How Obamacare Will Hurt Your Wallet All Year By MONEY MORNING STAFF REPORTS Obamacare, and its barrage of over $1 trillion new taxes, is creeping into your paycheck. These taxes aren’t just affecting those who make over $250,000. The majority of these taxes are hurting the middle class. While these stealth taxes were designed to be taxes on businesses, theyre actually transferred directly to ordinary citizens. Many of those [hidden] taxes, especially those on hospitals, insurers and medical device manufacturers, will ultimately be passed on through higher health costs, said Michael Tanner, an expert on the healthcare law. Starting in 2014, there are 13 new Obamacare taxes and regulations to deal with. These include the individual mandate, a higher “insurance industry fee” driving up premiums, and a new 3.5% monthly fee on policy premiums purchased on the federal exchange. Add it all up, and some analysts estimate Obamacare will cost the average American nearly $6,000 extra in 2014. What’s more, taxpayers filing taxes in 2014 will need to be ready to deal with all the Obamacare taxes that already went into effect last year. How will Obamacare impact your tax return this year? To see what the experts say, go here. Starting January 1, Obamacare’s subsidized exchange coverage began. This will cost more than $1 trillion over the next 10 years, and already the negative unintended consequences are popping up. Many of those that receive subsidies and tax credits to help pay for insurance through the subsidized exchange will end up paying taxes on those benefits. A study published in Health Affairs found that the average penalty for individuals who don’t adjust their subsidies for changing income levels would be $857. No wonder the Obama administration has already given the IRS an extra $500 million to enforce the rules and regulations of Obamacare. The new Obamacare taxes are not what millions of middle-class Americans need right now. Incomes for the rich have soared this decade, but middle-class workers have seen their wages stagnate and even drop since the 2008 Great Recession. The Obamacare plan was primarily designed to decrease the number of uninsured Americans and reduce healthcare costs, but experts are saying it will have the exact opposite effect. They claim that the taxes and costs needed to pay for Obamacare will crush the middle class and most U.S. taxpayers, as well as trigger job losses in affected industries. Obamacare, with its high insurance costs and new taxes, could provide the middle class a fatal blow. Tax experts say you should try to estimate how much you will have to pay as the law goes into full effect – and take precautions now to limit the damage to your bottom line. Avoid getting your financial neck broken by Obamacare. To see how Obamacare will directly affect your paycheck, click here. With the implementation of Obamacare underway, millions of Americans are asking what, if anything, they can do about all the new costs and rules. One expert, Betsy McCaughey, former Lieutenant Governor of New York and constitutional scholar with a Ph.D. from Columbia University, recently wrote a best-selling book showing Americans how they can survive Obamacare. McCaughey is one of the only people in the country who has actually read the entire 2,572 page law. Her book, titled Beating Obamacare: Your Handbook for Surviving the New Health Care Law breaks down the complicated bill into 168 pages of actionable advice. The book, written in an easy-going, easy-to-read style, shows some startling facts about Obamacare not seen in the mainstream press. For example, she points to a little-known passage in the bill that shows how you could get slapped with a $2,000 fine for not having health insurance – even if you do actually have it. In one chapter, she shows how ordinary Americans will get stuck paying for substance abuse coverage even if they never touched a drink or drug in their life. She says that higher costs are only one negative of Obamacare. Doctors, nurses and other hospital employees will suffer from the government’s interference in healthcare. In fact, corporations including GE, IBM, and Time Warner have already said they will stop providing insurance for hundreds of thousands of employees. What’s worse is the control over healthcare the government now has. One-third of all U.S. employers could stop offering health insurance to their workers, says McCaughey. “Section 1501 of Obamacare requires nearly everyone to enroll in a one-size fits all, government-designed health insurance plan. For the first time in history, this law empowers the federal government to control how doctors treat privately insured patients,” McCaughey writes. “So even if you have your own private health plan that you paid for yourself, the government will have say over your care.” Several sections of the bill empower Secretary of Health and Human Services Kathleen Sebelius to dictate what doctors can and cannot do. And according to McCaughey’s research, senior citizens will get hit the hardest from Obamacare. “If you’re a senior or a baby boomer, expect less care than in the past,” she says. “Hip and knee replacements and cataract surgery will be especially hard to get from Medicare in the months ahead.” She warns seniors to get some of those types of procedures done now before Obamacare takes over, as Obamacare awards bonus points to hospitals that spend the least on seniors. Lastly, many will find it difficult to keep their medical records private. “The law will compel Americans to share with millions of strangers who are not physicians confidential private and personal medical history information they do not wish to share.”
Posted on: Fri, 14 Mar 2014 13:27:33 +0000
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