By State Rep. Raul Torres
Texas Insider Report: AUSTIN Texas Now that the Supreme Court has ruled Obamacare as constitutional I believe that the real story behind Obamacare that most
Americans may be interested in are the 20 new taxes that are in this law.
If you were not mad prior to that Thursdays ruling maybe now is the time to start.
You may ask Why? The answer is because seven of the 20 new taxes are levied on you regardless of your income. Analysts estimate that these new taxes will cost Americans some $675 billion over the next decade.
When we combine these new taxes along with the elimination of the Bush tax cuts at the end of December and the result is the largest tax increase in American history beginning in January 2013.
Are you mad yet?
Here is a list of the seven new taxes that will impact everyone regardless of income:
- Individual Mandate Tax. This provision will require a couple to pay the higher of a base tax of $1360 per year or 2.5 of adjusted growth income starting with lower base tax and rising to this level by 2016. Individuals will see a base tax of $695 and families a base tax of $2085 per year by 2016.
- Medicine Cabinet Tax. This tax prohibits reimbursement of expenses for over-the-counter medicine with the lone exception of insulin from an employees pre-tax dollar funded Health Saving Account Flexible Spending Account or Health Reimbursement Account .
- The Flexible Spending Account Cap. This part of the law imposes a cap of $2500 per year which is currently unlimited beginning in 2013.
- Medical Itemized Deduction. The hurdle which provides for a deduction on federal income
taxes is being increased from 7.5 to 10 of adjusted gross income beginning in 2013.
- Health Savings Account Withdrawal Tax Hike. This provision increases the additional tax on non-medical early withdrawals from an HSA from 10 currently to 20 beginning in 2013.
- Indoor Tanning Services Tax. This places a 10 excise tax on people using tanning salons.
- Excise Tax on Comprehensive Health Insurance Plans. This provision imposes a 40 excise tax on the employer-paid premium on taxpayers who are covered by such plans.
For more information about the remaining 13 taxes please visit Fox Nation: New Taxes.
These are the facts as they stand today. It does not matter if you supported the President and this new law or if you oppose it the fact of the matter is that President Obama promised that there would be no new middle class taxes and from the ruling of the Supreme Court it looks like there are going be at least seven new taxes that will affect everyone regardless of income. Are you mad yet? I am!
I continue to believe that most of what is in Obamacare is bad legislation that undermines our individual liberties while expanding the power of government. Both are unacceptable. The fact is polling data clearly shows that most Americans do not want Obamacare enacted and therefore this law should be repealed.
Conclusion
Obamacare is a great example of how much Americas political leaders are out of touch with the will of the people. The same holds true in South Texas where we have a Senator that chooses to do what is in his best interest rather than to provide solutions to fix our areas many problems such as a growing percentage of high school dropouts increasing poverty and less access to affordable health care.
Looking forward to the 2012 General Election in November I wish to remind you that your vote matters because you have the power to elect candidates you can trust and who will respect you enough to listen.
With your support and vote I will be that kind of Senator. To learn more about our vision for South Texas please visit our website
http://electraultorres.com.
