One of the less-noted lies by President Obama is his statement, made unequivocally and repeatedly during the 2008 campaign, that those making less than $250,000 would not see a a tax increase.
Have a look at what, regrettably, turned out to be serial BS.
Americans for Tax Reform recently detailed five ways in which Obamacare alone raises middle class taxes. ATR is conservative organization, but they are only pointing out actual provisions of the law.
1. 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 over the next ten years. (Before Obamacare, the accounts were unlimited under federal law, though employers were allowed to set a cap.) . . .
2. 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 . . . .
3. Obamacare Medicine Cabinet Tax: Because of Obamacare, since 2011 millions of Americans have not been able to purchase non-prescription, over-the-counter medicines using pre-tax Flexible Spending Accounts or Health Savings Accounts dollars. Examples include cold, cough, and flu medicine, menstrual cramp relief medication, allergy medicines, and dozens of other common medicine cabinet health items . . .
4. Obamacare Individual Mandate Non-Compliance Tax: Anyone not buying “qualifying” health insurance – as defined by President Obama’s Department of Health and Human Services — must pay an income surtax to the IRS. The Congressional Budget Office has estimated that six million American families will be liable for the tax, and as pointed out by the Associated Press: “Most would be in the middle class.”
5. Obamacare 10 Percent Excise Tax on Indoor Tanning: There is no exception granted for those making less than $250,000 meaning it is yet another tax that violates Obama’s “firm pledge” not to raise “any form” of tax on Americans making less than this amount . . .
Are you a small business owner? What’s your problem? You didn’t build that. But you WILL pay taxes on it.
ATR’s website has more details here.