During the election and even prior the emperor praised himself about how he has lowered taxes for Americans; the polls and state of our economy say otherwise. This guy is so brazen, so drunk with power at this point he will admit to anything because he knows our do nothing Congress will not hold him responsible.
There is no sugar-coating or taking anything out of context here. The emperor clearly says we raised taxes to pay for obamacare, and that’s to get us to where we are at today… it’s yet to be fully implemented! What do you think is going to happen when this thing is in full gear? You see the headlines everyday, companies are not hiring, they are actually cutting workers hours down, they’re barely producing to the levels needed to sustain the economy where we need it for growth etc.
When obamacare is in full effect, you will see major job losses and huge increases in prices across the board. The only way to compensate and pay for higher costs minus a workforce that would normally create tax revenues will be to raise interest rates and taxes on existing payers! In other words wealth redistribution! This will get the ball rolling to bring down our economy.
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Obama on Obamacare: “We did raise taxes on some things.â€
Americans for Tax Reform
….Starting in tax year 2013:
Obamacare Medical Device Tax: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will make everything from pacemakers to artificial hips more expensive.
Obamacare High Medical Bills Tax: Before Obamacare, Americans facing high medical expenses were allowed a deduction to the extent that those expenses exceeded 7.5 percent of adjusted gross income (AGI). Obamacare now imposes a threshold of 10 percent of AGI. Therefore, Obamacare not only makes it more difficult to claim this deduction, it widens the net of taxable income.
According to the IRS, 10 million families took advantage of this tax deduction in 2009, the latest year of available data. Almost all are middle class. The average taxpayer claiming this deduction earned just over $53,000 annually. ATR estimates that the average income tax increase for the average family claiming this tax benefit will be $200 – $400 per year. To learn more about this tax, click here.
Obamacare Flexible Spending Account Tax: The 30 – 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs face a new Obamacare cap of $2,500. This will squeeze $13 billion of tax money from Americans ..more