Tax Prof: ObamaCare Tax Increases Are Double Original Estimate

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posted on Mar, 13 2013 @ 05:43 PM
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Uh Oh, who would have guessed this could happen? Wait... I did. In fact, MANY of didn't just guess but warned this would happen. Clear back in 2010/2011, we warned this would happen. Now here we are. Double the taxes, half the services and isn't life a jolly good time?


The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases included in Obamacare, totaling $1.058 trillion – a steep increase from initial assessment, according to the Tax Prof Blog. The summer 2012 estimate is nearly twice the $569 billion estimate produced at the time of the passage of the law in March 2010.
Source

The core of the article is a chart showing the before (estimate) and now (reality) of what Pelosi, Obama and their buddies came up with as a final solution to the American Health Care woes. Umm.. Woe is right. Woe is what we have now. Many woes....woe is me for the taxes I'll be paying for this, for decades to come.

This is the Congressional Report the article's chart and overall data is based upon. It looks like it'll be interesting to read over in more depth after I skimmed over it. It's always nice when data sets have clear lines back to reports they're based on.

I don't know how America bears the burden of the new taxes coming when everyone from the lower classes to the upper-middle are on the razor's edge of falling at least one class lower ...regardless of the starting point. Quality of life is challenging in many places and unemployment, while somehow better on the national scene, is running far into the double digits in many areas around the nation.

Add these taxes and overall burden to a system already in this position? It's tough times ahead. No other way to put it, in my opinion.
edit on 13-3-2013 by Wrabbit2000 because: (no reason given)




posted on Mar, 13 2013 @ 05:52 PM
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reply to post by Wrabbit2000
 


Not to mention the death panels! Below is a doctor telling about the surveys they have to fill out and turn in to the "death panel" before they give you the care you need!




posted on Mar, 13 2013 @ 06:17 PM
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After this is implemented you will wish the adjusted numbers was the actual cost.



posted on Mar, 13 2013 @ 06:38 PM
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reply to post by TFCJay
 

You're probably right on that. It's not fully implemented and the main parts won't even be fully online until 2014, isn't it? That's where it should get interesting for the states like mine which have outlawed the Exchanges entirely or any participation in them...among other aspects of it.



posted on Mar, 13 2013 @ 09:03 PM
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reply to post by Wrabbit2000
 


"Double"???


Ummm, Obama sold it as 900 billion and the current estimate is 2.8 Trillion.

That's triple.



posted on Mar, 13 2013 @ 09:19 PM
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reply to post by Wrabbit2000
 

My state is getting cozy with the feds I think....and I am quite concerned.

I couldn't afford the first set of numbers.....these continued projections scare the crap out of me.

If it were truly universal care....that would be one thing....but this snafu????



posted on Mar, 13 2013 @ 09:27 PM
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A major bill taking over 16% of our economy, rammed down our throats by Democrats...not a single Republican Senator voted for this, and people thought this would be a good idea?

The whole bill was based on lies.



posted on Mar, 13 2013 @ 09:36 PM
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That's why our Forefathers gave us the second amendment, its called "Repeal" with extreme prejudice
edit on 13-3-2013 by SPECULUM because: (no reason given)


+1 more 
posted on Mar, 13 2013 @ 09:53 PM
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reply to post by Wrabbit2000
 


Why didn’t people wake the HELL UP before November?????

Is this news a shock to anyone???




posted on Mar, 13 2013 @ 10:03 PM
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12 stars...Now up to 16 stars. Did anyone even bother looking at the report and do any critical thinking? The first set of data was from 2010-2019. The second set of data is 2013 thru 2022. Since Obamacare doesn't even really go in effect until 2014...well I'll let you figure out the rest. It's basically 5 years vs. 8 years of implementation for those who may be challenged at comprehension. The numbers have barely changed. Like or hate Obamacare the enthusiasm is misplaced.
edit on 13-3-2013 by sligtlyskeptical because: (no reason given)
edit on 13-3-2013 by sligtlyskeptical because: To update star count, i.e. the number of people who flock instead of think.
edit on 13-3-2013 by sligtlyskeptical because: (no reason given)



posted on Mar, 13 2013 @ 10:11 PM
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I'm sure you all heard this week about the IRS announcing an excise tax on insurance companies (hello higher premiums):

link


and on medical devices:

link


Internal Revenue Code (“IRC”) § 4191, imposes an excise tax on sales of any “taxable medical device” by the manufacturer, producer, or importer of the device, in an amount equal to 2.3 percent of the sales price. Medical device sales will be subject to the tax beginning January 1, 2013.



posted on Mar, 13 2013 @ 10:24 PM
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Originally posted by MsAphrodite
I'm sure you all heard this week about the IRS announcing an excise tax on insurance companies (hello higher premiums):

link

and on medical devices:

Internal Revenue Code (“IRC”) § 4191, imposes an excise tax on sales of any “taxable medical device” by the manufacturer, producer, or importer of the device, in an amount equal to 2.3 percent of the sales price. Medical device sales will be subject to the tax beginning January 1, 2013.

link


Anyone who read the article saw this already. As far as I am concerned insurance companies shouldn't even make a profit. It is no coincidence that medical costs started sky rocking when they started taking mutual (policyholder owned) insurance companies private.

Yes it is true, not very many years ago most health insurance companies were non-profit entities or they returned their profits to the policyholders. Things worked much better back then. Anyone over 50 years old is not being very honest in the whole health care debate in my opinion. Either that or by not being able to remember the past they really don't deserve a voice. Propose this now a days and people thing you have gone full blown communist when it is really a return to our original values.

edit on 13-3-2013 by sligtlyskeptical because: (no reason given)
edit on 13-3-2013 by sligtlyskeptical because: (no reason given)



posted on Mar, 13 2013 @ 10:32 PM
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This needs to be hoax binned as the whole comparison is based on faulty premise. The time periods are different. The rate of spending remains fairly constant when time frames are taken into account. So mods do your stuff or you aren't doing your job. Political opinions aside please.



posted on Mar, 13 2013 @ 10:34 PM
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reply to post by sligtlyskeptical
 

Actually, I hadn't spent the time to fully backtrack it right back to the ultimate source. I appreciate the reason to. Now I can share the whole chart!


(Source: Committee on Ways and Means / United States Congress)

As a product of Government employees in their official U.S. Government duties...their work product is public domain and open use. I wouldn't use a whole graph like that from a private source...but Uncle makes it a freebie.

Now it's a representative chart for 10 year costs. 10 years is from present and it's doubled. That's in a two year span of time for the doubling of numbers in cost statement, as the site that chart comes from, states:


According to the new CBO and JCT estimates, the gross tax increases in the law now total $1.058 trillion over 2013-2022. That new amount is nearly twice the “advertised” ten-year tax hike amount claimed when Democrats originally pushed the law through Congress just two years ago.
(Same link as above / Congress)

That dog just doesn't hunt for the math playing here and it doesn't by a wide margin. We got sold a bill of goods or..or paraphrase Nancy Pelosi? We're learning what was in it after we've passed it. Oh yes, indeed. Buyers remorse would describe my feelings...if I hadn't been so hard against it at the time anyway.



posted on Mar, 13 2013 @ 10:41 PM
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Originally posted by Wrabbit2000
reply to post by sligtlyskeptical
 

Actually, I hadn't spent the time to fully backtrack it right back to the ultimate source. I appreciate the reason to. Now I can share the whole chart!


As a product of Government employees in their official U.S. Government duties...their work product is public domain and open use. I wouldn't use a whole graph like that from a private source...but Uncle makes it a freebie.

Now it's a representative chart for 10 year costs. 10 years is from present and it's doubled. That's in a two year span of time for the doubling of numbers in cost statement, as the site that chart comes from, states:


According to the new CBO and JCT estimates, the gross tax increases in the law now total $1.058 trillion over 2013-2022. That new amount is nearly twice the “advertised” ten-year tax hike amount claimed when Democrats originally pushed the law through Congress just two years ago.
(Same link as above / Congress)

That dog just doesn't hunt for the math playing here and it doesn't by a wide margin. We got sold a bill of goods or..or paraphrase Nancy Pelosi? We're learning what was in it after we've passed it. Oh yes, indeed. Buyers remorse would describe my feelings...if I hadn't been so hard against it at the time anyway.


The first 3 years of the first estimate, Obamacare isn't even in effect. it doesn't go into fuil effect for several years after that. It's really 4 year comparison versus an 8 year comparison and as such is incredibly misleading and is just political trolling and should be placed in the hoax bin. Did any actually think the spending would stop after 2019?.
edit on 13-3-2013 by sligtlyskeptical because: (no reason given)



posted on Mar, 13 2013 @ 10:46 PM
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One other thingee. Much of the corporate tax will be due to higher revenues and higher earnings as more people will be insured and thus getting care. Government scratches your back, you scratch theirs. Again, there should be no profit in health care delivery. Doesn't mean doctors and nurses can't get paid high salaries.

Again I refer people back to mutual insurance companies.



posted on Mar, 13 2013 @ 10:48 PM
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Originally posted by MsAphrodite
I'm sure you all heard this week about the IRS announcing an excise tax on insurance companies (hello higher premiums):

link


and on medical devices:

link


Internal Revenue Code (“IRC”) § 4191, imposes an excise tax on sales of any “taxable medical device” by the manufacturer, producer, or importer of the device, in an amount equal to 2.3 percent of the sales price. Medical device sales will be subject to the tax beginning January 1, 2013.


Always been a part of Obamacare. This just formalizes it in IRS code.



posted on Mar, 13 2013 @ 10:54 PM
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reply to post by sligtlyskeptical
 

Well, while you're mini-mod'ing people's threads for what should or shouldn't be considered fit to see ...You can complain to the Ways and Means Committee of the United States House of Representatives. That was my point.

In checking your claims that my example was baseless, I discovered the chart wasn't made FROM Congressional data. It WAS the product of Congressional Staff (As the bottom cites for source and the source I linked below it shows for Congressional page)

They made it, directly and it's that Congressional Committee (One of the most influential and powerful in Congress, by the way) stating in clear terms that the 10 year projections from then and now are radically different.



posted on Mar, 13 2013 @ 11:08 PM
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Originally posted by seabag
reply to post by Wrabbit2000
 


Why didn’t people wake the HELL UP before November?????

Is this news a shock to anyone???




Because the vast majority of the electorate are extreme low information voters.



posted on Mar, 13 2013 @ 11:23 PM
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reply to post by sligtlyskeptical
 



As far as I am concerned insurance companies shouldn't even make a profit.

That’s the dumbest thing I’ve read on ATS this week.

So I guess those million+ Americans should work for free since they do a job you disagree with??


The OP is spot on! OBVIOUSLY Obamacare is more expensive than Obama said it was. That’s why they kept it from us! Those of us with half a brain can use a calculator.


edit on 13-3-2013 by seabag because: (no reason given)



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