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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
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]
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]
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/
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]
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)
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/)
References for this post are available at out blog here.