Friday, December 27, 2013

New 2014 Obamacare Taxes and Fees

"The cost of President Obama’s massive health-care law will hit Americans in 2014 as new taxes pile up on their insurance premiums and on their income-tax bills," reports the New York Post. "Most insurers aren’t advertising the ObamaCare taxes that are added on to premiums, opting instead to discretely pass them on to customers while quietly lobbying lawmakers for a break."

Among the new taxes and fees:
  • a 2% levy on every health plan, which is expected to net about $8 billion for the government in 2014 and increase to $14.3 billion in 2018.
  • a $2 fee per policy that goes to a fund called the Patient Centered Outcomes Research Institute.
  • a 3.5% user fee paid by insurance companies to sell medical plans on the HealthCare.gov web site.
  • a 2.3% medical-device tax that will inflate the cost of items such as pacemakers, stents, and prosthetic limbs.
  • a 0.9% increase on the 1.45 percent Medicare payroll tax for single earners of $200,000 and families over $250,000, as well as an extra 3.8% Medicare tax on unearned income such as investment dividends, rental income and capital gains.

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