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Full List of Obamacare Tax Hikes

    Obamacare law contains 20 new or higher taxes  on American families and small businesses

Taxpayers are reminded that the President’s healthcare law is one of  the largest tax increases in American history.

Obamacare contains 20 new or higher taxes on American families and small  businesses.

Arranged by their respective effective dates, below is the total list of all  $500 billion-plus in tax hikes (over the next ten years) in Obamacare, where to  find them in the bill, and how much your taxes are scheduled to go up as of  today:

Taxes that took effect in  2010:

1. Excise Tax on Charitable Hospitals (Min$/immediate):  $50,000 per hospital if they fail to meet new “community health assessment  needs,” “financial assistance,” and “billing and collection” rules set by HHS. Bill: PPACA; Page: 1,961-1,971

2. Codification of the “economic substance doctrine” (Tax  hike of $4.5 billion).  This provision allows the IRS to disallow  completely-legal tax deductions and other legal tax-minimizing plans just  because the IRS deems that the action lacks “substance” and is merely intended  to reduce taxes owed. Bill: Reconciliation Act; Page:  108-113

3. “Black liquor” tax hike (Tax hike of $23.6  billion).  This is a tax increase on a type of bio-fuel. Bill:  Reconciliation Act; Page: 105

4. Tax on Innovator Drug Companies ($22.2 bil/Jan 2010):  $2.3 billion annual tax on the industry imposed relative to share of sales made  that year. Bill: PPACA; Page: 1,971-1,980

5. Blue Cross/Blue Shield Tax Hike ($0.4 bil/Jan 2010): The  special tax deduction in current law for Blue Cross/Blue Shield companies would  only be allowed if 85 percent or more of premium revenues are spent on clinical  services. Bill: PPACA; Page: 2,004

6. Tax on Indoor Tanning Services ($2.7 billion/July 1,  2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

Taxes that took effect in  2011:

7. Medicine Cabinet Tax ($5 bil/Jan 2011): Americans no  longer able to use health savings account (HSA), flexible spending account  (FSA), or health reimbursement (HRA) pre-tax dollars to purchase  non-prescription, over-the-counter medicines (except insulin). Bill:  PPACA; Page: 1,957-1,959

8. HSA Withdrawal Tax Hike ($1.4 bil/Jan 2011): Increases  additional tax on non-medical early withdrawals from an HSA from 10 to 20  percent, disadvantaging them relative to IRAs and other tax-advantaged accounts,  which remain at 10 percent. Bill: PPACA; Page:  1,959

Tax that took effect in  2012:

9. Employer Reporting of Insurance on W-2 (Min$/Jan 2012):  Preamble to taxing health benefits on individual tax returns. Bill:  PPACA; Page: 1,957

Taxes that take effect in  2013:

10. Surtax on Investment Income ($123 billion/Jan. 2013):   Creation of a new, 3.8 percent surtax on investment  income earned in households making at least $250,000 ($200,000  single).  This would result in the following top tax rates on investment  income: Bill: Reconciliation Act; Page: 87-93

 

Capital Gains

Dividends

Other*

2012

15%

15%

35%

2013+

23.8%

43.4%

43.4%

 

*Other unearned income includes (for surtax purposes) gross income from  interest, annuities, royalties, net rents, and passive income in partnerships  and Subchapter-S corporations.  It does not include municipal bond interest  or life insurance proceeds, since those do not add to gross income.  It  does not include active trade or business income, fair market value sales of  ownership in pass-through entities, or distributions from retirement  plans.  The 3.8% surtax does not apply to non-resident aliens.

11. Hike in Medicare Payroll Tax ($86.8 bil/Jan 2013):  Current law and changes:

 

First $200,000 ($250,000 Married) Employer/Employee

All Remaining Wages Employer/Employee

Current Law

1.45%/1.45% 2.9% self-employed

1.45%/1.45% 2.9% self-employed

Obamacare Tax Hike

1.45%/1.45% 2.9% self-employed

1.45%/2.35% 3.8% self-employed

 

Bill: PPACA, Reconciliation Act; Page: 2000-2003;  87-93

12. Tax on Medical Device Manufacturers ($20 bil/Jan 2013):  Medical device manufacturers employ 360,000 people in 6000 plants across the  country. This law imposes a new 2.3% excise tax.  Exempts items  retailing for <$100. Bill: PPACA; Page:  1,980-1,986

13. Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10%  of AGI ($15.2 bil/Jan 2013): Currently, those facing high medical  expenses are allowed a deduction for medical expenses to the extent that those  expenses exceed 7.5 percent of adjusted gross income (AGI).  The new  provision imposes a threshold of 10 percent of AGI. Waived for 65+  taxpayers in 2013-2016 only. Bill: PPACA; Page:  1,994-1,995

14. Flexible Spending Account Cap – aka “Special  Needs Kids Tax” ($13 bil/Jan 2013): Imposes cap on FSAs of $2500 (now  unlimited).  Indexed to inflation after 2013. There is one group of  FSA owners for whom this new cap will be particularly cruel and onerous: parents  of special needs children.  There are thousands of families with special  needs children in the United States, and many of them use FSAs to pay for  special needs education.  Tuition rates at one leading school that teaches  special needs children in Washington, D.C. (National  Child Research Center) can easily exceed $14,000 per year. Under tax  rules, FSA dollars can be used to pay for this type of special needs  education. Bill: PPACA; Page: 2,388-2,389

15. Elimination of tax deduction for employer-provided retirement Rx  drug coverage in coordination with Medicare Part D ($4.5 bil/Jan 2013) Bill: PPACA; Page: 1,994

16. $500,000 Annual Executive Compensation Limit for Health Insurance  Executives ($0.6 bil/Jan 2013). Bill: PPACA; Page:  1,995-2,000

Taxes that take effect in  2014:

17. Individual Mandate Excise Tax (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

18. Employer Mandate Tax (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

Combined score of individual and employer mandate tax penalty: $65  billion/10 years

19. Tax on Health Insurers ($60.1 bil/Jan 2014): Annual tax  on the industry imposed relative to health insurance premiums collected that  year.  Phases in gradually until 2018.  Fully-imposed on firms with  $50 million in profits. Bill: PPACA; Page:  1,986-1,993

Taxes that take effect in  2018:

20. Excise Tax on Comprehensive Health Insurance Plans ($32  bil/Jan 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health  insurance plans ($10,200 single/$27,500 family).  Higher threshold ($11,500  single/$29,450 family) for early retirees and high-risk professions.  CPI  +1 percentage point indexed. Bill: PPACA; Page:  1,941-1,956

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