Obama claims that his tax plan would only increase the tax burden on those earning more than $200,000. What the Democrats, the media, and even Republicans fail to mention is that there is another aspect of the fiscal cliff that will hit everyone. A number of Obamacare’s tax increases are scheduled to take effect in January. These tax increases will be severely regressive to those at the middle and bottom of the income ladder, as they will engender a record spike in the cost of health insurance premiums.
The new taxes in 2013 include a cap on the Medical Itemized Deduction, a cap on private flexible savings accounts, a 2.3% excise tax on medical devices, a 3.8% surtax on investment income for those earning more than 200k, and a .9% increase in the Medicare payroll tax for the rich(Read More)
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