H.R. 3962, the “Affordable Health Care for America Act?
http://www.atr.org/
So what say you! Like this deficit neutral bill? It will cost the people not the budget like Medicare etc…
BREAKING: Comprehensive List of Taxes
In House Democrat Health Bill
From Ryan Ellis on Thursday, October 29, 2009 12:20 PM
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H.R. 3962, the “Affordable Health Care for America Act” has been introduced–all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number (PDF version):
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Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).
Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.
Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.
Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.
Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.
Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.
Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act
Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.
Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.
Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.
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House Healthcare Bill Uses the Term "Tax" 87 Times
From John Kartch on Thursday, October 29, 2009 11:44 AM
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A word search of the 1,990-page House healthcare bill (H.R. 3962) reveals that the term “tax” is used 87 times, “taxable” is used 62 times, and “excise tax” is used 10 times.
Other terms of interest are as follows:
House Healthcare Bill (H.R. 3962)
Term
Number of uses
“Tax”
87 times
“Taxable”
62 times
“Excise tax”
10 times
“Taxes”
15 times
“Fee”
59 times
“Penalty”
113 times
“Require”
118 times
“Must”
58 times
“Shall”
3,424 times
Click here for a printable PDF of this document
Read More | Comments (2) | Permalink | Email | Print | Tags: TAXES, HEALTHCARE, CONGRESS, Federal
Shizuko Zavitz
The upper middle class and the upper middle class and the upper middle class and the health care charge will quadruple if you think we are paying lot now its going to get progressively more expensive year until we.
The upper middle class and the health care charge will quadruple if you think we reach point where only the upper middle class and the.
A 2000 page bill! Be afraid, very afraid.
yes, it is
i sure hope you cut-n-pasted this, it would take me a week to type all of the above.
1,990 pages? God gawd! I guess no-one in congress will read before they vote on it.
I can hear Gomer Pyle now…
“Surprise, surprise, surprise!”
An enormous amount of it is thank you for researching this and at least trying to explain the minds of that even.
The details thanks for posting this.
The constitution not to henry kissinger.
The bums and replace them with someone loyal to henry kissinger.
And…your point is?
I love it “Like this deficit neutral bill? ” 1990 pages. I’m nearly speechless.
This is a disastrous piece of legislation which is probably why it is unconstitutional. Everyone in favor of it, outside of politicians, thinks they have something coming and of course the Democrats will let them think what they want so long as they support their take over. These people lie like they breathe. They will ***** the needy and they don’t care. If you are in favor of Obama care it is because either you don’t really understand it because they have intentionally kept you in the dark or they have lied to you. The only thing this will accomplish is to further expand and empower the government. Vladimir Lenin once said that medicine is the keystone in the bridge to socialism. Do you think that Barry doesn’t know that? This has nothing to do with health care or your families. Mao was cool with loosing seventy million people. What sort of noble sacrifice, in the form of American lives is Barry willing to make to follow in footsteps. There is also a reason that Pol Pot killed the educated. The uneducated are not a problem.