Monday, April 12, 2010

Read The Fine Print Part III: ObamaCare to tax middle class in 2019

<object width="640" height="385">

Nancy Pelosi sure wasn’t kidding when she said they had to pass the bill to find out what is in it. Today some more ugly news just leaked out about ObamaCare.  Apparently the middle class, yes those making under $250k, will be socked with $3.9 billion in tax increases. 
The Hill: Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress's official scorekeeper. 
The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.
Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income. Starting in 2013, most taxpayers will only be able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.
Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households. 
"Loss of this deduction will mean higher taxes for 14.7 million individuals and families making under $200,000 a year in 2019," Sen. Chuck Grassley (R-Iowa) told The Hill. "The new subsidy for health insurance would not be available to offset this tax increase for most of these households." […]
I hope everyone who gets hit with these taxes is someone who was stupid enough to want this bill to have passed. Anyone who took the time to read so much as the first 100 pages, would have known the bill was nothing like what Obama was selling on the stump.

On the bright side, all these nasty details will only help the Repeal and Replace idea.


spc said...


YES- the repeal/replace should be something we ask our state legislators about. We have to get to the core of the issue so that they don't support the status-quo.

Work locally if we can- it is a must or we will not gain traction. If it takes a Constitutional Convention we MUST know where our representatives stand. This is bigger (more close to home) than national politics.

Lets do our part.

Clifton B said...


Yes we should be pushing our local representatives to support repeal. We must also inform everyone we can about all the nasty side effects to diminish the desire for "free" healthcare.

NO, NO, NO on a Constitutional Convention. At a CC the Constitution is opened wide up and ANYTHING can be voted in or out. Right now there simply isn't enough mature and responsible leaders to perform such an operation. Instead think Constitutional amendment!

LL said...

The 2,000 page bill can be replaced by a 100 (or fewer) page bill that deals with portability, opening markets - and decreasing prices, pre-existing conditions and tort reform that doesn't cost the taxpayers a nickel.

And it will fix the major problems we have with healthcare without bankrupting the nation.

This is the solution the Democrats could have proposed and nobody would have opposed it.

Clifton B said...


Such a bill would be very easy to sell to the public. They would print it and hand it out like candy. It would have far greater appeal than ObamaCare.

Angie Lee said...

And, of course, they're not just sticking it to those earning less that $250K but those with PREEXISTING CONDITIONS. But the insurance companies do it, and they are eeeeevil.

Well, Barack did say those of us earning less than $250K wouldn't see our taxes go up by one single dime - and he didn't lie. It's definitely NOT one single dime, but hundreds and thousands of dimes...

Clifton B said...

Angie Lee:

It is all about the semantics! Wait until I post the other dumb thing ObamaCare is going to do.

Angie Lee said...

Tonight, or you gonna make me wait til tomorrow? LOL

Clifton B said...

Angie Lee:

You know I do my best posting in the wee hours. Unless of course you have me laughing my head off on Facebook again.

Angie Lee said...

That's when I do my best work, too. Some people just don't understand we night-owl folks. Personally, I think we are totally AWESOME.

And I just turned on my FB, and you're not even on. Besides, I can't stay up all night tonight, I am pooped, and the baby's busy chewing her toes, chewing on the cat, laughing, and generally all-around preventing me from either working OR sleeping... But I'd love 100 more just like her!

Clifton B said...

Angie Lee:

I was a night owl from way back when. In college, I would write my best source code at 3:00 AM! The mental juices flow quickly then.

Nope I am still avoiding FB, I still have 4 gazillion friend request and messages to go through. Ugh.

Related Posts with Thumbnails