Let”t talk about tax’s.Better yet about the new ones that will be coming into effect starting in 2013.I know Obama saying basely he is not going to put new tax’s on the table. An Obama, not they are old tax’s in a way just not taking effect till 2013 and beyond. Many of you may be asking what tax’s Rockwell. well here is a list
Listed in chronological order of date they will take effect:
• Increasing the hospital insurance portion of the payroll tax from 2.9 percent to 3.8 percent for couples earning more than $250,000 a year, or $200,000 for single filers. Takes effect Jan. 1, 2013.
• Applying the 3.8 percent hospital insurance tax to investment income for couples earning more than $250,000 a year, or $200,000 for single filers, for the first time. Takes effect Jan. 1, 2013.
• A 2.3 percent excise tax on manufacturers and importers of certain medical devices. This is a narrowly targeted tax, but still a tax (and will likely be reflected in consumer prices once it begins). Takes effect Jan. 1, 2013.
• Raise the 7.5 percent adjusted gross income floor for the medical expenses deduction to 10 percent. People who would have qualified for the deduction this year would pay more. Takes effect Jan. 1, 2013.
• An annual fee levied on health insurance providers, based on each company’s share of the total market. Same logic as the levy on branded drug companies cited above. Takes effect Jan. 1, 2013.
• Limiting the amount taxpayers can deposit in flexible spending accounts to $2,500 a year. While the Obama camp says this provision is intended in part to stop the abuse of the system, our experts consider it a tax because it increases taxable income. Takes effect Jan. 1, 2013
• Eliminating the corporate deduction for prescription expenses for retirees. According to the Society for Human Resource Management, certain employers were not only “qualified to receive a subsidy equal to 28 percent of covered prescription drug costs for their retirees,” but the employer also was entitled to an income tax deduction for the subsidy. The idea behind providing both a subsidy and a tax deduction was to reduce taxpayer costs for the Medicare drug plan by encouraging companies pay their retirees’ costs, but the way it was structured was criticized by some as double-dipping. No matter the justification, our experts agreed it was still a tax hike. It takes effect Jan. 1, 2013.
• Increasing taxes on health insurance companies by limiting the amount of compensation paid to certain employees that they can deduct from their taxes. According to Congress’ Joint Committee on Taxation, this will be effective for compensation paid in taxable years “beginning after 2012, with respect to services performed after 2009.” Once again, this is narrowly targeted at health care company executives — not a popular group — but it’s still a tax.
• A 40 percent excise tax on employer-provided “Cadillac” health insurance plans costing more than $10,200 for individuals and $27,500 for families. Takes effect Jan. 1, 2018.