the ObamaCare Taxes Include for The $200k/$250k Earners?
ObamaCare Medicare Part A Payroll Tax
Starting in 2013, ObamaCare taxes individuals with earnings above $200,000 and married couples making more than $250,000. This tax is an increase to the Medicare part A payroll tax. It's an increase of 2.35%, up from the current 1.45% ( a .9% Medicare payroll tax hike), on adjusted income over the threshold.
ObamaCare Unearned Income Tax
This group will also pay a 3.8% unearned income tax on interest, dividends, annuities, royalties, rents, and gains on the sale of investments over the threshold.
Taxable income under the $200/$250k threshold is subject to the same benefits and tax cuts as those who make under the threshold.
ObamaCare Employer / Employee Taxes
Medicare part A Tax Hike for Employers and Employees
The ObamaCare small business Medicare tax hike is a .9% increase on the current Medicare part A tax. Small businesses making under $250k in taxable profit don't have to pay this ObamaCare small business tax increase. Employees with earnings under $200 / $250k don't have to pay this either.
The Employer Mandate
Unless you own a company that has over 50 employees, you do not have to insure your employees. If you exceed these amounts, you have to either insure your employees or pay a penalty. The penalty is $2000 per employee and $3000 if they use tax credits to purchase insurance on the exchange.
Employers with under 25 full time employees, whose average income doesn't exceed $50k, can apply for tax credits of up to 30% for insuring their employees.
In other words, the ObamaCare taxes help small business employees and employers by offering them better health insurance and bigger tax breaks.
Please be aware that if you have employer-based health insurance there are a number of factors that could affect you, from employers lowering the quality of high costs health care plans by 2018 to avoid the "Cadillac" tax and employers cutting hours to part-time to avoid the "employer mandate".
Other ObamaCare Taxes on Big Business
Aside from having to adhere to the "employer mandate" ObamaCare also imposes taxes and fees that are unique to big business. ObamaCare taxes some medical device manufactures, drug companies and health insurance companies. Beginning in 2013, medical device manufacturers and importers must pay a 2.3% tax on the sale of a taxable medical device. This raises $29 billion over a 10 years. However, many states are asking to delay the medical device excise tax to protect jobs in states that produce the devices. An annual fee for health insurers is expected to raise more than $100 billion over 10 years, while a fee for brand name drugs will bring in another $34 billion.
ObamaCare "Cadillac" Tax
Starting in 2018, the new health care law imposes a 40% excise tax on the portion of most employer-sponsored health coverage (this excludes dental and vision) that exceed $10,200 a year and $27,500 for families. The tax has been dubbed a "Cadillac" tax because it hits only high-end "gold", "platinum" and high-end health care plans not purchased on the exchange. The tax raises over $150 billion over the next 10 years.
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Originally Posted by Zippyjuan
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