The Democrats gleefully and deliberately jumped over the fiscal cliff way back in 2009 when they rammed through Obamacare.
Typical political move, pass legislation where the goodies are passed out first, the pain hits later....of course, if you are a low information voter , dont pay taxes or work, you dont feel any pain anyway, you just get free goodies from Santa Obama.
Obamacare’s authors chose to offset about half of the trillion-dollar cost of the law through higher taxes. Since the Supreme Court upheld the law’s individual mandate and allowed states to opt out of its Medicaid expansion, though, the cost estimate has swelled to $1.76 trillion between 2012 and 2021.
In 2013, a number of Obamacare’s taxes will go into effect. Each will increase the cost of health care, yield job losses, and deprive our struggling economy of investment. These are the true costs of Obamacare.
On January 1, 2013, a 2.3-percent excise tax on the total revenues of medical-device companies — regardless of whether they turn a profit or suffer a loss — will take effect. The tax will hit everything they sell, from x-ray machines and pacemakers to surgical tools and artificial hips. The levy could extract as much as $29 billion over the next 10 years.
That money will have to come from somewhere; device firms won’t simply swallow the tab. So they’ll likely raise prices for patients and slash their workforces.In fact, economists at the Manhattan Institute project that the tax could eliminate as many as 43,000 jobs — and over $3.5 billion in employee compensation.
The industry currently employs about 400,000 people and supports roughly 2 million manufacturing jobs. With unemployment — particularly in the manufacturing sector — still a national concern, it makes little sense to penalize device firms.
This month, 16 Democrats from the upper chamber urged President Obama to delay the tax’s implementation because of the risks it poses to the industry. In a statement, Sen. Al Franken (D-Minn.) described it as a “job-killing tax.”
Even an 11-figure tax like the device levy will only cover a paltry share of Obamacare’s total bill.
By neutering Flexible Spending Accounts (FSAs), Obamacare deprives patients of control over their own health care — and puts insurers and government in the driver’s seat. Instead of paying for routine care with pre-tax dollars, individuals will have to purchase expensive insurance that covers routine care. In the end, patients may end up paying more.
These are just a few of the taxes scheduled to kick in...In 2014, another multibillion-dollar round of taxes will go into effect, including an excise tax on high-value insurance plans, a levy on health insurers, and the individual mandate’s “tax” on people who remain uninsured.
The money to pay for Obamacare’s healthcare overhaul, which will be in excess of $1 trillion and probably upwards of $2.5 trillion from 2014 to 2023, has to come from somewhere. In the New Year, Americans will find that “somewhere” is their wallets.