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Do you already find yourself discouraged when your pay from work comes in and you realize how much you “could have made” if so much money was not being taken out for state and federal taxes? It’s incredible, and yet we seem to only be seeing the beginning of it here in Ohio and especially when it comes to finding affordable Ohio health insurance. If President Obama is re-elected and Obamacare is fully implemented, there is an expected $501 billion that will be taken from taxes between the years of 2011 to 2019. Here are the “10 most expensive Obamacare taxes and fees” and how it will affect everyone paying for Ohio health insurance.
1. Hospital Insurance Tax: Self explanatory from its name, this is the tax that will be charged to the hospitals. Beginning by first taxing those making between $250,000 - $200,000 a year, it is quickly expected to be taken out of the payroll of those making much less in just a short amount of time.
2. Mandate Penalties: If Obamacare is passed, everyone will be expected to purchase insurance. The amount that is expected, because of penalties paid for those that do not have it, is “an estimated $65billion between 2014-2019.
3. Health Insurance Provider Fee: Unfortunately Obamacare also is going to be charging a fee to insurance providers simply for selling any Ohio health insurance plan.
4. Cadillac Tax: The more expensive health plans are known as Cadillac plans, whereas the next expensive are Honda plans. In 2018, there will be a “40 percent excise tax on Cadillac plans” which is expected to bleed into the Honda plans as well.
5. Prescription Drug Fees: Just as Obamacare is charging a fee to the Health Insurance providers there is also an annual fee that is being charged to “manufacturers and importers of branded drugs”.
6. Ethanol Tax: “In 2010, Obamacare excluded ethanol from the existing cellulosic biofuel producer tax credit, hiking taxes $24 billion”.
7. Medical Device Tax: There will be a 2.3 percent tax on “medical device manufacturers” causing people who need medical devices to owe more in taxes to compensate for the 2.3 percent.
8. Business Regulation Costs: The oversight of more business activities will cause corporate taxes to rise starting in 2012.
9. Reducing Medical Deductions: Americans who have been getting a medical deduction, will be unhappy to find that Obamacare will be changing the percentage of adjusted gross income from 7.5 percent to 10 percent in order to get the deduction. This means that they will have to spend more pocket money than previous years.
10. FSA Limits: The last way that taxes is increasing is that starting in 2014, you can only put a total of $2,500 a year in your flexible savings account.
As you can see there are many ways that Obamacare will be changing your life if it is passed. Overall, it will cost you a whole lot more and you will be getting a whole lot less for it. Continue to be an educated American so you know what your tax dollars are paying for.
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