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Thread: The Tax Tsunami On The Horizon

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    The Tax Tsunami On The Horizon

    The Tax Tsunami On The Horizon - IBD - Investors.com

    Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020.

    But even more tax headaches lie ahead. This "second wave" of hikes, as Americans for Tax Reform puts it, are designed to pay for ObamaCare and include:

    The Medicine Cabinet Tax. Americans, says ATR, "will no longer be able to use health savings account, flexible spending account, or health reimbursement pretax dollars to purchase nonprescription, over-the-counter medicines (except insulin)."

    The HSA Withdrawal Tax Hike. "This provision of ObamaCare," according to ATR, "increases the additional tax on nonmedical early withdrawals from an HSA from 10% to 20%, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10%."

    Brand Name Drug Tax. Makers and importers of brand-name drugs will be liable for a tax of $2.5 billion in 2011. The tax goes to $3 billion a year from 2012 to 2016, then $3.5 billion in 2017 and $4.2 billion in 2018. Beginning in 2019 it falls to $2.8 billion and stays there. And who pays the new drug tax? Patients, in the form of higher prices.

    Economic Substance Doctrine. ATR reports that "The IRS is now empowered to disallow perfectly legal tax deductions and maneuvers merely because it judges that the deduction or action lacks 'economic substance.'"
    It's a three page article, and I only included a sample from the middle. I would encourage folks to give it a read. 2011 is going to see prices for EVERYTHING go up, and figure by July11 the full force of this will be stinging everyone.

    What is really fascinating, is the impact of all these new taxes will come with ZERO change to healthcare, the Dems might have really screwed the pooch here, I mean like an epic FAILURE sort of way.

    Everyone agrees that should the Obamacare survive into 2014, the moment 1 person get's a "Benefit" it is going to be near on impossible to repeal, but the voters get 2012 to decide to put into power those willing to repeal it. And these new waves of taxes might just be enough to make that happen.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: The Tax Tsunami On The Horizon

    And from the site that claimed the "American" Steven Hawlkings would be dead under UHC... considering he is British and only is alive because of it.. this site has zero credibility but for the most partisan right wing hacks.
    PeteEU

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