Health Care is law! I don’t know anyone that is against people having health care – I certainly am not. I have been working hard to quantify the cost of this new legislation. And they are going to add to the tax burden of those making over $200,000 per year.
Some think that because the Good Samaritan paid for the injured man, we should too. It’s a strong statement.
Here is what we are paying for the is new this year and in future years because of the health care plan. To quote Ric Edleman from who I gathered a lot of insight, "Life just got harder."
- 10% tax on tanning (because we have, count em', 3,000 emergency room visits due to tanning bed injures each year!) in addition to your state and local taxes if there are any. (But we did get off on the botox clause because it was considered discrimination against woman and John Kerry.)
- To pay for a deficit in it's mandatory health care system, Massachusetts, increased sales taxes, had a freeze on lowering property taxes and they are proposing a hike in income taxes.
- Non-Qualified distributions from Health Care Savings Accounts goes from 10% to 20%. That means that elective procedures will be taxed at a high rate.
- Pharmaceutical Companies will pay an excise tax of $2.5 Billion. Just divide that by the number of prescriptions and you can be sure that will be passed on to the consumers.
- Capital Gains tax rises from 15% to 20% - a 33% increase.
- Flexible Spending Contributions will be lowered to $2,500 from $3,500. And over-the-counter drugs will no longer be allowed. This would include folks on aspirin regimens, allergy medications such as Claritin and other doctor prescribed (recommended) medication. This will increase your federal and state tax burden by the cost of taxes on an additional $1,000 amount plus uncovered treatments. That's between 4% ($40) and 22% ($220) for the average middle class household.
- You will pay a surcharge of $2 per year for your private health care plan. It seems insignificant compared to some of the others listed here.
- Medicare Payroll Taxes will rise 62% from 1.45% to 2.35% for those making over $200K.
- 3.8% tax on gross investment income: dividends, capital gains, rental income, annuities and royalties.
- Capital Gains Tax increases to 23.8% - a 59% increase.
- Employers no longer receive a subsidy for retirees prescription drug coverage. Many companies are talking billions of dollars including AT&T, John Deere, Caterpillar and 3M. Undoubtedly these increased costs will be passed on to the consumers for goods purchased and possibly reduce benefits for US employees all while increasing retirees health care costs.
- Small business 50+ employees will pay fines of $2,000 per employee for whom they do NOT provide health care for after the first 39. Good luck to those companies who hire spouses of insured individuals. I wonder if it will be legal to ask if you have health care on the employment application?
- Tax (fine) for individuals without health care of $695 per year or 1% of their income depending on their income. So much for self insuring.
- Taxes on insurance companies, drug companies and medical device manufacturers. It will be about 20%. In my book, it is a job killer. Everyone will be trying to save 20% or adding it to the price.
I read on some sites such as CSM, who are only reporting on sticking it to the rich part of the legislation.
Obediah 1:12 You should not look down on your brother in the day of his misfortune.
Psalm 20:5 We will shout for joy when you are victorious and will lift up our banners in the name of our God. May the LORD grant all your requests.
The plan also proposes to cut Medicare and Medicaid by $455,000,000,000! This affects senior citizens and it also affects you. These cuts will need to be absorbed by the states. That is why we had the Corn Husker Kickback and the Louisiana Purchase where Sen. Mary Landrieu, (D-LA) agreed to vote to start debate on the bill after scoring a $300 million bump in Medicaid funding. How will your state make up the deficit?
But the worst part is the new bill DOES NOT guarantee coverage for all, it simply makes it accessible.
Now, I take aim at the church. We have missed our opportunity to serve the poor that we always have with us. We have abdicated on important votes while we had the majority including: prayer and Bible reading in school, abortion and marriage. We have handed over our religious freedom in our slumber, and now, we have let big government go against the will of the people.
If you are a Christian, HERE is a blog that you should read regarding God's will and politics.
Christians, have you been praying? Have you been feeding the poor? Have you been voting for social justice? Or have sat around and complained and hoping the somehow mankind would get it right?
What do you think, can you afford this overhaul? Was there a better way to do this?
Personally, I thought there was a better way.