PRLog (Press Release)
- Oct. 31, 2012 -
Obamacare: How the Obamacare and Its New Taxes Trample upon Americans’ Liberty
Recent reports have noted how The Patient Protection and Affordable Care Act (PPACA) also known as Obamacare will increase taxes upon many workers and businesses and will penalize workers who don’t have health insurance through a federal tax penalty.[ii]
) Axiom Administrative Services believes the new federal health care law, through its increased taxes upon businesses and individuals and its individual mandate, is trampling upon the freedom and rights of American citizens to choose their own health and keep more of their hard earned money. Axiom Administrative Services would like to get your opinion on how the new health care law will impact your health care options, ability to earn a living and make your own health care decisions.
Along with opponents of President Obama’s new health care, its supporters have no problem pointing out its flaws.[iii] (http://#_edn3
) According to David Gamage, a self-described Obamacare supporter and staff writer for the Wall Street Journal, feels Obamacare has bad provisions in it. He believes, as the law currently stands, will create unneeded costs for the average working American.[iv]
) He believes the law dis-incentivizes workers from taking higher paying full-time jobs because the law removes tax-payer subsidies by doing so, “Consider a low-income American supporting a family of four deciding whether to take a part-time job that pays $36,000 a year or a full-time job that pays $42,000 a year. According to my research, accepting the higher-paying job could result in the family losing over $10,000 a year in health-care subsidies.”[v]
David Gamage’s quote and research shows many groups get hurt by the new health care law. First, the family of four does not have much incentive to work harder to make $6,000 more a year when they would lose a subsidy of $10,000 per year. Taxpayers lose out because they have to pay for the family’s $10,000 subsidy.[vi]
Businesses also lose out because as more workers become part-time versus full time, they lose their stable labor pools provided by full-time jobs with benefits. Additionally, hiring managers report that overseeing a part-time staff incurs more costs and unseen problems which reduce a businesses’ efficiency.[
According to the Heritage Foundation, a Washington D.C. think tank, Obamacare is going to implement over 18 brand new taxes while removing hundreds of billions of dollars from Medicare. Based on the following chart:
(Source: The Heritage Foundation. Obamacare’s 18 New Tax Hikes [Web Page]. The Heritage Foundation web site. http://blog.heritage.org/
Accessed October 31, 2012.
Specifically, the Heritage foundation sees 2013 as a notable year because this legislation cuts a large amount of funding from Medicare and raises taxes by quite a bit in 2013 alone, “Not only did the President and his partners in Congress take $716 billion out of Medicare to pay for Obamacare, but they also raise taxes by $836.3 billion to pay for it, with $36.3 billion hitting Americans in 2013 alone.”[viii]
There are other taxes that are and will impact employers and employees when Obamacare is further implemented. Regarding health savings accounts (HSAs) and flexible savings accounts (FSAs), this legislation severely reduces the number and type of medical products that can be purchased with funds from these accounts. For persons with HSAs who buy prohibited items with funds from these accounts will now incur a 20 percent fine on the purchase. After 2013, people with FSAs will only be able to deposit up to $2,500 per year, much less than previously allowed.[ix]
In order for health expenses to be deducted, expenses must be 10 percent of one’s adjusted gross income compared to 7.5 percent of one’s adjusted gross income before this legislation passed.[x] (http://#_edn10)
This threshold to deduct medical expenses has increased by one-third; therefore, this will undoubtedly impact millions of people and impact the take home pay of millions of people.
Perhaps the most disheartening and lasting effects of Obamacare is that it is in direct contradiction to President Obama’s promise not to raise taxes on families making less than $250,000 per year.[xi] (http://#_edn11)
Experts predict Obamacare is going to cost Americans jobs and future wage increases. According to the Heritage Foundation, health care “plans valued in excess of $10,200 for individuals and $27,500 for families”[xii]
will have to pay a new 40 percent excise tax for such coverage. Through indirect taxes such as increased costs for medical devices, prescription and non-prescriptions medications because companies are simply going to pass on the costs from Obamacare to consumers, Obamacare is squeezing consumers from virtually every angle. Coupled with taxes on tanning services and similar services, the new federal healthcare is encircling American businesses and consumers leaving them with fewer and fewer options because prices will rise from direct government policies.[xiii]
As you can see from this analysis on Obamacare, once Obamacare is fully implemented, businesses, workers and consumers will be deluged with numerous taxes. While businesses can and often do pass on taxes to consumers in the form of higher prices and employers to their employees by not hiring or giving pay increases, consumers will only put up with so many tax and price increases. Consumers, who also employees for the majority of the time, will suffer the most because they are left powerless by the lack of availability of jobs, increased prices for healthcare and taxes. Axiom Administrative Services would like to know your thoughts on how The Patient Protection and Affordable Care Act (PPACA) will affect you now and for the future.
So if you are a Physician, Healthcare Provider and or a Hospital in California, Texas, Massachusetts, Maryland, New York, Rhode Island, Vermont, Maine, Hawaii, Pennsylvania, New Jersey, New Hampshire or a top ranked Hospital in Florida such as Florida Hospital Memorial Medical Center (http://www.floridahospitalmemorial.org/)
or a great surgeon like Dr. Christian Birkedal (www.cbirkedal.com)
or need Healthcare (SEO) Search Engine Optimization (http://www.axiomhealthseo.com/
, Social Media Management and or need assistance with Video/Media Production we can help you. Visit our Services Page and we may also be reached at (800)-888-6348 or via email at firstname.lastname@example.org. Call us for a free consultation. Disclaimer (http://www.axiomhealthseo.com/
References for this post are available at out blog here.