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LIST: Obama Tax Hikes

Posted by FactReal on September 13, 2011

Americans for Tax Reform prepared a list of Obama’s tax increases.
Here is a summary:
Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:

1. A 156% increase in the federal excise tax on tobacco:  (Obama signed into law on February 4, 2009). The median income of smokers is just over $36,000 per year.

2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following

1 Adult 2 Adults 3+ Adults
2014 1% AGI/$95 1% AGI/$190 1% AGI/$285
2015 2% AGI/$325 2% AGI/$650 2% AGI/$975
2016 + 2.5% AGI/$695 2.5% AGI/$1390 2.5% AGI/$2085

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

3. Obamacare Employer Mandate Tax (Tax penalty: $65 billion/10 years. Takes effect Jan. 2014):  If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

4. Obamacare creates a new, 3.8% surtax on investment income earned in households making at least $250,000 ($200,000 single) (Tax hike of $123 billion/takes effect Jan. 2013). The 3.8% surtax does not apply to non-resident aliens. Bill: Reconciliation Act; Page: 87-93

5. Obamacare imposes new 40% excise tax on comprehensive health insurance plans (Tax hike of $32 bil/takes effect Jan. 2018). Bill: PPACA; Page: 1,941-1,956

6. Obamacare hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013). Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

7. Obamacare Medicine Cabinet Tax on non-prescription, over-the-counter medicines. (Tax hike of $5 bil/took effect Jan. 2011). Bill: PPACA; Page: 1,957-1,959

8. Obamacare increases additional tax on non-medical early withdrawals from an HSA from 10% to 20% (Tax hike of $1.4 bil/took effect Jan. 2011). Bill: PPACA; Page: 1,959

9. Obamacare will impose a “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013). Bill: PPACA; Page: 2,388-2,389

10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013).  Bill: PPACA; Page: 1,980-1,986

11. Obamacare raises threshold from 7.5% to 10% of adjusted gross income (AGI) to deduct high medical expenses (Tax hike of $15.2 bil/takes effect Jan. 2013). Bill: PPACA; Page: 1,994-1,995

12. Obamacare 10% Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010). Bill: PPACA; Page: 2,397-2,399

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010). Bill: PPACA; Page: 2,004

15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet HHS rules. Bill: PPACA; Page: 1,961-1,971

16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010). Bill: PPACA; Page: 1,971-1,980

17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014). Bill: PPACA; Page: 1,986-1,993

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Will tax health benefits on individual tax returns. Bill: PPACA; Page: 1,957

20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately).  Bill: Reconciliation Act; Page: 105

21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately).  Bill: Reconciliation Act; Page: 108-113

Read entire list with explanations here.
 
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