posted on Nov, 12 2012 @ 10:36 AM
Answer this one question then...
How for "pennies more in taxes" can the 1% pay off hte trillion dollar debt?
And for you Obamacare people, look at the new taxes for next year, 2014 and 2016. Oh and Union workers, seems your bosses mislead you. Wait til 2016
when you see the new tax for you guys. And i quote "..2016 gives the union workers enough time to save and get some sort of break".
Next up is the Medicine Cabinet Tax that took effect in 2011. This tax prohibits reimbursement of expenses for over-the-counter medicine, with the
lone exception of insulin, from an employee’s pre-tax dollar funded Health Saving Account (HSA), Flexible Spending Account (FSA) or Health
Reimbursement Account (HRA). This provision hurts middle class earners particularly hard since they earn enough to actually pay federal taxes, but
not enough to make this restriction negligible.
The Flexible Spending Account (FSA) Cap, which will begin in 2013, is perhaps the most hurtful provision to the middle class. This part of the law
imposes a cap of $2,500 per year (which is now unlimited) on the amount of pre-tax dollars that could be deposited into these accounts. Why is this
particularly hurtful to the middle class? It is because funds in these accounts may be used to pay for special needs education for special needs
children in the United States. Tuition rates for this type of special education can easily exceed $14,000 per year and the use of pre-tax dollars has
helped many middle income families.
Another direct hit to the middle class is the Medical Itemized Deduction Hurdle which is currently 7.5% of adjusted gross income. This is the hurdle
that must be met before medical expenses over that hurdle can be taken as a deduction on federal income taxes. Obamacare raises this hurdle to 10% of
adjusted gross income beginning in 2013. Consider the middle class family with $80,000 of adjusted gross income and $8,000 of medical expenses.
Currently, that family can get some relief from being able to take a $2,000 deduction (7.5% X $80,000 = $6,000; $8,000 –$6,000 = $2,000). An
increase to 10% would eliminate the deduction in this example and if that family was paying a 25% federal tax rate, the real cost of that lost
deduction would be $500.
edit on 12-11-2012 by sxt004 because: (no reason given)